Get Raised Helps You Earn More MoneyMarch 16, 2012 2:31 pm ·
Here’s the scenario: You’ve been working at Company X for a few years, making the same amount of money each year but progressively taking on more and more responsibility. Your annual review is coming up, and you want to ask your boss for a raise, but you have no idea how to go about doing that. What information should you present to her that will make the case for why you need more money? What have you accomplished since your last review and what do you plan to accomplish in the future that makes you more valuable than the money you are currently making?
There’s no doubt that proving your worth to your boss is overwhelming. Fortunately, the folks at Get Raised have distilled the process of asking for a raise down to 10 steps and a few questions that they use to help you create a business case stating why you deserve a raise. Earlier this week, I spoke with Get Raised co-founder Matt Wallaert (who was also on this week’s EE Tech News Podcast) about the impetus for starting Get Raised and how it helps people earn more money.
A few years ago, Wallaert, a behavioral psychologist, was studying the difference in saving habits between men and women and noticed an alarming trend: While women had a much higher rate of savings than their male counterparts, the actual amount of money they were saving each month was much less than men.
“Savings rate is the amount of money you are putting in your savings account as a result of your income, and our studies showed that for the most part, women are much better at saving than men,” Wallaert says. “Unfortunately, if you look at the raw amount of money women are transferring into their bank accounts, it’s not nearly as high. That’s because men are still making a lot more money than women.”
After talking with some of his colleagues in academics, Wallaert discovered that one of the main reasons for the salary differential is that women don’t ask for raises nearly as often as men do. And unfortunately, when women do ask for a raise they use emotional appeals, rather than logic, to ask for one. To remedy this problem, Wallaert and his then business partner Avi Karnani, co-founded Get Raised. According to Wallaert, the website requires only three simple steps:
“First, you tell us what you do, where you work and how much make and we will tell you if you’re underpaid. Second, we ask a few questions about what you do for the company and what your goals are and help you create a custom raise request that you can take to your boss to ask for more money. Third, our team of experts follows up with you to guide you through the process of getting a raise.”
While Get Raised was created with women in mind, the site acts as a free resource for both genders.
“Seventy percent of women who hand the letter to their boss actually do get a raise, and the average amount of money per raise for people (of all genders) using Get Raised is $7,000,” Wallaert says.
As luck would have it, my annual performance review is coming up in a week and a half. So, I decided to use Get Raised to help me make a business case for why I should make more money. (Though if you’ve been around EE long enough, you know that I’m not one to shy away from tough subjects, even with my superiors.)
I found the questions Get Raised asked as it was generating my raise request letter to be thought-provoking: What job duties and important tasks do I perform at Experts Exchange? What have I accomplished since my last annual review? What are my short term goals at Experts Exchange? What are my long term goals at Experts Exchange?
After answering the aforementioned questions and a few others, Get Raised generated a well-written review request letter for me to send to my boss. While I’m sure more introverted people might be tempted to simply copy and paste the letter into an email and send it to their boss, I don’t recommend that (and the folks at Get Raised don’t recommend that either). An email is too easy for someone to delete, so be bold. Request a meeting to discuss your performance and use the information generated through your Get Raised letter to verbally explain to your boss why you deserve to make more money.