Employee turnover is costly for a business. Turnover costs more to a company than giving an employee the average promotion. Per research, the average cost of replacing someone who quits is 21% of their compensation each year . Also, research done by Glassdoor has demonstrated that staying for too long in a particular role increases the likelihood that an employee will leave the company. Keeping in mind these points against the backdrop of a market that is job seeker-first, it could be the right moment to ask your boss for a promotion.
Contemplating your next move in your career might seem easy: create a plan, speak with your boss, and there you have it, you get a promotion. However, that’s not the way that the game is played. There’s some unspoken rules behind getting a promotion.
Create a bookmark for this webpage and make sure to read this guide carefully. These are the unspoken keys to getting promoted.
Rule #1: Build A Case
Prior to speaking with your boss regarding why you think you should be promoted or given a raise, make sure you have solid answers to each of the following questions:
- What have you done that goes beyond your job role? Can you find ways to quantify these achievements?
- Will promoting you lead to a headcount reduction or add efficiency to your team?
- What exactly do you want? Be specific. Don’t expect your boss to make the ask for you. Take time to research a realistic salary for what you contribute.