Today I am so happy to have Trish from Beyond the Khaki Pants guest posting on SnapGinger! Her posts are smart, fun and really make sense of the grown-up things that we all should know more about! From career advice, budgeting and finance to blogging tips and style, Trish has you covered on all things vital.
Hi SnapGinger readers! I’m Trish, and I blog over at Beyond the Khaki Pants. I am thrilled to be gracing SnapGinger today talking about one of my favorite topics, career advancement. So let’s get to it…
Asking for a raise is something that does’t come easy to most people. And if we’re being brutally honest here, it comes harder for women. In fact, studies have shown that men negotiate EIGHT times more than women when it comes to salary.
There’s a sense of fear surrounding salary negotiation. Fear of rejection. Coming off as greedy. Negotiating salary should not be about any of these factors. Simply, negotiating salary should be a conversation surrounding fair compensation for your talents and skills. These 5 tips will help you to nail your next salary negotiation.
- Do your homework. Coming to the table to discuss compensation, you must have your research already done. Do not just assume that you are being under paid compared to market norms. One of the most effective ways to do this is to go interview somewhere else. This is timely, and perhaps risky (should someone find out that you don’t to find out) but getting an offer can confirm what current market compensation rates are. If interviewing isn’t feasible, asking friends in similar fields outside your company is valuable information too. Asking for salary numbers can be personal, but having actual numbers is extremely valuable.
- Quantify your value. If you can quantify your value, into a dollar amount, this make is very easy to show your increased value to your company. For example, you can quantify value by determining added dollar amounts to the company (sales, productivity measures, etc) or expenses saved by creating process improvements (eliminating spending, waste, decreasing time, etc). If you can come up with this number…it’s a great starting point to negotiate an increased salary.
- Qualify your value. This is often an under utilized aspect of salary negotiations, but so very important. We often focus on the dollars and cents and what it means for the bottom line. But anyone who has ever worked a day in their life knows how important the people are who you work with. Working with enjoyable people adds value to your work place too. So mention that you are someone who is easy to communicate with. That you are the go-to person because people enjoy working with you. Skills can be trained, but having a great personality for a job is hard to find.
- Ask at an appropriate time. Asking via phone or email might not be the best way to go about this tricky conversation. Set up a meeting when you will have the time to discuss your value. Make sure you have the time and are in the right environment (somewhere private) to have this conversation.
- Have a plan B. There may not be enough money to go around to give you that raise. So then what do you do? Have a plan as to how you are going to react. Is offering other forms of compensation available? Vacation time, stock options, student loan payments may be on the table. Don’t assume that if they can’t raise your salary that they can’t help contribute more to your retirement or student loans payments. Tax implications are different for how a company pays compensation depending on where their money is going. It may be cheaper for them to pay you a 50k salary with 10k student loan payment than a 60k salary. Explore your options.
Leave your negotiations content. If you get that raise…great!! If you don’t get that increase you were hopping for, try not to leave the attitude that “It’s ok”…they may presume you as a push over. At the same time, don’t leave the table with the ultimatum of “I’m getting a raise or I’m leaving”…it makes you come across as unreasonable.
Instead, leave the table with something like this, “I understand a raise isn’t available at this time, but know, that I will continue to work hard to ensure that my value is known”. Leave the table with an assertiveness about what you would like to happen in the future and that you are willing to work for it. Your employer should recognize your proactive nature and the possibility that you may leave in the future. It should help you get that raise as soon as possible!
What are your tips for getting a raise?!