End of the year is fast approaching, business confidence is up so bosses should be in a brighter mood than this time last year. So now is the time to start planning how to get the boss to agree to a Christmas bonus or a New Year pay rise.
Here’s a strategy to give you the best shot at getting something out of the boss.
- Think big picture
A performance chat is not just about you, it’s also about the business. So step out of your own shoes for a second and think about your boss’ position.
In all likelihood, they are starting to shift their focus away from what’s happened this year towards what they want to achieve in the year ahead.
Whether this means a staff restructure, kicking off new projects or improving existing processes, now is your chance to ensure that you are part of their plans.
So tailor your approach to ensure you’re having the conversation your boss wants to have.
Take out: Before thinking about your personal performance, consider the direction of the business and where you can add the most value.
- Develop a clear career narrative
If there is a time and place to be a tall poppy, it’s in a performance review.
Before the meeting, document your achievements and successes over the last year, including how your role has changed and where you’ve exceeded expectations.
Remember, a successful career conversation is not only about what you’ve done, it’s about what you can do next. That means you have to develop a clear career narrative, from your strengths and weaknesses to your passions and where you want to be in two years’ time.
If you can effectively communicate what you want to achieve, both personally and for the company, then you’ll make your manager’s decision much easier.
Take out: Take the time to think about your career. Write down your goals, strengths and weaknesses and discuss things with a mentor.
- Be clear on what you want
You’ve covered the why, now it’s time to focus on the what. Specifically, what exactly you want out of the conversation.
In this case, it’s simple. If you’re asking for a pay rise, you need to have a number in mind that you can justify with references to comparable roles and your past performance.
Take out: Research the market to get a feel for where you stand relative to similar roles. Think about your responsibilities, role and how it has changed over the last year.
- Book it in
At this stage, it’s time to book in a time to meet with your manager to discuss your performance and pay.
Notice we said ‘book in’. Whatever you do, don’t spring the subject on them after an unrelated meeting, because they almost certainly won’t be receptive.
Make sure you’re clear on what the meeting is about to give them time to get their own thoughts together. Have a quick word beforehand or include the agenda on the meeting invitation.
Take out: Make it official. Set a time and a place to meet with your manager about performance and pay, and give them enough time to think things through.
- Lock in a result
Your manager may not agree to your request on the spot. Chances are they will take some time to think things through and chat about it with other key people in the business.
But before the meeting concludes, make sure to agree on a series of actions. For example, this could be a timeframe in which they’ll get back to you with an answer, or something you need to achieve before they’ll consider a pay rise.
Afterwards, shoot through an email summarising details of your request (to avoid confusion) and the agreed next steps.
Take out: Formalise the results of your performance conversation to give yourself the best possible chance of a favourable result.
PROPERTY BUST AND RECESSION… REALLY?
Reports predicting a so-called 7.5 per cent “crash” in property prices which, in turn, would spark an economic recession made front page headlines last week and certainly spooked a lot of people.
This negative focus has amused us for years and also worried us how such distorted views of reality manage to get such wide media coverage.
The foundation of these latest claims is that home prices will fall, so home construction will cease and the economy will consequently dive into recession.
So lets look at these things calmly and logically;
. yes the mining investment boom has slowed because all the new mines have been completed and they are now pumping out more product and exports as you would expect. This investment gap from the mining downturn has been plugged by a home building boom and the economy is growing solidly but not spectacularly.
. the housing price boom is basically confined to Sydney and Melbourne… property markets around the rest of the country are stagnant or falling. We warned of this this about 18 months ago and absolutely nothing has surprised us recently. It’s all going according to normal cycles. As we’ve said constantly, Sydney and Melbourne growth will slow, maybe stagnate but don’t look like crashing anytime soon.
. It does make us laugh when people reckon a 7.5 per cent fall in value is a “crash”… that represents the equivalent of just the last 6 months growth.
. As for a predicted housing construction crash, the figures just don’t support the claim. The facts are home building is at record highs with over 183,000 under construction at the moment and the pipeline looks healthy as well. There are a record number of new homes which have been approved but still waiting construction.
Bottom line is things are rosier than the doomsayers are predicting.