Here’s How To Ace Your Annual Performance Review And Earn That Raise
As we inch closer and closer to the end of 2023, it’s an all-too-familiar time in the corporate world: performance review season.
But while this period is often filled with a mix of anticipation and anxiety, it also holds the key to your next big career leap (and possibly that much-desired raise).
So, how do you navigate these stressful yet crucial conversations with managers and execs? Let’s break it all down into actionable steps to help you ace your review and secure a raise.
The Review Process: It’s More Than Just A Meeting
Before you walk into your review, it’s crucial to understand how your company’s review process works.
Are there self-evaluations? Peer reviews? Does it heavily rely on metrics or qualitative assessments?
Knowing the structure will help you tailor your preparation accordingly. If possible, try to get feedback from colleagues who have been through the process, too. Their insights can be invaluable.
The Art Of Self-Reflection
Now, many companies will ask for a self-evaluation as part of the review, and this is your chance to shine.
Photo 61090809 © Nenitorx – Dreamstime.com – illustrative purposes only, not the actual person
Reflect on your accomplishments over the past year. Be as specific about your achievements and how they have impacted the company as possible.
Did you bring in new clients? Improve a process? Save costs? Be sure to quantify these achievements wherever possible.
And don’t shy away from discussing the challenges you faced and how you overcame them. This shows your growth and resilience.
Setting Goals & Mapping Your Future
It’s crucial to remember that performance reviews aren’t just about looking back, either. They’re also about looking forward.
Be ready to discuss your future goals. How do you see yourself growing within the company? What skills do you want to develop?
Aligning your ambitions with the company’s objectives demonstrates your commitment and foresight.
Gathering Feedback
Feedback also shouldn’t be a one-way street. You should collect input from colleagues and supervisors you’ve worked closely with throughout the year.
This will provide a well-rounded view of your performance, and it shows your willingness to engage with and learn from others.
The Money Talk: How To Approach The Raise Discussion
When it comes to discussing a raise, timing and approach are everything.
First, frame your request by highlighting how your contributions have added value to the team and the company. Also, be realistic in your expectations and do some research on industry standards for your role.
If the answer is no, don’t get discouraged. Instead, ask what you can do to be considered for a raise in the future and use this as a roadmap for your growth.
Dealing With Criticism: Turning Feedback Into Fuel
Criticism, when constructive, can be a powerful tool for growth. So, try to approach it with an open mind.
You can ask for specific examples of areas for improvement and seek clarification if needed. Also, show your eagerness to improve by discussing how you can address these areas.
Post-Review Strategy
Lastly, after your performance review, it’s important to keep the momentum going.
You can develop a plan to work on the areas of improvement identified during your review. Then, schedule regular check-ins with your supervisor to discuss your progress.
Remember, your development is a continuous journey, not just a yearly checkpoint. So, try to take as much as you can from this meeting to inform your work in 2024 and plan for next year’s review.
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