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#YourCareer : How To Ask For A Raise Amid Soaring Inflation. Despite Historically High Inflation, a Labor Shortage, you Might Still find it Hard to Negotiate Salary. A MUst REad for ALL!

April 26, 2022/in First Sun Blog/by First Sun Team

Consumer price increases are hitting near-record, 40-year highs. A labor shortage is escalating. State pay transparency laws are making it easier to learn what jobs are paid. And a reawakened labor movement is forcing employers to be more responsive to workers’ demands.

If ever there was a good time to ask for a raise, it’s almost certainly now.

“People don’t perceive themselves as having as much leverage and power right now as they do,” says Ben Cook, the CEO of Riva, a salary negotiation startup founded with Harvard Business School experts. “Right now is a phenomenal time to go and ask for a raise.”

Yet despite this unprecedented wave of favorable conditions, you might still find it hard to ask your boss for more salary. For many, touting your own accomplishments—not to mention having a frank talk about money—feels awkward. If you’re a woman, you know you have to navigate tricky gender norms about how assertive people expect you to be.

And even as more workers talk openly about pay, negotiations tend to be information asymmetry at its worst, with managers typically having more data about what jobs are paid than you.

Despite historically favorable conditions—high inflation, a labor shortage, more transparency about pay—you might still find it hard to negotiate salary. Here, key steps to ask for more pay, and what to do if the response is no.

Still, there are ways to go into the conversation with confidence—and come out of it with a raise–or at least something else desirable you want. Below, find key steps to remember when you negotiate salary, and what to do if the response is no.

WAIT FOR A WIN

Timing is everything, especially when asking for a raise. Don’t plan it for when your boss is at her busiest or after a slip-up. And pick a time that immediately follows a win you can claim or a big sale you just clinched. “The timing of the ask makes a huge difference,” says Kathleen Downs, a senior recruiting manager for Robert Half.

You also don’t want to go in too late, after payroll budgets have already been set and promotions have already been decided. The discussion will more likely be a process that takes time. “A raise conversation is not one day, one half hour of time,” says Katie Donovan, a pay equity and salary negotiation consultant based in Boston. “It needs to be planned out usually for next fiscal year. Start it six months ahead. … it’s going to take a while.”

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PERFORM YOUR OWN JOB SEARCH

To get started, play the role of job seeker, looking for what not only your company, but others like it, are paying for new hires in similar roles. A small but growing number of localities, like Colorado and, by the start of next year, New York City and Washington state, now require employers to disclose pay ranges for new jobs.

Experts say that’s starting to have an impact on salary information in job ads, with employers publishing ranges elsewhere, too. “Do a theoretical job search—look to see what salaries in those places are offering,” says Linda Babcock, a professor of economics at Carnegie Mellon University and the author of books on negotiation and women’s careers. “That can help you calibrate your request.”

With inflation soaring and companies having a harder time finding workers, employers fear the new laws will reveal inequities to current workers. Executives say a phenomenon called salary compression—when new workers with less experience are being paid similarly to those with more tenure and skills—is happening more now. A recent survey by Robert Half found that 56% of C-suite executives said they’ve seen pay discrepancies between new hires and more tenured staff in the past year.

If your employer isn’t being so conscious—and you see a job ad at your firm that pays more—it should help you. “Calmly and professionally say ‘explain to me what I’m misunderstanding,” Donovan suggests. “This person will be coming in and doing the job I’m doing right now. … Why would I not get paid what that person would get paid?”

ASK OTHERS WHAT THEY THINK YOU SHOULD MAKE

By now you know to do your homework before you negotiate salary. Look at web sites such as Payscale and Glassdoor. Ask professional associations for salary data. Find databases in your field. Look up Bureau of Labor Statistics data.

But such sources can sometimes be out of date or unspecific; in those cases, ask people who work in your field. If you’re uncomfortable asking someone what they make, says Babcock, ask people who might oversee a role like yours for their expertise instead. “Ask, ‘what do you think I should make for this position?’ They can use all the information they know, and you’re going to get a broader range of data.”

Or, if you ask a peer who works at another company, replace the awkward “how much do you make?” with an offering of your own salary and the question “how would that match up within your organization?” advises Downs. “There are ways to find out what other people are making,” she says, without asking the question too bluntly.

FOR WOMEN, MAKE A COMMUNAL PITCH—AND AIM HIGHER

The actual words you use really matter, particularly for women. Society views women as being “others-focused,” so when they ask for something for themselves, “there’s inherently friction there,” says Kathryn Valentine, the founder of Worthmore Strategies, a negotiation training and consulting firm for executive women.

Therefore, for women, it’s important to keep the conversation collaborative, communal and holistic, says Valentine, making your request in terms of how it can help your boss or the company. A sample pitch might say something like this, she suggests: “Last year I was able to bring in $500,000 in sales. I believe we’re on track to deliver 20% more this year. In order to deliver on that goal, I’d like to bring my compensation in line with market value, which is X. What do you think?”

A simple formula, she says, is to highlight past performance, combine it with future potential and follow up with a direct request. Then stop talking. “To make others feel comfortable, women will continue to talk and in doing that they [hurt their negotiating position],” she says.

Women, suggests Donovan, should ask for at least 75% of the job’s market value. Research has shown that women are more likely than men to be paid in a tight range around the median, and as a result, are less likely to be paid at the top end of the range. “Median pay for everyone is always lower than the median pay of the white guys,” Donovan says.

USE A SPECIFIC NUMBER—AND GO FIRST

Much negotiation advice suggests you should wait for the other person to make the first offer. But unless you have no idea what the pay range should be, says Valentine, research shows it pays to go first. Doing so means you “anchor” the conversation with your number, she says. “If you know the bargaining zone, you always put out the first number.”

She also suggests—again, particularly for women—starting with a specific number, rather than a range. At least in her experience with clients, “when you give a range, what they hear is the lowest end of the range,” she says.

Jennifer Trzepacz, the chief people officer for SymphonyAI, agrees. Without a specific number, it’s hard for managers or human resources professionals to know how you’re valuing yourself or what will close the deal. “When they say ‘I’d like a raise’ and they don’t say specifically what [the number] is,” she says of people who request a raise, “there are times when you go back and get them the raise and they’re like ‘that’s not what I wanted.’” As a result, they’ve advocated on your behalf for nothing.

WITH COUNTER-OFFERS, KNOW THE CULTURE

Be careful about using outside salary offers to get a raise unless you know how they’re typically received. “Different companies have different cultures about this,” says Babcock. “At some companies, if you come with an outside offer they say ‘let me help you pack.’ In other companies you don’t get a [raise] unless you have an outside offer, and it will help your supervisor advocate for you. But you really have to know what the organization’s culture is like.” If you’re not sure, ask peers you can trust about their experiences with presenting outside salary offers and how counter offers are viewed.

Negotiation experts suggest using the salary offer you’ve received to inform your market rate, or cast it as a surprise that’s come to an employee who’s committed to the organization. “You can say ‘I have not been looking, but this came my way and I was really surprised to see that they were compensating at 20% more. Can you help me close that gap so I can continue contributing here?’” Valentine suggests.

If you still don’t get the raise you want, pay experts say, ask what you need to do to get one—and then don’t let the conversation stop without concrete specifics. “You say, what needs to change so that you can say yes?” says Donovan. If they’re changes you can actually make, do them, and then come back. But if “they keep moving the finish line, then you know you’re never going to succeed there. Go look for another job.”

Or, think about what else you might want. If your boss says they can’t boost your base pay, consider negotiating for additional time off, eliminating responsibilities that won’t position you for a raise later or even more equity if it’s a startup. “We really encourage our clients to be as flexible as they can in terms of the currency in which they get paid,” says Riva’s Cook.

KEEP ASKING QUESTIONS

In the end, says Donovan, one of the best strategies for negotiations is just to try and keep asking questions. “You as the employee do not have to have the answers. You’re not teaching them anything they don’t know,” says Donovan. “The more questions you have for each no they give you, the more likely it will be that you get it. The winner of every negotiation is the person who can keep the conversation going. Once I shut you up, I win.”

Forbes.com | April 25, 2022 | Jena McGregor

Why Young Professionals Don’t Negotiate Salary (and Why They Should). How about You?

January 11, 2020/in First Sun Blog/by First Sun Team

Salary negotiation is a pivotal step when you’re interviewing for a new job. It’s your chance to get paid what you’re worth (or get closer to that figure), and could establish your financial trajectory at your new company for years to come.

The more you negotiate, the better you’ll get, no matter where you start the process.

According to a 2018 survey from Robert Half, only 39 percent of people polled said they’d asked for more money upon receiving their latest job offer. In other words, more than half of all new hires accepted whatever they were offered, with no attempt at negotiation.

And that indicates that among millennials and young adults, negotiation is especially rare; in fact, only 37 percent of millennials have ever asked for a raise, according to Payscale.

So, why are so many young professionals reluctant to negotiate salary, and is that proactive move really that important in the first place?

Why young professionals are reluctant.

According to the Payscale study, there are many reasons why young people don’t negotiate salary or ask for raises, but two main reasons stand out: They feel uncomfortable in the negotiation process and don’t want to be viewed as pushy.

Discomfort is natural, especially if you’re nervous about the position, but it’s typically a byproduct of lack of exposure to an experience. If you’ve never negotiated your salary before, haven’t had education or practice on how to do it and haven’t witnessed anyone doing it, you’re bound to be uncomfortable trying it for the first time.

As for being pushy, most employers expect some degree of pushback or negotiation from new hires. And, sure, there are some ways to negotiate that can make you seem arrogant or demanding, but negotiation in and of itself is not the issue.

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Why salary negotiation is so important.

So why is salary negotiation so important in the first place?

No downsides. Unless you’re unreasonably aggressive, condescending, or unprofessional in your negotiation, there’s virtually no downside to negotiating your salary. All you’re doing is asking for more money, and your employer can accept or reject that request. If your request is accepted, you’ll instantly get more money for the duration of the job. If it’s rejected, you face no inherent penalty. In other words, there can only be positive or neutral results — nothing negative.
Compounding returns. Negotiating for a higher salary sets you on a more valuable trajectory and one that will reward you for many years to come. For example, data suggests that executives who negotiated their salary at their first job out of college stood to make at least $500,000 more over their careers, compared to those who did not. Imagine pushing for $60,000 a year instead of $50,000. Assuming proportionately similar raises in both scenarios, a person who negotiates for $60,000 would make $10,000 more each year for the remainder of his or her time with the company. That extra $10,000 would certainly be nice, but if you work at the same company for 30 years, that $10K could turn into $300,000.
Future salary effects. Your current salary could also play a role in how your future pay is calculated. If you change roles within a company, it may use your existing salary as a baseline for determining your new pay. If you start out higher, you’ll have room to ask for even more money, eventually. You may also feel confident asking for more money in a role at another company in the future.
Integrity, research, and power. Some employers may think more highly of you if you ask for more money. If you’re basing your request on objective data and research, you’re demonstrating your willingness to put in the time to conduct research properly. If you’re up-front about your expectations, you’re showing integrity. And the mere fact that you’re willing to ask for more money shows you’re confident in your abilities, which could reflect well on you.
Employer incentives. Remember, employers are incentivized to pay you as little as possible. They aren’t motivated to give you more money up-front, so they may expect you to ask for more money no matter what. For these reasons, employers typically offer you a salary slightly-to-moderately lower than the going rate. If you accept that figure blindly, without pushing for more, you’ll effectively be operating at a loss. Negotiation is a way to counteract this issue.

If you’re a young professional, it’s in your best interest to start negotiating for your initial salary, and if you’re looking for a raise, to do that as soon as possible. You can learn the fundamentals of negotiation by reading upon them, but if you want to feel more confident and get better results, role-play what you’ll say, in a real environment. You don’t have to start with job interviews; instead, start small, with negotiations at flea markets or in your everyday interactions.

The more you negotiate, the better you’ll get, no matter where you start the process.

Entrepreneur.com | April 22, 2019 | Anna Johansson

Your #Career : How to #Negotiate Beyond the Raise You Were Offered? ….You Get a Strong Review and the Same Old Mediocre 2% Merit Increase you Got Last Year. That’s Disappointing. Is There Anything you Can Do?

April 30, 2018/in First Sun Blog/by First Sun Team

It’s been a long year. You changed teams, picked up new projects, started mentoring a couple junior developers, wrote a couple spectacular white papers, or any number of other productive things.

If you follow these five steps and find that a larger raise isn’t available within a reasonable timeline, you may need to begin looking for better opportunities with more flexibility to pay you what you’re worth.

Now it’s performance review season, and you’re looking forward to a stellar review accompanied by a nice merit increase to reward all your hard work.

But that’s not how things turn out. Instead, you get a strong review and the same old mediocre 2% merit increase you got last year.

That’s disappointing. Is there anything you can do?

How do you negotiate a raise in addition to your merit increase?

Your instinct might be to march into your boss’ office and demand a bigger raise. To make a statement and get what’s rightfully yours!

That probably won’t end well, so it’s time to slow it down and make a plan.

Step 1: Set your expectations

First things first, let’s level set: It may not be possible to negotiate a raise in addition to your merit increase right now.

By the time your manager told you about that 2% raise, the company’s merit increase budget had been divvied up and things were pretty much written in stone. The company made a budget, then parsed it out among the business units, which divided their piece of the budget up among departments, which divided that budget up among managers.

Your manager did the best they could to be fair to everyone, and out tumbled your 2% merit increase.

If it’s even possible to change that amount, a lot of pieces would need to be moved around. It’s probably not going to happen.

Step 2: Do your homework so your manager doesn’t have to

But that doesn’t mean you shouldn’t ask! Most likely, your manager will let you know there’s no additional budget right now, but maybe they’ll be able to work with you to make something happen now or down the road.

Before you ask for a raise in addition to your merit increase, I recommend establishing the following three things:

Your target salary—What is the specific raise amount you feel you have earned? You’ll start with your market value—Glassdoor will help with this—and then adjust your market value for your specific situation.
Your accomplishments—What are the valuable responsibilities you’ve taken on that were unanticipated when your salary was last set? Make sure to identify the accomplishment itself and the business value of the accomplishment whenever possible.
Your accolades—What awards or recognition have you gotten from colleagues, other managers, or clients? These can help your manager understand the value of your work even if they’ve been focused on other things.

It’s important to do this homework before asking your manager for a raise because managers are very busy people. The more work they need to do to help you out, the less likely they are to find the time to do it.

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Step 3: Start the conversation

Armed with those three pieces of information—your target salary, accomplishments, and accolades—you can approach your manager about an additional raise.

Here’s how to begin that conversation:

“I’m grateful for this merit increase—thank you for looking out for me. But I was hoping for a more substantial raise because I’ve taken on a lot of new responsibilities this year. Is there some way to adjust my salary to reflect my current responsibilities? Based on the market research I’ve done, I was hoping for a raise to [fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][your target salary].”

Once you’ve begun the conversation, asking for a raise in addition to your merit increase will typically look like the same process as asking for an off-cycle raise. These email templates will help you follow up and continue working with your manager until you reach your goal.

Step 4: Set a goal and establish a timeline

Hopefully, your manager will be prepared to have a productive conversationabout what’s possible, and you may get a larger raise right away.

But the most likely result is that your manager will explain that the budget has already been spent for this cycle, and you’ll need to wait until there’s budget available to increase your salary.

If your manager suggests deferring your larger raise until later on, work with them to establish two specific things that you can collaborate on:

What you need to do to earn the raise you’ve requested—If you’re unable to get a larger raise because your manager feels you have not earned it yet. Ask specifically what you need to do to earn the raise you’ve asked for.
A timeline—It’s also important to establish a timeline so that you and your manager can check in at regular intervals to monitor your progress and make sure you’re on track to achieve your goal in a reasonable time period.

Step 5: Work with your manager to reach your goal

Once you and your manager establish a goal and a timeline, it’s up to you to keep this on your manager’s radar. Make sure to check in with your manager at regular intervals to discuss your progress, get feedback, and confirm that you’re still on track.

You may also run into structural barriers that prevent you from getting a large raise at all. This is sometimes the case at very large companies, where they’ve established rigid guidelines for raises and promotions. “Do you have to quit your job to get a big raise?” can help you determine whether your company has flexibility to give big raises or if you might need to look elsewhere to level up your pay.

In the end, negotiating a raise in addition to your annual merit increase can be tricky. But there are things you can do to start the conversation with your manager and maybe even get a raise right away.

Follow these five steps to negotiate a raise in addition to your annual merit increase:

Set your expectations
Do your homework so your manager doesn’t have to
Start the conversation
Set a goal and establish a timeline
Work with your manager to reach your goal

If you follow these five steps and find that a larger raise isn’t available within a reasonable timeline, you may need to begin looking for better opportunities with more flexibility to pay you what you’re worth.

Josh Doody is a professional salary negotiation coach who helps software developers get more high-quality job offers and negotiate higher salaries. You can learn his best salary negotiation strategies and tactics in his book Fearless Salary Negotiation: A step-by-step guide to getting paid what you’re worth.

GlassDoor.com | April 30, 2018 Posted by Josh Doody

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Your #Career : Bigger Companies Once Meant Much Bigger #Pay , No More…For Decades, even Lower-Paid Workers could Boost their #Pay by Moving to a Bigger Employer. No Longer.

January 13, 2018/in First Sun Blog/by First Sun Team

The significant pay premium that Americans used to receive for working at large companies has shrunk rapidly in recent decades, especially for lower-wage workers, a new study finds.

For the last century, economists have noted that similar workers tend to earn significantly more at large firms than at small ones—a premium that worked out to nearly 50% higher pay in the early 1980s for an employee who went from a company employing fewer than 100 people to one employing 10,000 or more.

But more recently, that premium has shrunk to just 20%, Stanford University economist Nicholas Bloom and his co-authors found in an analysis of federal income data from the late 1970s through 2013. The study was presented Saturday at the annual meeting of the American Economic Association in Philadelphia.

“This large-firm pay premium that’s been around for over 100 years, in the last 30 or 40 years, it seems to have collapsed in the U.S.,” Prof. Bloom said.

It has essentially disappeared for lower-paid workers and those without college degrees, he said. The bottom 50% of workers by pay received almost no premium for working at large companies in 2013, while the premium remained steady for college graduates.

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Prof. Bloom has specialized in analyzing income data for individuals, anonymously, across time and as they change jobs, using a variety of federal population and employment data.

“Almost all of the drop is that large firms are paying the same types of people less,” Prof. Bloom said. “It’s not that they’re hiring worse employees, they just seem to be paying less of a bonus.”

The trend meshes with others, including the rising dominance of large firms and a rapid increase in pay among the top earners at large companies. At smaller firms, by contrast, pay for employees has tended to rise and fall together, Prof. Bloom’s research has found.

The premium is likely declining for a combination of reasons, Prof. Bloom said. Lower-paid jobs are increasingly outsourced at large companies, which makes it easier to push wages down for those still directly employed. In addition, low union membership—already pronounced in the private sector in the 1980s—likely has contributed modestly, he said.

Finally, activist shareholders and other factors have put pressure on managers to reduce operational costs, Prof. Bloom noted. “You could almost see it as an unpleasant side effect of capitalism, that it’s led to a shift of compensation from low-paid to high-paid,” Prof. Bloom said. “It’s what tends to maximize stock prices.”

Other research has chronicled how large companies in a variety of industries have shifted whole functions through outsourcing, contracting, franchising and other means, said David Weil, dean of the Heller School for Social Policy and Management at Brandeis University and a former Obama administration labor official.

“What Nick’s paper does is ramp that up into more economywide effects,” Prof. Weil said. “It’s been underrecognized.”

Write to Theo Francis at theo.francis@wsj.com

WSJ.com | January 10, 2018

Your #Career : What You Should Know Before Asking For A #Raise In 2018…Keep the Following Things in Mind in Order to Raise the Odds of Increasing your #Salary .

January 2, 2018/in First Sun Blog/by First Sun Team

In an ideal world, you’d get offered the salary you want right off the bat. But if you’ve been working or job hunting for a while, you probably know that very few people receive their perfect offer right out of the gate. Most of the time, you have to ask for what you want, make your case, and hope that the company you’re negotiating with has the bandwidth to give you what you’re looking for.

Whether you’re negotiating for more money or perks at your current company or trying to secure the right offer somewhere new, here’s the best advice we heard this year for getting what you deserve in 2018.

1. BE SURE YOUR PERFORMANCE MERITS A RAISE BEFORE YOU ASK FOR ONE

If you’re going to try to negotiate for a bump in your current salary, be sure you can show that it’s warranted. One of the biggest mistakes that can ruin a salary negotiation is not having proof that you’re indispensable to your organization. “The biggest mistake I’ve seen from employees over the years is asking for a raise when their performance is average or sub-par,” says Joanna Buickians, vice president of operations for JBA. “For example, I’ve had sales people asking for raises when they are in the red and not able to close–or worse, people who take frequent vacations, use all their sick days . . . who have a general sense of entitlement and an attitude of, ‘I deserve a raise because I’m just awesome.’ If these employees had shown they’re really worth their salt, by showing up to work on time and working as hard as they could, I would have given a them a raise.”

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2. TREAT IT AS A COLLABORATION, NOT A FIGHT

By approaching a negotiation as a way to work with with your hiring manager or HR department rather than against them, you’re more likely to be successful. “Never engage in negotiation as an ultimatum–an either/or–but rather as a collaborative process and a unique opportunity to create a compensation package that makes sense for both you and for them,” advises career coach Roy Cohen. “Establish priorities as to what is most important to you and what items you are willing to trade off.” Then, make your case and say that you’re looking forward to “working together” on this–one of the best phrases to use in a salary negotiation if you want to succeed. “Unless you know for sure that you are indispensable, and few of us ever are, successful negotiation should never become adversarial. That is a bad sign that the process has broken down or will,” Cohen continues.

3. DON’T FEEL LIKE YOU HAVE TO SHARE YOUR CURRENT SALARY

It’s super common for recruiters to ask what you’re making at the moment and what you’re looking for in terms of compensation in your next job. You do not have to answer this directly, and it’s actually one of the things you should never say during a salary negotiation, according to Josh Doody, author of Fearless Salary Negotiation. “I call this The Dreaded Salary Question, and it’s tricky because it usually comes up early in the interview process, and most candidates don’t think of it as part of a salary negotiation, even though it is,” he says. “Answering this question by disclosing numbers can make it very difficult to negotiate effectively later on, because it can box the candidate in. Once they disclose current or desired salary, the offers they get are very likely to be tied to those numbers. That can be very expensive if the company might have offered them a much higher salary than they disclosed.”

4. WAIT AS LONG AS YOU CAN BEFORE DISCUSSING SALARY

This one is especially true if you’re trying to score a great salary at your first job, but it’s applicable to all job seekers. In addition to avoiding naming a number that you’re looking for in terms of salary, “you also want to defer the salary conversation as long as possible, because the longer you can defer that discussion, the more time you have to impress them in your interviews and convince them that you should be paid at the higher end of the range they have budgeted for the role,” Doody says. By leaving the money talk until the end of the job application process, you’re more likely to nab a higher paycheck.

5. THINK BEYOND DOLLARS AND CENTS

It can be tempting to focus on the dollar amount you’ll be taking home each month or year, but if your prospective employer isn’t open to changing how much money they’re offering you, don’t forget about benefits negotiation, which can actually be one of the most important parts of figuring out your salary. Consider what might be worth bartering for, whether it’s extra vacation days, better medical or dental benefits, a gym membership reimbursement, or even commissions.

6. LET THEM KNOW YOU WANT TO ACCEPT THE JOB

In the final stages of negotiation, another helpful phrase is something along the lines of, “If you can do x, I’m ready to accept your offer.” This lets them know you want to accept the job, but you need a little something more first. “When you get to this phase of the negotiation, you want to make it clear to the recruiter or hiring manager that saying ‘Yes’ will end the negotiation so they’re more comfortable acquiescing,” Doody says. For example, you may want to say, “I understand you can’t come all the way up to $60,000. It would be great to add an additional week of paid vacation along with the $55,000 you suggested. If you can do that, I’m on board,” he suggests.

7. DON’T USE YOUR PERSONAL CIRCUMSTANCES AS A NEGOTIATION TOOL

While it might feel logical to explain your personal financial situation as your reasoning for needing to earn more money, experts say this can also ruin your salary negotiation. “One of my employees requested a meeting to negotiate their salary,” says Lori Bizzoco, cofounder of NV Media, Inc. “They came into the meeting and right off the bat started to discuss their personal financial situation at home: She was getting married and the wedding was costing more than she and her fiancé had anticipated. She used the wedding as a bargaining tool to ask for a raise. At the risk of sounding less compassionate than I really am, I must express the importance of leaving personal issues out of the conversation when asking for a raise. As much as I empathize with financial struggles, an employee can create a more compelling argument for a raise by providing evidence of his or her hard work.”

8. KNOW YOUR WORTH

One of the simplest and most effective tools you can use in a salary negotiation is information about what others in your position make. That’s why our Know Your Worth tool is so useful when you’re looking for a new job or trying to up your pay at an existing job. By inputting some basic a information about yourself and your job history, you can get a better understanding of your market worth. Armed with this knowledge, you can negotiate confidently.

9. USE YOUR NETWORK FOR RESEARCH

Another tool you can add to your research arsenal is your business contacts. Journalist Jillian Kramer did exactly that when recovering from a lowball salary offer at a magazine: “I spoke with contacts and coworkers until I found a connection between one of them and a former employee at the magazine. And after a quick introduction, that former employee was happy to dish on what he’d earned when he’d worked in the exact position I was going to fill.” With this in mind, Kramer was able to make a more informed counter offer to the hiring manager, and ended up with a salary that she was much happier with.

10. NEVER APOLOGIZE

According to Doody, “sorry” is another thing you should never say in a salary negotiation. Why? “Negotiating is uncomfortable, and our natural tendency is to try to smooth the edges on a difficult conversation. Saying sorry could signal to the recruiter or hiring manager that you might be willing to back down, and that could be expensive. Don’t apologize for negotiating.”

FastCompany.com | January 2, 2018 | BY JULIA MALACOFF—GLASSDOOR 7 MINUTE READ

#Leadership : Actually, Women Do Ask For Raises As Often As Men—They Just Don’t Get Them…A Recent Study Shows that Women Know What they’re Worth and Aren’t Afraid to Ask for It. It’s Their Employers that Don’t.

November 11, 2016/in First Sun Blog/by First Sun Team

Almost a decade ago, Carnegie Mellon professors Sarah Laschever and Linda Babcock found that men ask for raises and promotions four times more than women do. Their research has now been cited so often that it’s just about become popular wisdom.

But a new study by researchers at London’s Cass Business School, the University of Warwick, and the University of Wisconsin analyzed a random sample of just over 4,500 workers across 800 employers in Australia and found something surprising: Women aren’t afraid of asking for raises and promotions. Women ask as often as their male counterparts, but they get what they want less often—25% less often, in fact.

NEW RESEARCH, NEW REACTIONS

Using a detailed series of questions, the researchers tackled two stubborn yet widespread beliefs surrounding the gender pay gap. The first—that women aren’t as ambitious or pushy as men—was found to have no basis in the study (which focused on Australia, because it’s the only country that gathers data on employees’ raise requests). The second—that women are more afraid of upsetting their bosses or hurting their relationships with their employers—was also thrown out.

These findings shift the burden from professional women to the companies that employ them. These days, it appears that closing the pay gap may be less about changing the ways women have been raised to understand the value of their work and more about how their employers react to women’s improving negotiating skills.

Social and political climates may have something to do with that shift. Earlier this year, the World Economic Forum (WEF) issued its annual report on the gender gap, and it didn’t just fall into the void. Just last month, in Iceland, where women earn an average of 14% less than men, women left their desks at 2:38 p.m., leaving their workdays 14% unfinished—right at the point where that pay discrepancy kicked in.

Taking to the streets and leaving desktops unwatched might not catch on in the U.S., but the metaphor is instructive. The WEF report looked at 144 countries and measured the gaps not only in economic opportunities but also in access to education, health care, and political representation. The U.S. ranked 45th on the list. At the current rate, researchers believe, women worldwide are not going to see these gaps close completely in their lifetimes—it will take 170 years at the current rates of progress worldwide.

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But as one of the coauthors of the Cass School study points out, that research “potentially has an upside. Young women today are negotiating their pay and conditions more successfully than older females,” says Amanda Goodall, “and perhaps that will continue as they become more senior.” Women aren’t just negotiating more aggressively than in the past. They’re now more aware that they aren’t being rewarded equitably for doing so.

Knowledge is power, in other words, and it spreads almost exponentially over time. It’s findings like Goodall’s and her fellow researchers’ that don’t just document a problem but empower those who are hurt by it to demand change in the right places.

WHAT WORKING WOMEN CAN DO STARTING NOW

With that in mind, there are a few steps women can take right away to begin pressing to earn what they’re worth.

Know your own value. Do the research and honestly assess your talents, skills, and experiences—because your boss won’t do this for you. Get the data on pay for the same or comparable jobs in your community, so you have objective (or at least less subjective) information with which to build a case for yourself.

I was so proud when a former intern of mine was offered a position at a major tech company and asked me what to do before accepting. She’d done her research, and the firm’s salary offer was toward the top for comparable positions. Still, she said, “I know I should negotiate something.” She was right; I advised her to think about non-salary compensation that she’d value, and she ended up getting her new employer to pay for her move.

Whatever the next four years turn out to look like, it’s clear that the social tide is turning. Younger women are asking for their due when their older colleagues didn’t.

Be your own advocate. Investigate the culture of your company, how decisions are made, and what’s valued most (and least). It’s one thing to do the “hard” research—salary benchmarks and so on—and another to get a “softer,” qualitative feel for an employer’s mind-set around compensation. This holds true as much for a company you’re considering working for as one you already do work for.

Go on Glassbreakers to get or become a mentor, and LinkedIn to connect with others in your field. Read reviews on Fairygodboss. Talk to trusted coworkers. Reach out to past employees who’ve since moved on, and ask their experiences. Then use your research to help you speak up—not just about your salary offer or about that promotion coming up, but about ways in which women’s leadership can add value to their bottom line.

Outside of work, too, it’s important for professional women to understand policymakers’ priorities; change happens in both big and incremental ways. The keys to more opportunities and important social shifts can often be found in the details of all kinds of bills, from the municipal to the federal level.

Face the chaos with courage. When I left my first CEO position, a member of the board asked me what I thought was one of most important qualifications for the job. Courage was the answer that came out of my mouth before I had a chance to think. I still believe that courage is what it takes to act in the midst of chaos and against long odds that you shouldn’t have to surmount but are forced to. It takes courage, too, to own the responsibility for fixing something, even if you don’t have total authority to—and to make decisions even when you can’t guarantee the outcomes.

It’s possible to see the latest research as different fragments of the same picture. Women have changed—even in the past decade—but the world at large has not, and 170 years is too long to wait for parity. The U.S. has just fallen short of electing its first female president, but it’s worth remembering that Hillary Clinton won the popular vote. That means that a majority of American voters still wanted a woman to represent them, and that desire doesn’t vanish.

Whatever the next four years turn out to look like, it’s clear that the social tide is turning. Younger women are asking for their due when their older colleagues didn’t dare to (often as a result of wholly valid fears). It’s heartening to know that the data confirms what many of us have long hoped: Finally, women know their worth. Now it’s time for everyone else to catch up. Don’t worry—we’ll show you the way.

FastCompany.com | GLORIA FELDT | 11.10.16 5:00 AM

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Your #Career : Former Wall Street executive Sallie Krawcheck Explains the Best Way to Ask for a Raise — and Get One…Just Because you Deserve a Raise Doesn’t Mean you’re About to Get One. More Often than Not, you Have to Ask — and Then Back up your Request.

November 1, 2016/in First Sun Blog/by First Sun Team

At the S.H.E. Summit in New York City in October, Sallie Krawcheck — the former Wall Street executive and founder of Ellevest, an online investing adviser for women — spoke about ways women can proactively bridge the gender pay gap. But her advice can be applied universally: Don’t just ask for a raise, she said — provide definitive proof that you deserve it.

“Be as quantitative as you can be,” she said. “Put numbers on paper.”

Vague requests can easily be denied, but hard facts are far more difficult to argue with.

Krawcheck suggests keeping a running list quantifying everything you do, from the number of clients you bring in to the size of the budget you manage to the work you do on each project. When you go in for a performance review or salary negotiation, you’ll be prepared with indisputable evidence of exactly what you contribute to the company.

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Krawcheck also advises looking up your position on sites like Glassdoor and Fairy God Boss to know how your current salary compares to the marketplace and gain an idea of how much you should be making.

“We have more resources now than ever before,” Krawcheck noted. “We should be excited about technology.”

As Krawcheck suggests, it’s smart to make the salary negotiation about the facts and leave personal emotions out of it. Demonstrate why you deserve a raise and how you’re contributing to the company, don’t whine about wanting more money.

“You should always link individual performance to departmental goals, and then to overall company goals and how what you’ve done directly impacted each,” Adam Ochstein, founder and CEO of StratEx Partners, previously told Business Insider.

And if you get denied, don’t take it personally — find out why it isn’t possible right now and what you can do differently. Don’t be afraid to be direct: “Ask, ‘What can I do to make this amount?'” Krawcheck said.

And then do it.

Businessinsider.com | November 1, 2016 | Emmie Martin

Your #Career : I’m A CEO—Here’s How I Decide Whether To Give You A Raise Or Lay You Off… This Exec Reveals the Arithmetic Companies Typically Use to Assess Employees’ Value.

October 12, 2016/in First Sun Blog/by First Sun Team

When I express these opinions, however, I often get disgruntled rebuttals like, “Yeah, right. Corporations have no concept of loyalty”; “Layoffs are completely arbitrary—it doesn’t matter what you’re worth”; and, “The only way to get a raise is to change jobs!”

Since these complaints are made to me—the CEO of a company that clearly isn’t so callous—it’s obvious that these stereotypes cannot be universal. Putting aside this irony, though, even if every company in the world were as ruthless and coldblooded as some believe, value and compensation would still be inextricably connected. Let’s take a look at why this is the case and how you can increase your value as an employee to get paid what you deserve.

WHAT HAPPENS BEHIND CLOSED DOORS

Let’s be a fly on the wall in that dim, coffin-shaped room where lanky, black-suited business misers drum their spindly fingers together and cackle over that most evil of subjects: layoffs.

When they discuss the customer support floor, they decide they need to lay off one person, and gradually narrow the options down to two employees:

Option 1: “Bill” is an old-and-true company standby. He’s worked at the company for 20 years and has been completely faithful to his job expectations. He clocks in and out on time and delivers his customer support perfectly on script. As a result, he’s accumulated a number of raises over the years and now makes $20 an hour.

Option 2: “Shelly” has only worked in customer support for five years but has obtained advanced technical certifications, has an excellent interpersonal manner, and routinely turns upset customers into loyal patrons. Clients who get support from her are 30% more likely to purchase additional services and to refer friends.

She talks off script a fair amount but keeps track of what she says and how customers react. As a result, she has submitted many helpful modifications to the basic IT script, resulting in a 10% increase in customer satisfaction for the whole floor. Due to her high performance, Shelly also makes $20 per hour.

Which one gets the boot? It’s Bill without question.

The company is actually losing money on Bill. If they fired him, a new employee would work for only $12/hour and could read the script just as skillfully as Bill does within two weeks.

If Shelly were fired, however, the company would lose out on a major source of sales, referrals, customer satisfaction, and an internal system for improving the whole department—they can’t afford to lose her!

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VALUE IS NOT THE SAME THING AS YEARS ON THE JOB

But what about faithful old Bill? It would be so mean to fire him! Bill’s problem is that he hasn’t really done anything to justify his increased wages. Small raises have accumulated on his paycheck like moss on an old river rock, but his real value is still around $12 an hour.

However, since Bill has been working at the company for so many years, he probably “feels” like he’s worth $20 an hour. Never mind the fact that he couldn’t get paid $20 an hour at a different company, he’s “put in his time,” so he’s worth $20 an hour, right?

Now, I’m not trying to understate the value of experience and wisdom. Good employees learn and grow over time, so they provide more value for their employer. As a reward, they get raises. The problem is, those raises are often based on meeting minimum standards for specified periods of time—not the value an employee brings to the table. As a result, when push comes to shove and a company needs to actually evaluate the worth of an employee, “years on the job” means far less to the business than added value.

Related: How To Ask For A Raise

BUSINESSES PAY FOR VALUE, AND EMPLOYEES ARE THEIR ASSETS

Many employees are confused about what their salaries pay for. When people first enter the workforce as teenagers, they usually start with an hourly wage. The equation is simple: The more you work, the more money you get. Unfortunately, after a couple of years, many people begin to translate time into money and begin to think, “I’ve put in a lot of time at this job, so it stands to reason that I should be making a lot of money! I need a raise!”

Value isn’t a function of time . . . An employee is a company asset and compensation is an investment in that asset.

Allow me to burst that bubble. Value isn’t a function of time. There are 24 hours in a day whether a company pays for them or not—it’s what you do with those hours that counts. Even for hourly employees, businesses aren’t paying for time—they’re paying for value. To put it simply, an employee is a company asset, and compensation is an investment in that asset.

Let me explain what I mean: If I were to invest $5,000 in a new asset for my business—say an online marketing account—you might think that I would have to make $5,000 in sales to justify the expense. Unfortunately, it doesn’t quite work that way. I won’t get too deep into the math of contribution margin, but in short, since my business expenses aren’t just limited to what I spend on marketing, it turns out that the account would have to make me at least three times my investment ($15,000) just to break even.

If the asset started producing four or five times more money than I put into it, then it would really be profitable. In fact, I’d be willing to invest more if I knew my payoff would be that good.

The same goes for employees: If I’m going to invest in people, I need to know that having them around will make my company at least three times what I’m paying them. The more revenue an employee drives for my business, the greater their value and the more I’m happy to pay to have them as an asset. An employee who produces less value, however, loses me money and—unless they can become more productive—I can’t afford to keep them in the long run.

HOW TO INCREASE YOUR VALUE

Now, I think we’ve looked at things like a ruthless businessman for long enough to show why companies care about the value their employees bring to the table.

In most real businesses with real, warm-hearted people (like I try to be), the same principles are still at play, but the focus is more on encouraging employees to become more valuable than on eliminating dead weight. In general, this encouragement comes in the form of salary. The more value an employee brings to the table, the more they deserve to be paid. The question then becomes, how do employees increase their value?

There are three basic steps:

Ensure that you’re meeting the basic expectations of your job.
Identify areas where you can add more value.
Create and execute a plan to exceed expectations.

Step 1: Meet expectations. Before you start trying to expand your horizons, it’s a good idea to make sure that you’re at least fulfilling the minimum requirements of your role.

Of course, it can sometimes be hard to figure out what those requirements are. A recent Gallup poll revealed that up to half of employees don’t really understand what is expected of them at work. Many companies have very little in the way of formal job descriptions. Others have long lists of tasks and expectations around hiring time, but when you start the job you find that half the stuff on the list you never do and half the stuff you do isn’t on the list.

Ask how your position adds value to the company. This gives you a target for increasing your value later on.

So if you’re not sure what your job expectations really are, the easiest way to get that question answered is to talk to your manager. Havea discussion about what workplace success looks like. You might even ask how your position adds value to the company. This gives you a target for increasing your value later on.

If, in this discussion, you discover work expectations that you weren’t aware of or that you haven’t been meeting, your first priority should be to start meeting those expectations. You may also find that, as Gallup’s poll also suggests, somemanagers are just as confused about your role as you are. If this describes your supervisors, then a sit-down conversation is especially important. Defining together what your core responsibilities are will help them to know when you are exceeding expectations.

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Step 2: Find areas in which to excel. As part of your conversation, you should also determine a list of projects that could add extra value to the company that fall within the scope of your job.

It’s important to choose these projects in conjunction with your manager because you need to be sure that when you go above and beyond, it’s in areas that your company finds important. What’s more, you want your extra efforts to be recognized for what they are.

It’s helpful at this stage to come up with a way to document your performance. Remember Shelly—how she increased customer satisfaction by 10% and got 30% more referrals than average? These numbers make her value pretty undeniable, but they wouldn’t exist if she or her managers weren’t keeping track of them.

If you work in an area like sales, it’s pretty easy to document your performance with hard figures, but for many other jobs performance is less easy to quantify. Documentation is still important in these cases, but it may look a little different. For example, this is a scorecard my marketing director and I use to measure his performance each month (shared with his permission):

The first column contains a list of his basic job expectations. If he meets all of these he’s producing enough value to justify his base salary. The other two columns contain things that he can do to go above and beyond his normal duties to provide added value to the company.

This is a very simple documentation system, but it’s surprisingly effective. When it comes time for me to hand out bonuses and raises, I don’t have to wonder whether he’s earned it or not—I just look at the scorecard. If he’s consistently performing above expectations, then he’s adding extra value and he deserves to be rewarded.

Step 3: Make a plan and execute it. Finally, you need to put everything you’ve learned into action. If your goal is to increase your compensation at work, you can start by deciding how much more you would like to be making.

Take your current job expectations and salary as the baseline for what you’re worth to the company. Then realize that for every dollar that you hope to get in increased pay, you need to bring in three to five dollars to the business for your raise to make sense. Pick from your “above and beyond” list some projects that would add this kind of value to the company. Make a plan to complete these goals in addition to your regular tasks and present the plan to your manager.

Trust me, this will go over a lot better than the old, “I’m getting married so I need a raise” conversation. Your manager may not agree with every detail of your plan, but you will definitely come off as a motivated employee who really gets it. And even if your managers don’t buy in right away, it will be a great opportunity to discuss their priorities again and work together to come up with a plan that accomplishes things that really matter.

Don’t skip this important conversation. I’d hate to get a comment on this article saying, “I wasted six months doing what you said only to find out that nobody cared about my contribution.”

If you haven’t figured out by now, communication with your superiors is going to be a critical part of this whole process. Unfortunately, business plans are rarely static and you may have to chase a moving target, but if you’re willing to be flexible, you should be able to keep moving forward toward your goals.

REACHING YOUR GOALS

Now, I know you’re probably thinking, “This all sounds great, Jacob, but it also sounds a little too idealistic. It would never work at my business.” Maybe not. I can’t predict every circumstance, and there’s a chance that yours is an exception. But isn’t it worth a try? The relationship between employee value and compensation holds just as true in “big ruthless corporations” as it does in more supportive ones.

Business plans are rarely static and you may have to chase a moving target, but if you’re willing to be flexible, you should be able to keep moving forward.

For example, one of my employees recently related to me his experience at a prior company. This was one of those more stingy jobs and had a high turnover rate for entry-level employees. However, he applied the principles I’ve described. He developed a number of specialized skills and got deeply involved in some really important projects.

The miserly company was happy to be getting more out of him for the same pay—until the day he started looking at taking his skills elsewhere. His value was so great by then that the company would be set back months or years if he left, so when he suggested that he would need a 40% pay increase to stay, they felt like it was a worthwhile investment.

Despite the money-grubbing attitude of this company, he was providing so much value that he had become an asset they couldn’t afford to lose. As a result, he was able to negotiate a much better situation for himself. The moral of the story? If you feel that you deserve a raise, don’t get drunk and holler about it every Friday night. Take inventory of your worth, talk with your managers, and start working to become a more valuable asset.

FastCompany.com | JACOB BAADSGAARD, GLASSDOOR | 10.11.16 5:00 AM

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