Rich Paul: Never Presume You Are 'Entitled' to A Wage Increase—'It Does Not Operate That Way in Reality.'

Despite having the longest tenure on your team, executing your tasks accurately and punctually, and possessing strong connections within your firm, you may still be disregarded for a promotion.

This should not be unexpected, as stated by Rich Paul, founder and CEO of Klutch Sports Group. Employees frequently believe they deserve raises and promotions without exerting additional effort to attain them, he asserts.

“When seeking a salary increase, one should not feel a sense of entitlement,” states Paul, 44. “Assess your replaceability or irreplaceability with honesty, considering it through the perspective of delivering exceptional work and consistently enhancing your work ethic or impact.”

Merely adhering to one's job description or remaining at a company for a predetermined duration will not facilitate advancement in the corporate hierarchy, according to Paul. A proactive attitude, eagerness to learn, and capacity to exceed expectations will distinguish you from your peers, he asserts.

Paul asserts that "arriving early, departing late, refraining from complaints, not requiring prompts for tasks, and engaging in proactive thinking" will provide a competitive advantage. He also offers a MasterClass titled "The Dealmaker’s Mindset," which was released on June 9.

At the age of 21, Paul encountered high school student LeBron James at an airport, forming a friendship and assuming the role of his unofficial assistant. Following James's selection by the Cleveland Cavaliers in 2003, Paul endeavored to acquire comprehensive knowledge about the NBA, as noted by James in the foreword of Paul's book, “Lucky Me: A Memoir of Changing the Odds.”

After around four years of engaging with the NBA as a member of James' inner circle, Paul secured a position with Creative Artists Agency, working under James' former agent, Leon Rose. Upon the establishment of Klutch Sports by Paul in 2012, James became its inaugural client.

“The sole benefit Rich obtained from me is an opportunity,” James stated.

To demonstrate your ambition and desire for success to your superior, begin by establishing or strengthening your rapport with them, advises Horacio Falcão, an INSEAD professor, negotiation specialist, and serial entrepreneur.

Falcão informed CNBC Make It on November 27 that it would be problematic if your supervisor learns of your aspiration for a promotion for the first time during your year-end evaluation. Engage with them consistently throughout the year regarding their expectations and your performance to cultivate a sense of trust, he stated.

“You ought to maintain closer communication with your supervisor on a more frequent basis, whether by inviting them for coffee or conducting one-on-one meetings,” stated Falcão.

When you are prepared to articulate your objectives, he suggested, you may express it as follows: “I am exceedingly enthusiastic.” I desire rapid growth. I am prepared to invest the requisite work, energy, and time to position myself as the next candidate for promotion within my group or cohort. What actions must I undertake?

Another suggestion from Paul: Acquire extensive knowledge and strive to expand your professional versatility. Investigate new competencies beneficial to your team, analyze your supervisor's behaviors, and proactively fulfill anticipated requests, he advises. If they commence each meeting with a novel icebreaker and are depleting their ideas, you may provide them with recommendations in advance. Paul emphasizes that one should not anticipate receiving assistance without effort.

“Frequently, we seek what was provided to us in kindergarten.” "You perform admirably, and you receive a piece of candy or a gold star on your paper," he states. “It does not operate in that manner in reality.”