So, I’ve been in my current role for about 7 months now. My boss brought me on and what I think was a “trial period salary” to see if I could add value to her business. Well, 7 months in she is talking like she wants to keep me around for a long time (ie. longer than the 2 year time horizon that I had in my mind). I am not too sure how to approach this, on one hand I think I deserve a higher wage due to her increased profitability (~20%) yet on the other hand I don’t want to push her into firing me. I know there is a bonus coming but I never got a solid answer on how it will be calculated (ie. Formulaic vs. discretionary). Our AUM has grown and as I mentioned earlier profitability is up. The trades I put on have made money and I am helping her expand her breadth. I also handle a lot of her more menial tasks such as sending research to clients and stuff like that. My question really is; How do I go about asking her for more money? Basically my salary is about half of what she makes a month, so I KNOW she has capacity to pay me more. This is fustrating WHERE IS MY HERO T.T? I’ve made mistakes too, the biggest occurring last week when I got in trouble with compliance for an email I sent to a buddy at JEF. I know I left stuff out, if you need a filler just let me know.
This is a Numi thread. He has several ‘how to get a raise’ threads. 1. Ask for a meeting with your manager. 2. Professionally explain that you are happy that things are going well. 3. Verbally affirm that you plan on growing, learning, and remaining at your firm. 4. Just out with it, “I’d like to be paid $X more (find a comp, salary.com or glassdoor.com). I’ve enjoyed working here, I plan on remaining here for a considerable amount of time, and I feel (she can’t argue what you feel) that earning $xx,xxx a year will make me happier with my employment arrangement.” 5. Be ready for a counteroffer and have a floor that you can work with. Use your mobile for personal email. I never sent personal email from my work addy for fear of compliance.
The raise discussion is best planned over time. Basically, ask what they require from you for them to improve your compensation. Then deliver it. This signals to them that you want better compensation, but doesn’t put them on the spot to hand it out this instant, which means you’ve protected your downside. Then you agree on a standard and when you meet it, they feel they ought to do their part.
The alternative is to wait until 12 months are up, if you can make it that long. After you’ve been there a year seems to me to be a nice opportune time to discuss your performance and your salary. 7 months is still kinda short to be thinking of a payrise. Hang in there till 12 months are up, make a case like QJMBA and bchadwick have discussed, and be prepared to walk if they don’t have a reasonable offer (job market depending of course).
Thanks for the advice. Bchad you bring up an excellent point. QJ, I was hoping to lure numi in with the title 
Newsuper, I could make it 12 months (i’ve made it 7) but I am getting tired of having to watch my finances so closely. Right now I’m putting about 300/month away. I feel like this isn’t enough because my “war chest” would only cover about 1.5 months of living expenses.
=IF(AF Posts/Hours Worked>4, “No Raise”, “Raise”) …seriously though, it’d be pretty nice if that was the only criteria.
It also depends on what type of relationship you have with your boss. If you feel comfortable bringing it up casually, do it. Don’t demand anything of course, just tell her you think you deserve some more money, why (that’s the most important part), and ask her to think about it. I’ve asked for raises maybe six or seven times in my life and gotten them four or five times…and I’ve never been fired for asking. Don’t put her in a situation where she feels she’s being given an ultimatum. If you deserve it she’ll probably give it to you. If not, find out why and then decide if you need to seek employment elsewhere.
ASSet_MANagement Wrote: ------------------------------------------------------- > So, I’ve been in my current role for about 7 > months now. > > My boss brought me on and what I think was a > “trial period salary” to see if I could add value > to her business. Well, 7 months in she is talking > like she wants to keep me around for a long time > (ie. longer than the 2 year time horizon that I > had in my mind). > > I am not too sure how to approach this, on one > hand I think I deserve a higher wage due to her > increased profitability (~20%) yet on the other > hand I don’t want to push her into firing me. I > know there is a bonus coming but I never got a > solid answer on how it will be calculated (ie. > Formulaic vs. discretionary). Our AUM has grown > and as I mentioned earlier profitability is up. > The trades I put on have made money and I am > helping her expand her breadth. > > I also handle a lot of her more menial tasks such > as sending research to clients and stuff like > that. > > My question really is; How do I go about asking > her for more money? Basically my salary is about > half of what she makes a month, so I KNOW she has > capacity to pay me more. This is fustrating WHERE > IS MY HERO T.T? > > I’ve made mistakes too, the biggest occurring last > week when I got in trouble with compliance for an > email I sent to a buddy at JEF. > > I know I left stuff out, if you need a filler just > let me know. Here is what you do. tell her that where she sees your role in the intermediate future and what her vision of the company is within that time frame. this will get the discussion going on your future and her plans. You will get an idea of where you really fit. At which time you say something like “I am the kind of person who needs to always working towards something. I want to know that I am growing and advancing in my career.” you can phrase it however you like but it has to be along those lines. etc etc hey but remember you have only been there for 7 months and usually takes about a year for promotion in any company unless your just a superstar(which you might be). Your situation is still different since it sounds like they brought in initially as a temp.
Ako’s approach is doable, though the way he writes it, it does sound a bit like the “where is this relationship going?” question. You can start it with “we need to talk.” 
Maybe a glass of Chiraz and some tapas to kick off the convo…
she has to get the impression that your skills are in demand and that you have options. this is a bit tricky to achieve but can have the desired effect if executed properly. here is what i did. in my old job, mgmt knew i wanted a raise but i only brought it up once or twice. i didn’t let my frustration effect my steller work performance. i would take random times and days off. for example tuesday morning and a thursday afternoon. it looked like i was exploring other options. i got a raise shortly thereafter.
Ako Wrote: ------------------------------------------------------- > she has to get the impression that your skills are > in demand and that you have options. this is a bit > tricky to achieve but can have the desired effect > if executed properly. > > here is what i did. in my old job, mgmt knew i > wanted a raise but i only brought it up once or > twice. i didn’t let my frustration effect my > steller work performance. i would take random > times and days off. for example tuesday morning > and a thursday afternoon. it looked like i was > exploring other options. i got a raise shortly > thereafter. Nice. I work on a super tiny team so me taking even 1 hour off would seem suspect.
Did you get a steller raise Ako?
^oh dude it was a epic promotion and raise. more than customary 15%
The problem is 10 or even 15% wouldn’t be THAT much money all things considered.
Weren’t you just saying a few months ago that you didn’t care about the pay, you’re just glad to have a job in this environment? Unless you’re prepared to walk, I’d keep it cool and just see what you have to do to make them feel like you’re worth more.
Here’s what you do… Fly Valores in from Espana. Rent him/her a tuxedo and a bentley, and then buy him a ferragamo briefcase embossed with ‘Goldman Sachs Recruiting’. Have him pick you up for lunch - Ako should be in the back of the Bentley in a white linen suit with handcrafted italian loafers and no socks. He will greet you outside your office with the phrase, “I’m here to talk mother-fu$^*ing money”. Then hop in the Bentley and run to starbucks or something. By the time you get back, tell them you need an extra 10k a year or you’re rolling with ‘your peoples’. As they’re signing off on the raise, make sure that you whisper ‘paid in full’. *Caveat: The 15k may not cover Ako’s suit and shoes, nor the bentley/tux rental/briefcase and Valores’ business class flight from spain.
bchadwick Wrote: ------------------------------------------------------- > Weren’t you just saying a few months ago that you > didn’t care about the pay, you’re just glad to > have a job in this environment? > > Unless you’re prepared to walk, I’d keep it cool > and just see what you have to do to make them feel > like you’re worth more. I was…but when i learned what friends of mine is essentially the same role are earning in NYC (after a 25% downwards adjustment for COLA) I realized she is getting me for a song.
AM - I am sure once you have your annual review (you have only been there 7 months) and bonues are determined, your salary will be revisited. I would not be asking for a raise after only 7 months on the job. I think this would be a bad move.
I like bchad’s approach of asking what you need to do to increase your compensation. However, this discussion should be saved for annual review time.