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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.

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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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#CareerAdvice : #SalaryNegotiations – Negotiating Over Email? Here’s Exactly What to Write to Get Top Dollar…”It’s Best to Keep your #SalaryNegotiation Emails Polite, Professional, and Direct.”

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First, congratulations. You’ve received an offer! Now, the more difficult news: the job search process isn’t quite over yet. It’s time to think over the offer, compare it with your other options, and most importantly: negotiate. 

If you’ve just received a job offer, especially if it was over email, crafting a quick message is a way to strike while the iron is hot for a salary negotiation. To get the inside scoop on getting top dollar through an email negotiation, we reached out to Lewis C. Lin, CEO of Impact Interview, an executive coaching practice that provides interview coaching for job seekers.

As a general matter, Lin advises “it’s best to keep your salary negotiation emails polite, professional, and direct. You want to demonstrate that you are thoughtful and organized, and you want to respect your supervisor’s time.” He also recommends striking a tone of thankfulness for the opportunity you’ve been given, and avoiding taking a pushy or entitled tone. 

“It’s best to keep your salary negotiation emails, polite, professional, and direct,” Lin says. 

As to the specifics – here’s exactly how to respond to the offer you’ve received: 

Step 1: Thank the employer for the offer

The hiring manager needs to know that you’re genuinely excited and grateful to take this offer. The language most appropriate to use in this part email is phrases about working together. You are excited about working together at this company. You are also looking forward to working together to find a salary and benefits package that is suitable for both of you. You can even restate the offer in the terms they put it, using a sentence like “I am very grateful for your offer of [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”][salary], but…” 

How to Negotiate Your Salary (eBook)

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Step 2: State your counter-offer

The number you state in the email is the jumping off point for negotiations, and not necessarily the number you expect will ultimately be offered to you. For this part of the email, Lin recommends striking a tone that is “respectful, polite, and professional,” adding that “it’s also important to remember that the majority of employers expect that job applications will negotiate starting salary.” Lin advises using the following phrases to help keep that respectful and professional tone while getting your point across, as well as some to avoid: 

Effective Phrases

  • “Is there any wiggle room?”
  • “If it’s not too sensitive, do you mind if I ask you what the salary range is for this role?”
  • “Can we discuss the other components of the compensation plan?”
  • “How willing are you to…”

Ineffective Phrases

  • “I will not accept anything less than X”
  • “I need a higher salary to pay my bills”

Step 3: Back yourself up 

The number you ask for doesn’t mean much if you can’t back it up with research and justification. In fact, research is one of the most important things you can do in order to make your salary negotiation a success. Tools like Glassdoor’s Know Your Worth can help you get a sense of what the average salary range is for someone with your experience, in your industry, in your city. Always try to cite your sources, especially if you’re relying on numerical information to backup your ask. “Candidates often forget to explain the reasons why they want or deserve a higher salary,” says Lin. “Researchers have found that negotiators that include a reason why they deserve something are 20+ percent more effective than those who don’t.”

Lin recommends using the following template as a jumping-off point for your salary negotiation email. According to Lin, this template is ideal because it’s brief and to the point, which fits the needs of busy recruiters and hiring managers, along with being polite, clear, and direct. 

Dear Hiring Manager, 

Thank you for offering me the position. I am excited about the opportunity, and I can’t wait to start. 

For starting salary, I am looking for something closer to [insert specific number]. The reason why is [specific reason]. 

Is there wiggle room? 

Remember, this is a jumping off point, and further negotiations may come later. But by putting in the work of research now, and distilling your ask into short, sweet terms, you are well on your way to getting the top dollar salary that you are asking for. 

 GlassDoor.com |  | Posted by 

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Your #Career : #SalaryNegotiations – If You Can’t Get The Salary You Want, Here Is What Else To Negotiate For..If you Can’t Get the Money you Desire, Here are Some Things That you Could Negotiate for Which would Compensate for the Lower Salary.

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You have been interviewing for months, endured the inquisition of 10 interviewers and risked losing your job by sneaking out of the office numerous times, but you have finally received the offer. While you are excited to have been offered the job you had your heart set on, the salary—unfortunately—was less than you had hoped for.

This happens all the time. It is easy to get discouraged or insulted and walk away from the offer in a fit of righteous indignation. Before you do that, take a deep breath and keep on reading.

When people think of negotiating compensation, they primarily focus on the salary component. In a perfect world, if you are deemed an appropriate fit, the company should pay you what you are worth. The reality is that we are far from a perfect world. The prevailing argument is, “What difference does an extra $5,000 mean to the company?” While I am not an apologist for big corporations, the question ignores the concept that large, global corporations employ hundreds of thousands of people. That $5,000 (also, consider while you may be asking for $5,000, others see $20,000 or more as a reasonable ask) multiplied by the total number of employees starts to add up to some hefty expenses.

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Additionally, the less the company pays you, the more money the CEO and executives have to put into their own pockets. After all, have some sympathy; these fat-cat executives have bills to pay too! Do you think it’s easy to maintain five homes in beautiful places, yachts, private jets, private schools for their kids and fancy vacations to exotic locations?

It is a challenging situation when you want the job, but the company won’t budge on the salary. Your ego tells you to decline the offer because the money isn’t where you thought it should be, but your heart wants to say “yes”. If you can’t get the money you desire, here are some things that you could negotiate for which would compensate for the lower salary.

  1.  While most companies have set standards for the amount of time allocated to vacation, personal and sick days, there is room to negotiate a little extra time off. Those extra days are worth money, as you receive the same salary for fewer days at the office. Also, it is good for your mental and emotional health to have some more days off to recharge.
  2.  Ask the human resource department if there is some flexibility in the working hours. It may be worth a lower salary if you are able to drop your children off at school in the morning and pick them up in the afternoon. In fact, that type of flexibility is priceless. This holds true for other circumstances that would make your life easier—to not have to schlep into the office for the usual, mandatory nine-to-five workday.
  3. In addition to the extra time off, you could request an option to work from home one or two days out of the week. The chance to avoid the annoying commute and its accompanying wear and tear on your body and soul is worth a fair amount of money.
  4. Some firms offer the benefit of contributing toward higher education in your field or student-loan repayment assistance. Check to see if the company has any of these programs.
  5. If you are moving to accept this position, find out about the company’s relocation program. Large corporations usually have set plans whereby they help cover the costs of selling your home and purchasing a new house, movers and ancillary expenses. Additionally, they usually offer similar assistance for renters.
  6. Certain industries—particularly tech and small growing companies—offer stock or option plans. Find out if you could participate. Getting stock or options in a fast-growing company could be incredibly lucrative. Imagine the incredible wealth that was generated for early employees of Google, Facebook, Amazon, Microsoft or Netflix by sacrificing some salary for stock.
  7. Usually companies have an annual review. Part of this performance review would include a yearly increase in salary. Request a mid-year review, in addition to the annual review. If you exceed expectations, they may be inclined to enhance your salary without having to wait an entire year.
  8. Review the company’s benefit plan, which may include a 401K plan, pension, health, dental, gym membership, life insurance, vision, commuting vouchers, severance package if you are discharged and other coverage. Check to see what your co-pay will be. If the benefits are strong, it could be worth thousands of dollars to you.
  9. A higher-level title is worth a lot of money in the future. Some firms are rigid with their titles and others are fairly loose. If you are able to obtain a Vice President (VP) title—as opposed to an Assistant Vice President (AVP) designation, it is worth money for when you are looking for the next job. It also makes you look better to your co-workers and gives you some extra bragging points to your family and friends.
  10. If you are leaving any money behind, ask for an upfront bonus to cover any bonuses, unvested stock or retirement plans that you are walking away from.
  11. Having the privacy and sanctity of your own office, instead of residing in a cubicle farm, is worth a few thousand dollars a year.

So, before you walk away from the offer, make sure that you have fully investigated and negotiated for all these and any other available remunerations, benefits and perks in lieu of the salary increase.

 

Forbes.com | June 8, 2018 | Jack Kelly , CONTRIBUTOR

Your #Career : What to Do About a #PayGap at Your #Workplace ….It Happens All the Time. Someone Who Has Just Been #Hired, or Hasn’t Worked for a Company for Very Long, Makes More Money than Someone Who has Been There for Many Years & Proven Themselves to Be a Valuable Employee.

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It happens all the time. Someone who has just been hired, or hasn’t worked for a company for very long, makes more money than someone who has been there for many years and proven themselves to be a valuable employee.

For instance, there are many instances where a male is going to earn more than a woman who has more training and experience. Have you found out that you are earning a lower salary than someone who is a more recent hire, or has less experience than you? If so, it may be time for you to look for ways to be able to do something about it.

Don’t Blame Co-Workers

First of all, you need to remember that it is not your co-worker’s fault that they are being paid more than you are. Yes, you can be angry, but it is never a good idea to confront a co-worker about their salary. All it does is cause both of you to feel uncomfortable, and it causes a lot of anger in the workplace. Instead of being angry at them, use the fact that they are earning more as a reason to ask for a raise.

One thing that you should never do is ask your co-workers what they earn. Unless you are making comparable salaries, someone is going to end up angry because they are being paid less than others. This can lead to conflict within the team, and a lack of productivity that is not going to help you get the raise you deserve.

Get a free, personalized salary estimate based on today’s job market: Know Your Worth

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Learn About the Equal Pay Act

If you are a woman, it is important that you know about the Equal Pay Act. This act prohibits employers from paying women less than their male counterparts when they have the same amount of experience. If you are not a woman but are a minority, you may be eligible for some form of protection. If you think that you are being discriminated based on age, gender, or disability, the best thing to do is to contact the US Equal Employment Opportunity Commission (EOCC).

Unfortunately, most other employees have no legislative coverage. If you are not in one of the above-mentioned groups, you will need to consider your situation and decide whether you should address the issue with your employer.

Do Your Research

Before you walk into your boss’ office and ask for a raise, do some research as to what you should be earning, based on your training, experience, years with the company, geographic location, etc. If you do know for a fact that some of your co-workers are earning more than you, this is good information to be able to arm yourself with. Of course, as mentioned, it is not a good idea to ask co-workers about their salaries.

Just because you shouldn’t ask co-workers about their salaries, it doesn’t mean that there aren’t other ways to find out. For instance, if you work for a university or a public company, some of the salaries are going to be public information. Or, there may be an association for your particular industry that offers surveys about salaries. It is a good idea to research salaries at least once annually.

How to Negotiate Your Salary

Consider Your Approach

One of the most difficult things about asking for a raise is how to approach the situation in the first place. It is never a good idea to ask if the company is going through a transition period, as the money just isn’t going to be there. You also need to be able to gauge your employer’s mood. If you get them on a bad day, you aren’t likely to get what you ask for.

When you do decide to approach your employer, don’t go in making demands. That isn’t going to get you anywhere. It is better to negotiate. Tell them why you feel that you deserve a raise, and have confidence in your own value. This is going to get you a lot further than just going in and saying you want a raise, or else.

Negotiate for More Responsibility

It may be that you are being overlooked for a lot of big projects at work. If this is the case, instead of asking for a raise right away, try asking for more responsibility. “Ask to be put on the teams that are doing the big projects, or to do an extra project on your own. Ask if there are training opportunities, and if not, take outside courses and workshops to gain more skills and knowledge,” suggests training manager at IGotOffer.

If you are given the opportunities you seek, don’t waste them. If you are getting training, take in every ounce of information possible. If you are given bigger projects to work on, show them what you are really made of. These are the things that are going to put you in the running for a raise, or even a promotion.

The Do’s and Dont’s of Asking for a Promotion

Set a Deadline

What will you do if your employer says that they will give you a raise, but they never follow through on their promise? Or, what if the company just can’t afford to give you a raise at this time? You can only wait for so long before you are going to become even more disenchanted, and your work is going to suffer because you will stop caring.

It is important to set a deadline for what you want. For instance, if you have been working at your company for more than a year without a raise, you may need to decide that if you do not receive a raise within the next six months, this may not be the company for you.

How to Ask for a Raise

Consider Your Options

If you are not getting the raise that you deserve, or other forms of compensation such as extra vacation time, a paid bonus, etc., it may be time to start considering other options. There are other companies out there that will value your experience and skills, and be willing to pay you the salary you truly deserve. Basically, if your current employer doesn’t see your value, find one who does.

Glassdoor.com | April 13, 2018 | Posted by 

Your #Career : #SalaryNegotiation Scripts For Any Job… Communication can Make or Break Discussions & Impact your Confidence to Get Paid Fairly.

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Ask any job seeker or employee about salary negotiations and one of the most popular responses is, “I would negotiate but I don’t know what to say.” Having the right words to say, or write, during a salary negotiation is vital. Communication can make or break discussions and impact your confidence to get paid fairly.

Always remember, your talent is precious, and you deserve to be compensated for it. Learning to foster conversations about compensation is a vital skill that yields rewards.

First things first, determine your current worth in the job market. Use Know Your Worth to receive a custom salary estimate based on your title, company, location and experience.  Once you have the information, it’s time to advocate for yourself.

Josh Doody, author of Fearless Salary Negotiation,  knows how challenging it can be to learn to financially advocate for oneself. He  took his first job without negotiating his salary.  Once he got hip to the dance, he doubled that salary.

We teamed with Doody to equip job seekers and employees with exactly how to tackle tricky salary negotiation conversations.

Situation #1: Prying During the Prescreen

How should you respond when you’re asked about salary right off the bat? You want to demonstrate that you’re enthusiastic and cooperative, but you don’t want to tip your hand. Doody explains: “It’s a salary negotiation tactic disguised as a gatekeeper-type interview question.”   

Suggested Script:

Recruiter: What’s your current salary?

You: “I’m not really comfortable sharing that information. I would prefer to focus on the value I can add to this company and not what I’m paid at my current job.”

If the interview team doesn’t know your salary, they can’t use it as their starting point. Doody writes, “that’s probably going to mean a higher initial offer for you.”

Recruiter: What’s your expected salary?

You: “I want this move to be a big step forward for me in terms of both responsibility and compensation.”

Doody points out, “sharing your current salary or your expected salary is not in your best interest. . . They’re interviewing you because you’re a qualified candidate, and they need a qualified candidate. . . They would also like to get a good deal. . They’re not going to stop interviewing you just because you don’t make it easier for them to get a good deal on you.”

If they pass because you won’t acquiesce, that’s a red flag. Doody says, “then they’re extremely motivated to get a bargain…That’s bad news for you even if you get the job.”

One last thing, resist the temptation to tell a white lie when asked for your salary during the prescreening process. If you underestimate what they’re willing to pay, you’re leaving money on the table. If the real answer is that they would compensate someone like you up to $75,000 dollars, and you guess they would pay a salary of only $65,000, you very literally may have just cost yourself $10,000.

If you overestimate and tell them your salary expectation is $85,000, you may set off red flags that cause them to rethink the interview process altogether. This is pretty rare, but you could disqualify yourself by being “too expensive” for them. If your expected salary is well above their budgeted pay range, they may just move on to other candidates with lower salary expectations.

The bottom line is you probably aren’t going to guess what their salary structure looks like, and if you try to guess you may cost yourself a lot of money.

How to Negotiate Your Salary

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Situation #2: Savvy Counter Offering

After you’ve secured an offer, Doody recommends using this formula:

“The counter offer calculator accounts for four factors—the base salary of your job offer, your minimum acceptable salary (“walk away” number), how badly the company needs you to accept the job offer, and how badly you need the job.”

Use “firm and neutral” language like this:

Suggested Script:

“Tom offered $50,000 and I would be more comfortable if we could settle on $56,000. I feel that amount reflects the importance and expectations of the position for ACME Corp’s business, and my qualifications and experience as they relate to this particular position.”

Or, if you had a competing offer:

“Thank you so much for the offer. As I mentioned during my interview process, I am speaking with a couple of other companies. If you’re able to move the pay 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”][insert your number], I’d be eager to accept.”

Doody explains that email is the perfect medium for this message. This way, the hiring manager can share it in a format that clearly makes your case to each person with whom it’s shared. Your case won’t get the same treatment if it’s restated recollections of a conversation.   

The hiring manager will likely come back with a figure between your base salary and your counter offer. For Doody, the distance between these figures represents your “salary negotiation window.” He recommends compartmentalizing this window into increments. In the example above, the window is $6,000, so he recommends devising a response for each possible offer.

If, for example, the offer is $55,000 or above, Doody says it’s a taker.  

“If the company comes back with $53,000, then you say ‘If you can do $54,000, I’m on board!’ If they stick with $53,000, then you would say, ‘I understand the best you can do is $53,000 and you can’t come up to $54,000. If you can do $53,000 and offer an extra week of paid vacation each year, then I’m on board.’”

Decide which benefits, like vacation time or flexible working hours, are most important so that you can apply them to bolster the deal. Rank those benefits in your mind and use those in your bargaining. 

  1. Extra vacation time
  2. Work from home
  3. Signing bonus

If they do not accept your second-priority benefit, you move on to your third-priority benefit. Regardless of whether they accept your final response, then you’re finished; don’t get nit-picky or greedy. You have maximized your base salary and maximized your benefits as well.

QUIZ: Is Now The Right Time To Re-Negotiate Your Salary?

Situation #3: Raises & Promotions

Doody explains: “Your primary reason for requesting a raise is that the salary you’re being paid doesn’t reflect your current value to the company. That salary was set some time in the past, so your argument is that you are more valuable now than you were. . . ” You have a fair justification. Now you need the right plan.

Start by mentioning, via email, to your manager that you’d like to discuss compensation in your next private meeting. After that conversation, Doodly advises preparing a strategically constructed, easily sharable salary increase letter.

Suggested Email Script:

“As we discussed, it has been [amount of time] since [“my last significant salary adjustment” OR “since I was hired”], and I would like to revisit my salary now that I’m contributing much more to the company. I’ve been researching salaries for [job title] in [industry] industry, and it looks like the mid-point is around [mid-point from your research]. So I would like to request a raise to [target salary].”

The letter should also highlight your accomplishments and accolades. Doody notes that if your proposal isn’t accepted on the first try, you can work with your manager to create an action plan.

“I would love to work with you to put together a clear action plan and timeline so we can continue this discussion and monitor my progress as I work toward my goal.”

Always remember, your talent is precious, and you deserve to be compensated for it. Learning to foster conversations about compensation is a vital skill that yields rewards.  

GlassDoor.com |   | Posted by 

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