Tag Archive for: #raiseinsalary

Job interviews are stressful: talking about where you see yourself in five years, being asked about your weaknesses, and then of course, the dreaded question about your desired salary. What’s even more stressful is asking your boss for a raise down the road once you land the job. Let’s face it, talking about money likely makes you feel pretty uncomfortable.

This discomfort is something almost everyone feels, though according to a recent study, women are twice as likely to feel uncomfortable discussing their salary.

While the Equal Pay Act went into effect roughly 60 years ago, there is still a great discrepancy in the workplace, with women on average earning 17.2% less than men. Even in female-dominated jobs, women are still paid less than men. This discrepancy may come down to not only how women ask for more money, but if they do so at all.

Here are three of the most common mistakes I see employees make when asking for a raise.

1. Using the performance review meeting.

While it might sound like your annual review is the best to time talk about salary, this isn’t your best bet on getting the salary boost you want. Your boss will likely come into the conversation with a setpoint already in mind, one that is perhaps already approved by HR.

Instead, I suggest starting the conversation 90 days prior to your scheduled performance review.  Chances are, you know when review season is coming, so set something up at the beginning of the business’s quarter.

Career Tip: Build rapport first.

During this time, focus on building a stronger rapport, not only with your boss and immediate team, but with a broader set of employees within the organization. Nothing will position you better than someone from another department reaching out to your boss to let them know how great you are.

You must look at your career as more than a set of skills you are proficient at executing.  Put on your business development hat and realize, no matter what your job is, you are there to contribute to the organization’s bottom line. When it comes to building rapport, also look outside of the organization and see what relationships you can build that will support the business itself. This could mean finding new suppliers to work with, networking with potential new customers, or sparking conversations with top talent to hire onto your team.

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Article continued …

2. Taking things personally.

Your career may feel highly personal to you, but we must remember that hiring comes from a very transactional mindset: the business has a need, and they’re paying for talent to fill it. This hiring need has nothing to do with the cost of your rent, the stress of your debt, or anything relating to your personal needs. For this reason, never bring your personal circumstances into a conversation about a raise. The truth is, your salary should only correlate with the responsibilities you carry within the company.

By nature, the word raise means “more” and it’s important to recognize there is a difference between what you need and what you deserve. If you want more pay at work, you need to either do more or create better results.  In the competitive nature of the job market, especially with over 44 million Americans filing for unemployment (as of June 2020), the job market is highly competitive, and it’s in the employers favor right now.

Career Tip: Have a vision for your future.

When you walk into the conversation, have a clear vision for what’s possible with the organization, and how your skills align with it. A raise is your employer’s way of investing more into you, so be willing to enroll them in a vision of what you can execute on is key. This means sharing the types of projects you want to work on, the role you hope to step into one day, and the missions of the business you are passionate to become a part of. This will make your boss feel more confident in investing further into you, not just on a compensation level, but also when it comes to assigning new projects or opening up career opportunities.

3. Not asking at all.

This is by far the biggest mistake I see in the workforce, and I get it. Asking for more money can feel slimy, but if you don’t, you’re missing out. Before you shy away from the topic altogether, realize that if you don’t negotiate, you’re losing out on roughly $500,000 throughout the course of your career . So, if you plan on providing for yourself or a family, know that the decision against negotiating translates into a serious lifetime loss. Within the workforce, 66% percent of workers don’t ask, but of those that do, almost 70% receive higher pay.

Career Tip: Take initiative and be prepared.

Don’t sit around and dream for those dollar signs to drop into your bank account, schedule an official conversation with your manager that is dedicated to your salary.  Don’t try and slide this topic at the bottom of a meeting agenda, treat the topic with respect. According to research, the most successful strategies for getting more money were in-person meetings (48.2%) along with researching the salary range of similar positions for comparison (33.5%).

Be as prepared as possible heading into the meeting to set your nerves at ease. Because talking about money is uncomfortable, I always advise my clients to approach the topic with a neutral, strong tone. In fact, say it like you’re ordering a sandwich—unemotionally and matter-of-factly.

Prior to the meeting, spend time thinking about what you have done for the organization and how you have contributed to the business’s success. Ask yourself, do you think you deserve a raise? If the answer is an honest “no,” begin to take on more responsibilities, speak up more during meetings, and be willing to go that extra mile. You will be able to walk into the conversation feeling like you both need and deserve a higher level of compensation.

What if your request is met with a “no”? Don’t be afraid to ask why. The data is in: while 36% of women don’t do anything after initially being denied, 42% of men asked why they were denied, 13.6% negotiated nonmonetary benefits, and 38.6% started looking for a new job. It comes down to being assertive and knowing your value.

Making the decision to negotiate and ask for a raise will create respect from your employer and will position you on the right side of some fairly polarizing statistics.

Realize that you are more than just a number, a number that has nothing to do with your worth.

And yet, be willing to fight for compensation that aligns with the contribution you’re making..

Don’t do it just for you, consider the salary negotiation a push to increase the bar for everyone. Think about it, your choice to ask for more money raises the bar of your job title and industry as a whole.

If you want to win big, you have to stop playing small.

Forbes.com – August 3, 2020 – Ashley Stahl