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#YourCareer : How Understanding Compensation Can Help You Negotiate Better Pay. Great Read for All!

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With 10 U.S. states enacting some form of pay transparency legislation, there is growing momentum towards achieving pay equity. Because there isn’t yet a federal-level view, companies are responding in different ways, and none yet seem to have moved to full nationwide pay transparency. Despite that, job seekers (and employees negotiating pay raises) now have more information than ever before, and understanding how to interpret publicly available data, and how that fits into corporate compensation structures, is critical to making the most out of salary negotiations.

What Is A Compensation Philosophy?

Compensation teams (also frequently called Total Reward teams) conduct the highly-technical heavy lifting around pay and benefits, though their work is always anchored to an overarching philosophy. It is rare for companies to publicly articulate their compensation philosophy (with NetflixNFLX -1.2% being a notable exception) but understanding that there is one is foundational in thinking about your own pay. For most organizations the pillars of their philosophy can be best articulated by two factors: how they think about cost, and how they think about market positioning.

Many organizations take a “cost of living” approach and anchor their pay to that data set, but equally some organizations take a “cost of labor” approach and anchor their pay to that (often lower) data set. From there, companies decide where they want to position themselves. One of the Fortune 500 companies I worked at had a “market median” philosophy (i.e. pay was anchored at the 50th percentile) and another took an “upper quartile” approach (i.e. pay was targeted to be higher than 75% of our competitive set).

Why does this matter? Companies make deliberate choices about where they set pay, so seeing that the same job pays more in a different company is a limited-value data point in isolation.

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What Is Pay Architecture?

Inside large organizations there are three core components to how base pay is calculated, and salary bands form the foundation of this structure. Salary bands run horizontally across the enterprise, and it is not unusual for a large organization to have 16 bands running from entry-level at the bottom up to the CEO at the top (so if the CEO is band one, their direct reports are band two, and entry level are band 16).

Pay bands are typically quite broad, and they are designed to overlap: so if pay band 16 is $25,000 – $75,000 dollars, then pay band 15 will be $50,000 – $100,000. The core philosophy here is that the midpoint of the pay band is the point at which someone is fully proficient in the role, so while pay band 16 stretches from $25,000 to $75,000, most employees in that band will be sitting at or around $50,000. Modern compensation philosophy also relies on “compa ratios” which look at both the spread of employees in the band, and their positioning in relation to the midpoint, with guardrails around where pay can begin and end.

So while pay band 16 technically runs from $25,000 to $75,000, almost all employees in that band (especially in a larger organizations) will have their salaries fall in a range from $42,500 to $55,000 (or from a 0.85 compa ratio through a 1.10 compa ratio). The underlying philosophy here being that by the time you get to a 1.10 compa ratio you are performing beyond expectations in every area of the role and are ready for promotion (indeed at that point your salary is already beyond the starting point for the next pay band).

In addition to pay bands running horizontally across the organization, roles are organized into “job families” which run vertically, and each job family will have unique pay bands: so in this example, pay band 16 for marketing is $25,000 to $75,000 while pay band 16 for technology could be $40,000 to $90,000. Lastly, for very large organizations that operate multi-state or multi-nationally, there is a further “market zone” qualifier which sits on top of the pay band and job family. It is totally typical for the same job in the same company to pay a higher salary if the job is based in San Francisco versus being based in Chicago, for example.

Why does this matter? Because we’re still in a patchwork of pay transparency laws, and nothing has really been tested yet, companies have choices to how they respond. Some companies are posting their full band ranges, and some are posting partial ranges. Some companies are only posting ranges in places where they’re compelled to (eg. California and New York). Therefore, when you see a wide range of salary data, it’s only telling part of the story, and almost never means you can expect the role to pay at the very top of the range.

Why Do Companies Talk About Total Reward?

Put simply, base pay is only part of the compensation packages large corporations offer. Earlier in your career you can typically expect base pay to represent 90% of your earnings (with variable cash bonuses and benefits such as healthcare and 401k matching making up the rest). As you progress through your career that ratio shifts, with senior managers typically seeing 70% of their compensation in base pay, and the rest comprising variable cash and equity bonuses. At the other extreme end of the spectrum CEO pay is typically 10% fixed base pay, and the rest entirely variable or “performance based.”

Why does this matter? Wherever you are in your career, thinking holistically about compensation is a paradigm shift that will unlock long-term value. Furthermore, moving beyond focusing solely on base pay and thinking about offers in their totality can give you more leverage in a negotiation. Salary is often the least flexible component (in part because of all the factors detailed above), so looking to maximize other parts of the offer can be an easier win and can land you with an offer that is higher when all the variable cash and non-cash elements are combined.

How Are Offers Formulated?

Before recruiters even open a role and start sourcing candidates there is typically an “intake meeting” between the hiring manager, the HR business partner, and the recruiter. For senior level roles a compensation specialist usually attends that meeting too. Before the go-to-market process begins, the HR business partner will look at the available budget for the role, and the median salary of all the incumbent employees in the same role (this process is called maintaining internal equity). From there the hiring manager and recruiter have a clear idea of the parameters they can work with.

Why does this matter? Once you are engaged on a role recruiters will want to try to pin down your salary expectations – this is because they already know the range they can work with, and the genuine reason is that they don’t want to waste your time if your expectations don’t fall within what they can reasonably expect to be able to offer. It’s also important because offer exceptions are incredibly rare, so two-way transparency is really key when you’re working with a recruiter. There’s nothing worse than getting to the end of a recruitment process and finding that we cannot, in fact, meet the candidates’ salary expectations.

Can I Negotiate And Where Is There Flexibility?

The short answer is yes you can, but you need also to remember that if you negotiate too hard, or are too unrealistic, companies can (and will) withdraw the offer. For all of the reasons detailed above, base pay is going to be the part of the offer that has the least flexibility, and most recruiters have already negotiated the maximum they can for you (it’s in our interest to get you the best offer we can, because you’re more likely to say yes, and that is one of the core metrics we’re measured on).

While you may be able to get an additional 5-10% added to the base pay, the greatest degree of flexibility is to be found in cash bonuses and equity. If accepting the role will cause you to lose out on a bonus or equity or 401k vesting, it is common practice to offer a cash signing bonus to offset this loss. The caveat here is that a signing bonus should never be used to offset a differential in base pay, because it’s designed to be a one-time intervention.

Where there is an equity component to an offer, factoring in the vesting horizon is another easy way to increase the total offer. For example if an offer includes $50k of RSU’s that vest 33% each year, it can be totally reasonable to ask for a triple stock grant, so that you’re “fully vested” within 12 months, so that your total earnings don’t dip down in your second year of employment. Lastly don’t forget the significant extra value that can be found in additional PTO, healthcare coverage and education stipends. These too are often an easier sell than increasing the base pay amount.

Although pay is still considered highly personal, and your individual circumstances will guide how and what you negotiate for, greater transparency in this area will start to drive more equitable outcomes for everyone. Becoming literate with corporate pay structures and mechanisms is a critical first step in unlocking long-term wealth building in your career.

 

Forbes.com | March 13, 2024 | James Hudson

#JobSearch : 4 Interview Mistakes That Can Cost You Thousands In Salary. How did You Ask for Salary Level? Got Interview? MUst REad!

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With many companies laying off workers in 2023, competition is increasing for high-paying roles. Put more money in your pocket by avoiding these common interview process mistakes I’ve seen as a former recruiter.

Leaving Your Salary Alignment Unconfirmed

In previous generations, it was considered rude or presumptive for candidates to ask about the salary alignment up front. I was personally told it made me seem like I cared more about the money than the job. Unless you have the free time to go on purely exploratory interviews, move forward with a formal job interview only if you are clear that what you are willing to accept is within the range the employer is willing to pay.

Eight states have established, and at least 15 states are exploring, salary range transparency laws. Though the salary range might be public on a job posting, I’ve often found them to be inaccurate as they are often copied from old job descriptions. Even if you do not live in one of these states, it is acceptable for you to ask the recruiter to confirm the salary range for the role during your first-round interview.

Websites like Salary.com, Glassdoor and PayScale are a good place to start, but they often show ranges that are unreasonably large — for example, $50,000 to $150,000 — which aren’t very helpful. Some sample questions you can use to confirm the salary range fits your expectations are:

  • I found this salary range for a similar role in my research. Is your company competitive with this range?
  • What quartile within the range are you targeting for this role?
  • What was the salary of the last person who was in this role?
  • My target salary is around this amount. Is this within the budget?

I’ve interviewed hundreds of candidates as a human resource professional. In those experiences, most people knew to ask what benefits were offered, but very few asked how much those benefits would cost them. I’ve encountered several cases of employees who were surprised at the amounts deducted on their paychecks because they didn’t know the details beforehand.

Before you accept any job offer, be sure to ask for the paycheck deductions for each of your health, dental, vision, life and disability insurances. Small differences can add up to big amounts if you don’t pay attention, but they also can yield big savings that can create more room for negotiation in the base salary. Do a thorough comparison between coverages to estimate what your potential exposure could be under new health plans. In particular, compare the:

  • Deductible
  • Co-Pays
  • Coinsurance
  • Out-Of-Pocket Maximum

For example, when I left one employer to join another, the new employer paid 100% of the employee’s health insurance. So even when they came back to me with a lower salary offer, I was willing to accept it because at around $100 per paycheck at my current employer, I was able to save $2,400 a year in my salary with the new benefits.

 

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Overlooking The 401(k) Details

The first three companies I worked for all had 401(k) plans with company matches, and the subsequent three companies I worked for did not have company matches. Like most people, I focused more on what they offered me in salary and in hindsight I wish I had stayed at the companies with 401(k) matching because that was free money I could have invested to retire earlier.

The details of 401(k) plans are often difficult to understand. So it’s important to work with your recruiter to learn how the money is matched and when those funds are considered yours. “Vesting” in a retirement plan means ownership of the money. Any dollars you contribute are 100% yours, however money matched by the company might not be yours immediately. For example, many companies have vesting schedules that allow you to own your matching funds after each year of service.

If a potential employer has a match in its 401(k) plan, consider that amount as part of your salary. If you are leaving a 401(k) match from your current employer, it’s a great negotiation point in asking the new one for more salary.

Ignoring Cold Calls From Recruiting Firms

If you are ever approached by a reputable recruiting agency on LinkedIn or via e-mail, it is always worth at least a conversation after you’ve confirmed the salary range. Third-party recruiters are hired by companies who have hard-to-fill roles and are tasked with finding highly vetted candidates. So, if they’ve reached out to you, there’s a good chance they already think you are a fit.

You can and should use the information you learn from agency recruiters to better inform your own salary negotiations within your current organization, as their data is from live searches now. I personally was able to jump from $53,000 to $90,000 with one job move thanks to an agency recruiter who reached out to me.

Do not, however, pay a recruiter to find a job for you. Reputable agency recruiters are only paid if you are a successful candidate, and they are paid by the employers, not the candidates. Agency recruiters make great partners as they are incentivized to be transparent about the salary and will prep you as much as possible to succeed in the interview.

Most people only start looking for a new job once they absolutely need it. Even if you are not actively looking and happy in your current role, building a relationship with a third-party recruiter within your industry can help you keep a pulse on key trends. It also can keep you top of mind for roles that might be a better fit in the future.

 

Forbes.com Author:  Bernadette Joy

 

Forbes.com | April 25, 2023

#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!

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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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Article continued …

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

#BestofFSCBlog : #SalaryIncrease – How to Ask for a Raise, and Get One. MUst REad for ALL!

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You have gone above and beyond at work and believe it is time to ask for a raise. But when it comes to increasing your salary, doing good work is just the beginning. Many other elements need to come together to make your request for a raise a certainty. In his book “Empowering Yourself: The Organizational Game Revealed,” author Harvey Coleman, who has consulted managers in Fortune 500 companies, lays out three key elements that determine your upward mobility at work: performance, image and exposure.

Of those three, he estimates that job performance only amounts to 10% of the equation, while image accounts for 30% and exposure—the amount that people are aware of who you are and what your contributions and value have been—is 60%. “That to me changed the game as far as my career goes,” says Madeline Mann, an HR recruiter who has coached clients who have accepted jobs at Google, Netflix, Deloitte and other known companies.

Before requesting a raise, give your boss a heads-up.

Take your employer on your journey with you. Asking for a raise on the day of your review is a common mistake. As with other large requests, it is best to make this a conversation over time. “Ask your manager: What is the path to get a raise?” Ms. Mann says. “That is such a huge question because then you co-create that path with your manager.” Kate Dixon, principal and founder of Dixon Consulting, agrees. “Here you are really seeking to be part of a solution, not just dropping a problem on your boss’s desk,” Ms. Dixon says. “Ultimately you want this to be solved in a way that’s sustainable for the organization.” As Ms. Dixon notes in her book, “Pay Up: Unlocking Insider Secrets of Salary Negotiation,” you want to try to create an agreement that works for both parties.

 

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Article continued …

Keep track of your accomplishments.

Once you understand the requirements for a raise, in addition to accomplishing and exceeding your goals, keep track of all those accomplishments and personal wins. It is very easy to forget all you have done, but you will want to relive those moments in later discussions. Keep a file that details the concrete contributions you have made during the past year and the feedback you have received from others. According to Ms. Mann, a project post-mortem meeting is the perfect time to share your contributions with colleagues and managers. Sometimes called project retrospectives, or project debriefs, these meetings are meant to evaluate the success of a project and its alignment with business goals, but it is also a great opportunity for you to share your accomplishments. If your company isn’t in the habit of doing look-back meetings, take the initiative and suggest it to your manager, or send a debrief email if it makes sense to do so.

“Be collaborative. This is not an ‘I win, you lose’ situation. Creating ultimatums puts everyone on edge.”

                                                                                                                                                      — Kate Dixon, principal and founder of Dixon Consulting

Focus on your value.

Before you negotiate, come prepared with information about the pay scales for your role and the value you bring. Research how your experiences and skills are valued across the industry. Websites such as Payscale.com, Salary.com and Glassdoor.com also offer salary comparisons across various roles and industries. If you have met and exceeded the goals laid out by your employer, research what the salary is for the role you want. Quantify your contributions, and focus on how you are directly helping your company achieve its goals. Reflecting on how your work helps your company achieve the goals in its mission statement is a good place to start.

Use a collaborative approach during negotiations, and stick to open-ended questions.

During negotiation conversations, bring in the salary range you have researched, cite your accomplishments, and make your case as to why you deserve more, but make sure to incorporate the word “we,” Ms. Dixon says. You can say it this way, she suggests: “Given what I’m contributing in terms of the value I bring to the job, I’m targeting the higher end of that range. How close can we get to that?” By using the word “we” in this open-ended way, not only do you avoid asking a yes or no question, which automatically has more of an adversarial feel, you also continue to make this a team effort between you and your employer.

“This highlights one of my core philosophies,” Ms. Dixon says. “Be collaborative. This is not an ‘I win, you lose’ situation. Creating ultimatums puts everyone on edge.” Another great phrase to utilize, she says, is: “How much flexibility do you have?” This conveys an empathic team mentality that will take you much further when asking for a raise. “You’re causing your manager to take a second and process a little bit more slowly than with a yes or no question,” she says. “I love that kind of collaboration perspective, and it also takes some of the emotion out of it, too,” Ms. Dixon says. This kind of collaborative approach works best in any kind of negotiation—reframing the conversation so that you are both working together toward the same goal.  And an empathic approach is always best.

Focus on the future, rather than past accomplishments.

This is probably the most important aspect of your raise negotiation, according to Ms. Mann. At this point, you may have met and exceeded employer expectations and have primed the conversation. However, if you focus only on what you have already done, you are essentially requesting more pay for something that has already been provided. After highlighting accomplishments, pivot to what you plan to do going forward, so your employer feels like they are investing in your growth and the company’s future, instead of paying a debt due. This simple shift in your language creates a better interaction between you and your employer, and encourages them to invest in a shared future, instead of for work that you have already done. Reframing the conversation this way also helps to excite you about your shared future in the company, which will undoubtedly reflect confidence and positive energy when you make the request.

Avoid focusing on “fairness” when having salary discussions.

Dwelling on fairness can create a negative head space for you and can ultimately be counterproductive to getting a raise. “ ‘Fair’ is kind of a trigger word,” Ms. Dixon says. When you use that word with your manager, she says, he may think, “ ‘Oh my gosh, they don’t think I’m conducting myself with integrity.’ And while that may objectively be true, it doesn’t necessarily further your goals to get more money.” This negotiation is your chance to show why you should be paid more for the work you are doing, and bringing up another colleague only distracts from your ultimate goal. Focusing on fairness also takes away your power to negotiate, Ms. Dixon says. “If your value is only determined by its relative value to another, you’re really losing the power you have to create a compelling argument as to why you should be paid differently,” she says.

Ultimately, you want these conversations with your employer to feel collaborative and to help establish over time why giving you a raise is in the best interest of the team and of the organization.

Resources
What to Read Next
WSJ.com | June 18, 2021 | Deborah Acosta

#JobSearch :Think You Can’t Negotiate Salary Right Now? You’re Wrong. A MUst REad!

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“Help me land my dream job,” said Ellen, 55, who called for Interview coaching. An IT Project Manager, she said, “A couple of weeks ago, I met with a VP online for a different interview. I blew it. They hired someone else. I must be making some mistakes when I talk to them. This new opportunity is ideal for me. Great company – it really is a dream job. How can I improve?”

That conversation lead us to work together, roleplay, and perfect her answers. She was underselling herself, so we worked on boosting her confidence. Ellen struggled a few times with some of her answers to potential questions. Salary questions, the weakness question and identifying her strengths all need some finessing. After our session, she went to the interview and wrote to say, “I heard back that I did very well in the interview, and I was offered the position. Please help me negotiate to secure a higher salary.”

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What Skill Sets Do You have to be ‘Sharpened’ ?

Article continued …

The fact is women are not good at salary negotiations. Most women will never even try. According to PayScale.com’s 2020 Gender Pay Gap report, women make only $0.81 for every dollar a man makes. New to the gender pay gap report for 2020 is an analysis of the impact of lost wages on lifetime earnings. By calculating presumptive raises given over a 40-year career, PayScale reported that women stand to lose $900,000 on average over a lifetime.

There are multiple reasons why women still earn less. One key reason is that men are more inclined to ask employers to pay them more, and women accept the first offer. Even during COVID, I’m seeing clients reject the first offer, which is almost always a low-ball one to see if you will take it. Instead, clients ask to be compensated higher based on the experience and skills they bring to the job.

Ellen’s Real Life Case Study

Ellen followed my advice and never revealed her salary to the recruiter or anyone else on the hiring team. This got her an initial six-figure offer. She then went in and stated that she thought the offer would have been higher. She mentioned the necessary experience and skills she would bring to the job. The employer came back and offered $20,000 more.

The signing bonus was $5,000. I thought that was too low for her field and was confident she could get more. The question was, how much? I advised Ellen to probe the recruiter, who stated they might have room to go up on the signing bonus. I directed Ellen to then talk to the hiring manager. She told the manager she wanted to accept the job if they could work out one thing. When asked what that was, Ellen stated that she thought the signing bonus was too low. The manager said, “let me see what we can do.”  The employer came back and increased the signing offer to $20,000. Ellen accepted the job and secured a total of $40,000 more in income by making this career move.

Strategies to use to raise your salary offer

Know What Your Skills are Worth

Do some research to learn what you should expect to be paid for your years of experience, education, certifications, and any specialized training you possess. Try Payscale.com, which offers free salary surveys that provide detailed information to help you get an estimate on what you should be earning.

Focus on the Employer’s Needs

Begin your conversation with the hiring manager by reselling yourself. Reaffirm the reasons they want you, the skills you’ll bring, and how you’ll solve their problems. Mention your key strengths and experience plus stress how quickly you will be productive. In other words, give them reasons to pay you more. After you restate your interest, start the negotiation by saying, “I’m interested in the position. I was a little disappointed that the offer was lower than I expected, especially since I have this experience or these skills (note something specific) and will come up to speed quickly.”

Be Specific When It Counts

The employer may ask you what figure you have in mind. Know what you want and state it. Be willing to wait. The hiring manager may say they need to go back and ask their boss to get the additional dollars. If they want you, they’ll be your advocate and almost always come back with more than they originally offered. Patience here pays off.

Get an Employment Letter in writing

This letter should outline all the terms of your employment, covering salary, signing bonuses, stock options, starting date, benefits, and particularly noting anything different from the organization’s standard policies. Too many promises are made and quickly forgotten once you begin the job. Get the details in writing, so there are no misunderstandings later. People who have failed to do so have suffered when the promised extra week of vacation was “forgotten” once they started. A written agreement protects what you have negotiated for. I always advise my clients that it’s wise – and necessary – to obtain one.

 

Forbes.com | November 12, 2020 | Robin Ryan

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

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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.

Related: How to Eliminate Salary Negotiation Anxiety

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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.

Related: Fixing the Pay Gap Starts With Your Salary Negotiation Skills

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

 

#CareerAdvice : #WomenPayGap -The Best Advice for Women Seeking a Better #Salary …Great Two(2) Min REad!

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Are you receiving compensation that fully reflects your skills, education, experience and ability? If your earnings and your worth aren’t matching up, there are avenues for addressing the situation without damaging your career.

Here’s how to ensure you get the raise you deserve.

Crunching the Numbers

Although the Equal Pay Act was passed more than a half-century ago, women are still struggling to earn as much as men in the workplace. According to Glassdoor research, a U.S. woman is paid an average of 75.9 cents for every dollar a man receives. On top of potentially starting at a lower pay rate, taking time off to start a family, for a career sabbatical, to tend to an aging loved one or for other concerns is a more substantial setback to women than men, with the hiccup resulting in reduced wages for women and a lengthier career gap.

Awesome Companies With No Gender Pay Gap Hiring Now

Moving Up or Moving On?

Sometimes, improving your situation hinges on changing employers. Whether you maxed out your growth in the current company, stumble onto a better opportunity or are simply ready for a change of scenery, moving on is sometimes the best course of action. In that case, you should review your career-oriented paperwork, especially your cover letter. Give it a refresher, bearing in mind it’s the ideal avenue for drawing attention to your accomplishments and abilities. You can use a cover letter template to create a stellar document. Think of it as a chance to tell potential employers all the things you wish they knew so you can land your dream job.

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Positive Image, Positive Impact

If your intention is to remain with your current employer, seek opportunities to impress people of influence. For instance, you can go out of your way to master more bells and whistles of the software your company uses. Another idea is to learn to use a free, online logo-making tool and use it to design a top-notch logo. As Entrepreneur explains, oftentimes companies spend big bucks on a well-designed logo, but by designing it yourself, you can help your company be a standout and boost your career at the same time. Along those same lines, look for ways to up the company’s social media engagement. Raising company image is key to staying strong, and your superiors are sure to be impressed. It’s a great way to put yourself and your employer in the limelight.

Enhance Your Education

When it comes to catching the eye of the powers that be, going above and beyond your employer’s expectations can make a big impact. With that in mind, adding to your education is sometimes just the shot in the arm your career needs. You might elect to take distance learning classes if you never completed your degree, or are ready to add a new level to your education. Another idea is to add a fresh certification to show you’re serious about climbing the ladder, or learn a more advanced skill that benefits your company directly.

Top Skills to Include on Your Resume

Power of Persuasion

Perhaps you reached the conclusion that you’re underpaid in your work and are considering discussing the situation with the appropriate party. Whether you’re in the interview process or revisiting terms with your current employer, Forbespoints out that negotiating can be a challenge for women. Preparing can bolster your confidence as well as provide you with more bargaining power. Review your skillset, education and abilities, and be ready to talk not only about what you’re doing and your current pay rate, but also other responsibilities you are ready to embrace. Maybe there are duties someone less qualified could take over so you can reach your full potential to do more advanced work. Think outside the box, and be ready to point out where you are underutilized as well as underpaid or underrated.

Knowing your income doesn’t reflect your value is a tough challenge, but with a handful of smart strategies, you can get the raise you deserve. Evaluate whether it’s time for a change, and if so, make it happen. Draw attention to your assets in a sharp manner and the right doors will open.

GlassDoor.com |   | Posted by 

#Leadership : #Negotiating – How to #Negotiate Anything–From People Who have Done It ….From Asking for a #Raise to Getting to a #FlexibleWorkSchedule or a #Sabbatical , we Got Advice from People Who Have Successfully Gotten What they Asked For.

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Part of business–no matter what type you’re in–is bargaining and asking for what you want, deserve, and need. From going after opportunities to making a case for a raise–or requesting the ability to work from Bali–in a fierce, competitive landscape, standing up for yourself is an often undermined soft skill.

If there’s a part of your current gig that you want to change, consider these negotiation tips from people who have been there, won that:

It is always a bummer to find a company that captivates you with its mission but isn’t hiring. Instead of turning your attention to other pursuits and hoping an opening will will come up, why not pitch yourself? That’s exactly what Daniel Clark did when he discovered Brain.fm. The company didn’t have a budget for a developer, but he was convinced of the company’s potential, so he bargained to prove to them why his skills were needed. And the kicker? He did it for free: “I asked myself what was the ‘win-win’ I could find–what could I give up to eventually get what I want? I came to the conclusion the best way to do it was to give up my salary, and I did just that. I worked the first month for free and knew that if I showed what I could do they would keep me on, worst case, I lose a month salary,” he explained. Considering he’s now the CEO of the company, the risk was worth the wager.

Related: How To Pitch A Role That Doesn’t Exist (Yet)

Understandably not everyone can quit their current gig and lose out on a paycheck, but Clark says there is still a way to state your case and prove it. The first–and most important step–is to come prepared and open-minded. When you’re vying for a job opening that isn’t technically available, he says the worst case scenario is a “no”–so prove to them why you’re a “yes.” Negotiation simply is a process aimed at reaching an agreement between two parties. Usually it has to be successful for both people, and can’t be tipped in anyone’s favor.

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HOW TO NEGOTIATE REMOTE WORK

As the freelancing population continues to increase, the requirement of an office space decreases. More solopreneurs are taking their gigs around the world, where only strong Wi-Fi is required to meet deadlines and maintain cash flow. Even so, it takes a shift in thinking for most managers. So when the director of administration and marketing at the Player Progression Academy (PPA), Annie Gavett, was offered the opportunity to globe-trot for a year, she had to figure out a way to make it work. Her former employer declined her request, but PPA was open, since Gavett was honest from the get-go about about her needs. After explaining the ins and outs of the program, sending them a proposal, a few phone calls and in-person interview, they agreed to let her work from anywhere. Though her contract initially featured a lower salary, after four months of hard work, she asked for–and received–a raise. These days, she has two employees who report to her, too.

The key to her success? Gavett says it’s all about self-advocating. “Stand up for yourself. Verbalize your wants and needs. But also have the facts to support why you’re asking for X, Y, and Z. Ask for more than you want and need, and be willing to negotiate down from a higher base,” she adds.

HOW TO NEGOTIATE A LEAVE OF ABSENCE

You’ve heard of folks who take sabbaticals after the loss of a loved one, a tumultuous divorce, or another emotional or physically tasking experience. But what if you just want to take a break? After years of working as an attorney at a large law firm in Manhattan, Stacey Trimmer managed to negotiate a 10-month leave of absence to see the world. After expressing her need to have freedom, she spoke with a partner who–to her surprise–was fully supportive of her idea. “After our discussion, I walked immediately to the associate personnel director’s office to explain my request and was able to say I already had this partner’s backing,” she continued. “She asked for details on when I wanted to leave and return, and the next day I had confirmation that the firm had approved.”

Related: How To Convince Your Boss To Let You Take A Sabbatical

If you’re bargaining for any period of “pause” from your job, Trimmer says it is important to demonstrate and prove your worth over time. That way, when you’re ready to ask for a short (or long) stint away from day-to-day responsibilities, they are willing to hold your position. “It wasn’t just luck that the firm allowed me to take the leave of absence. The reason was that I had produced excellent work for five years and built a lot of trust in several partners and senior associates that were willing to support me,” she added.

HOW TO NEGOTIATE YOUR RATE

As a freelancer, you’re not only your own boss, but often your own accountant, client services executive, psychologist–and the list goes on. As new opportunities come across your inbox, you’re tasked with the sometimes grueling and tricky process of naming your rate. For Jonathan Rick, an entrepreneur and ghostwriter, earning what he is worth was less about negotiation and more about remaining steadfast. While considering taking on a digital-marketing project, he explained the value of the experience and expertise he would bring to the project, when they attempted to lower the rate. “I wasn’t defensive or curt, but I was respectfully firm this is the market rate for professional work,” he explained. “And as it turns out his reluctance wasn’t a negotiating ploy; he didn’t understand the scope of the services I was offering, and so after a few emails, I ended up getting my full fee.”

For those in similar situations, Rick suggests shying away from using ultimatum-like language, even if that’s basically what you’re presenting. “Couch your words in a way that communicates firmness but respect, and resist the temptation to get chatty. Succinctness here is a virtue; often it’s best just to bottom line it and say, ‘This is my rate,’ ” he says. End of story.

HOW TO NEGOTIATE A DEAL WITH A POTENTIAL PARTNER

Regardless of whether you’re a two-person show or a full-service company with dozens of offices, effectively working with current and potential partnerships is essential to the growth of your company. And frankly, your career prospects. President of Enterprise Strategic Partnerships Glenda McNeal at American Express has worked on some of the credit card company’s largest deals, including Hilton, Marriott, PayPal, and others. To ensure they are receiving as much as they’re giving, they often use a creative approach to these negotiations, outlining in specific ways the value they’re bringing to the table–either through co-branded products, tech integration or access to customers. “By taking an enterprise view of a potential or existing partnership, we can develop more holistic and deeper relationships that derive mutual value for years to come,” she explains.

For smaller operations, McNeal recommends starting with the outcome and developing your strategy for execution from day one. “Engage your team early on to develop a game plan that is agile and takes into consideration compromise, concessions and trade-offs. Preparation and focus provide a shared vision for the team, clarity on the process and a clear roadmap to the end game,” she shared.

HOW TO NEGOTIATE WITH A DIFFICULT CLIENT

There are great people to work with–and not so easy-peasy. No matter your industry, you’re bound to come across personalities that don’t mesh with your own, or whose ethics aren’t up to the standard you require. For beauty expert Sara Drury, being taken seriously as a hair and makeup artist is an uphill battle, especially when agreed-to terms are broken. Once, a client agreed to pay a certain amount and then tried to pay less when an invoice was due. Instead of typing up the angry email she wanted to pen, she decided to pick up the phone and cut to the chase, stat. “I wanted her to hear my voice and know that I wasn’t angry, but I wasn’t going to let that stand,” she explained. “We discussed the situation and, while I knew she wasn’t happy about it, eventually she agreed to pay me the full amount.”

For those who are less comfortable with confrontation, this method can be intimidating, but Drury stresses the importances of leaning into it: “Regardless of the profession you are in, there will be times that you have to stand up for yourself,” she shares. “Believe it or not, you teach people how to treat you by the way you treat yourself. You can be kind while still standing your ground.”

 

FastCompany.com | July 19, 2018 | BY LINDSAY TIGAR 7 MINUTE READ

#CareerAdvice : #JobSalary – 4 Times It Pays to Accept a Lower #Salary …Before you jump at that Higher Salary, there are Certain Circumstances where Accepting a Sower Salary actually Makes more Sense. Here are a Few you Might Encounter.

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In the course of your career, you’re apt to land in situations where you’re choosing between two jobs, and two distinct salaries. Most people will naturally gravitate toward the higher income, because, well, money is important, and there’s no such thing as having too much of it. But before you jump at that higher number, there are certain circumstances where accepting a lower salary actually makes more sense.

Here are a few you might encounter.

1. When you’ll get better benefits

Workplace benefits are an important part of your overall compensation package, so if you’re looking at a lower salary from a company whose perks are outstanding, that’s reason enough to consider that offer. Furthermore, a superior benefits package can actually save you money, even when you end up taking a hit on salary in the process.

Imagine you’re choosing between two companies. The first is offering you a $65,000 salary and health insurance that’ll cost you $300 a month. The second is offering you $62,000, but health insurance that’s completely subsidized and free to you. Suddenly, you’re actually $600 ahead by taking the second offer. Therefore, before you accept an offer on the basis of it coming with a higher salary alone, take a look at the whole picture and recognize the financial value your employee benefits might offer.

4 Benefits You Can Negotiate (and How to Do It!)

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2. When you’ll enjoy a more favorable company culture

Company culture can play a huge role in your day-to-day satisfaction on the job, so if taking a hit on salary means being happier at the office, it’s probably a hit worth taking. Not being content with their company culture is actually the No. 1 reason younger workers quit their jobs today, so if you’re offered the chance to work in an environment where employees are valued and respected, it pays to go for it.

11 Words and Phrases to Use in Salary Negotiations if You Want to Succeed

3. When there’s ample room for growth

Career growth should be a major factor in any job-related decision you make. Therefore, if you’re offered a slightly lower salary by a company that’s expanding rapidly and tends to promote workers internally, accepting that deal might pay off in the long run.

How do you know what growth potential your company has? It’s simple: Ask. Find out how many jobs the business has added over the past year, and how many it plans to add in upcoming years. These are questions you’re allowed to ask during a job interview, and if you have reason to believe you have more long-term potential at a company that’s paying less at present, don’t hesitate to join it.

4. When there’s a better work-life balance

Only 30% of employees today are satisfied with their work-life balance, so if you’re offered a role whose demands seem reasonable, it pays to consider it. Though a growing number of companies today are becoming open to flexible work arrangements, such as telecommuting, there’s a large chunk of businesses out there that are sticking to a more rigid model. And finding a position where you’ll get the former over the latter is reason enough to accept a little less money.

Though money does, and should, play a substantial role in our lives, it certainly isn’t everything. Before you rush to take that job with the highest salary, think about the perks that might come along with making a bit less money. You may come to find that taking a lower salary makes you happier with your work situation on the whole.

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GlassDoor.com | Posted by 

Your #Career : #SalaryNegotiation -This is What No One Tells you About Conducting #SalaryResearch …Figuring out How Much you Should Ask for When Starting a Job or Getting a Raise Takes a Little Bit of Savvy Work.

/in /by

Every article on salary negotiations has the same piece of advice: Do your research before naming any figures.

But what exactly does this entail beyond going on websites like Glassdoor and Payscale? How do you find out whether a salary is “fair” when your coworkers won’t talk about how much they make, or you’re a new grad with no connections to people in the industry? Fast Company spoke to two salary negotiation experts to find out just what salary research involves.

1. START AS EARLY AS POSSIBLE

Ideally, you should start your salary research before applying for a job. For example, “if you’re an IP lawyer, you need to know what you’re making five years out of law school,” business adviser and leadership consultant Carol Sankar tells Fast Company. Cynthia Pong, former public defender turned career coach, agreed. “A lot of it [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”][comes down] to the planning. Ideally, it’s good to start this conversation before you put the application out.”

Related: Exactly what to say in these four common salary conversations

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2. USE LINKEDIN TO YOUR ADVANTAGE

While looking up figures on Glassdoor and Payscale can be a good start, you can’t just stop there. Pong recommends starting with family members and friends who might know someone in your industry, “however you can get your way in,” she said. “I think it’s great to use search tools like LinkedIn, you know you can message people on LinkedIn pretty easily and it’s not terribly intrusive.” A lot of people won’t reply, but if you send enough messages, some inevitably will, Pong said.

Sankar agreed, saying that it’s a “beautiful resource” to have organic conversations with someone who sits “at the table you want to sit at.” When you approach them, make sure to frame it as a conversation and a strong interest in learning about a particular field. “It’s okay to ask, I’m planning to look for a job in this area. I don’t know what the landscape is like . . . do you know what the general landscape is like for someone with similar experience to mine?” Pong said.

Sankar said that once you do have a ballpark figure, you can go into the negotiation armed with facts and figures rather than assumptions. Say you learned that the standard salary in your industry, at your level, is $80,000, and the company offers you $60,000. When you go negotiate for a higher offer you can say something along the lines of, “According to my recent research and the conversations I’ve had with others in similar roles in this city, this is the market salary.”

Related: How to negotiate your salary when you have no obvious leverage

3. FIND OUT IF THERE IS AN EMPLOYEE RESOURCE GROUP IN YOUR OFFICE, AND IF THERE ISN’T, THINK ABOUT STARTING ONE

Perhaps you took a job without negotiating your salary, and after you’ve been in your job for a year, you have a suspicion that you might be underpaid, at least in your company. You’re thinking about speaking to your coworkers about it. In this situation, “It’s best not do it during your lunch hour,” Sankar emphasized. She recommends going to HR and seeing if your company has an employee resource group that provides tools that helps workers negotiate their salaries, and if the answer is a no, think about starting one yourself. Chances are, there are many others in the company who would benefit from having access to the information you’re seeking.

4. FIGURE OUT WHO YOUR ALLIES ARE IN THE OFFICE

If, for whatever reason, starting an employee resource group is not an option, take the time to figure out who your allies are in the office. “This is where somebody who has built relationships in the organization [will] do better,” Pong said. If you are going to take this approach, Sankar also suggested approaching more than just one coworker. Not only will you get more data and information, but talking to just one coworker might raise suspicion, Sankar said.

5. ONCE YOU HAVE ALL THE INFORMATION, IDENTIFY YOUR UNIQUE VALUE PROPOSITION AND SELL THAT TO YOUR BOSS OR THE HIRING MANAGER

Sometimes, discussing market value isn’t enough. Employers want to see a reason to justify the increase in salary. This is where your unique value proposition comes in, Sankar said. Everyone has it, “but at the negotiation table, very few people bring up what’s unique about them.” As a result, they’re missing out on the “differentiating factor” that can bump their salary. Using herself as an example, Sankar said that when she pitches herself as a speaker, she highlights the fact that she is a writer as well as an orator. “I have to be able to create value around what I’m doing that no one else in my industry [has].”

Pong also recommends using examples outside of work if you’re early in your career, whether it be internships, volunteer work, or even similar responsibilities in your personal life. You need to always tie it back to “the benefit of the organization hiring you, and what you will be able to do for them,” she says.

If you’re seeking a raise, make sure you have a running list of accomplishments before initiating a conversation. Ideally, Pong said, you should have planted that seed during the interview process by making sure you know what success is required in that role, and what metrics you need to meet. That way, when you approach your boss for a raise or a promotion, you can quantify your achievements, and show that an increase in salary will not benefit only you, but the company.

 

 

 

FastCompany.com | June 18, 2018 | BY ANISA PURBASARI HORTON 4 MINUTE READ

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