January 20, 2015
Get the Raise You Deserve
January 20, 2015
Get the Raise You Deserve
During the Q&A part of the Step Up Power Breakfast with Jouer Cosmetic’s Founder -Christina Zilber, an attendee brought up the commonly-asked question of how to ask for a raise.
Asking for more pay is never an easy task, so when the time comes for you to ask for what you deserve, make sure you’re prepared by following this action plan:
- DON’T APOLOGIZE & ACCEPT YOU’RE WORTH IT:
The first step in asking for a raise, is recognizing you deserve it.
Erika Nardini, Chief Marketing Officer of AOL Advertising, shared a story of how she hired a woman who stuck to her guns on the things she needed to accept the job and went through many rounds of negotiations. “I have a lot of respect for the people I hire and encourage them to kick the tires. Too many women apologize for the very act of negotiating,” Nardini confessed.
You know what you deserve, so this is no time to be humble.
- SELF ASSESSMENT:
Self-assessment is essential in your salary negotiation.
Take a good look at your contributions and accomplishments at the workplace (goals met, clients landed, completed projects, etc.) and write them down so that you are fully prepared to justify a higher salary.
Provide actual facts and figures to further the negotiation.
- MARKET VALUE RESEARCH:
It’s a good idea to research what your market value is on sites like salary.com, payscale.com, and glassdoor.com or even searching for similar titles on job sites.
Use it as a starting point in figuring out what your asking number is.
As with any negotiations, always ask for more since that number can only go down until the offer is just right for you.
- BE SPECIFIC:
A 2013 Columbia Business School study reported that when negotiating, you’re more likely to get what you want with a precise amount.
State the specific wage that you desire and don’t round it off. For example, say “$62,250” not “$65,000.”
- KNOW WHEN TO ASK:
Timing is everything. Before you even request a meeting to discuss a salary increase, find out important dates such as when your company’s fiscal year ends or when your boss goes on vacation.
Be observant with the general mood of the company. Did your company gain a new account? Or did they just lose a major client? Did your company just go through a round of layoffs? Are there rumors about a possible merger or a buyout from another company? Did your company just receive another round of VC-backed funds? By observing the current state of mind of your company and its employees, you’ll get a better sense of whether you just want to get the conversation over with, or if you want to hold off until the right time.
Regardless of how strong your argument is in getting a raise, it won’t matter if your boss isn’t in the mood to discuss it.
DON’T GIVE UP:
If your boss says no to your proposal, don’t take no for an answer.
Make sure you get a clear and detailed reason from them and write it down. Ask if there are any ways for you to change their mind and if you can follow-up in a few months.
If it’s a matter of budget, consider non-monetary perks. Offer alternatives like more vacation days, flexible time to work from home, increased stock options, or even a one-time bonus.
Get What You Want By Asking the Right Way
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