Is it time to renegotiate your salary or ask for a raise?
It can be intimidating – so be sure you are prepared. There are some very specific steps you can take to position yourself for these critical conversations.
Here’s something to keep in mind before you jump into the episode:
There are more things you can ask for beyond a wage increase; things like more time off, leaving the office early, paying for additional daycare, investing in some enhancements to your existing office equipment, or even office upgrades. You can use these strategies, not just to ask for additional money, but as ways to make your work experience more enjoyable too.
Now, I want to warn you, some of the research that I came across for this specific episode was alarming. Many of us often hear about the wage gap between men and women here in the U.S. and throughout the world – but that adds up to millions and even billions of dollars that we’re losing each year! In fact, I came across a study by the national partnership organization: American Women and Wages. It found that women employed full time in the United States lose a combination of more than $956 billion every year due to the wage gap! That’s astounding!
So, let’s try and get that wage gap a little smaller, shall we? As you plan for these conversations, I encourage you to think about your approach. Because, if you’re going to ask for a raise or extra compensation, you need to have a plan. In this episode, I will share 10 specific steps that will help you feel prepared and confident for having these critical conversations.
“If you are going to ask for a raise, you need to have a plan.”
“You CAN ask for other things outside of money.”
“Understand how much time you need and who you need to ask.”
When going into wage negotiations, I often encourage women to think about how they have increased revenue, streamlined operations, or advanced the brand and business. Other questions to ask:
I will assure you that many people are not thinking about you, your career, or how much you make. You often have to find champions to help you shine light on your request.
The reality is… your ask is going to be talked about in rooms that you’re not invited to – this is why I believe having a sponsor is so important (listen to Episode 8 for more info on that)!
You can help your sponsor – and yourself – by putting together a one-page slide or text document listing out the projects, customers, revenue, brands, or any other key criteria that you have positively impacted. It’s a great tool to pass along to those people who may advocate for you and it’s also an excellent way for you to get all your talking points in order and give you a ‘leave behind’ after your meeting.
Don’t overlook this case study exercise because it not only reassures you, but gives the people that you’re talking with further proof in why you and your work are worth investing in.
People are juggling many, many responsibilities at home and at work, and often not thinking about you, and your career. So you’ve got to sell yourself and present yourself in a professional manner, because you have an ask about you, your professional impact, and how the organization should compensate you.
You have to remember, people are living their own lives. They’re working in their jobs, they’re preparing for their next project and next position. Usually, they’re not aware of how you feel or what you need – unless you share it with them. And, by the way, giving them an ultimatum is often detrimental!
Make sure you get ahead of your ask by giving enough runway for people to have opportunities to make phone calls, ask their superiors, align details with HR.
Once you ask with purpose, be silent. I love this strategy because it forces the other person to say something. And what they say is often a really clear indicator of how they feel about what you’re asking. If you’re not silent after you ask, you will do all the talking with no clear indication if it is even possible. Regardless of the response, work to understand your next steps.
Don’t wait too long. If it’s something you think you’re going to want in the next six to nine months, I would start sooner rather than later. Getting those conversations started now will give you an indicator if you’re supported or not and how much of an uphill battle you have in front of you to get what you want.
Even if the initial response is not exactly what you want, be sure you have a plan. I always encourage women to follow up with a thank you (again, regardless of the response!). The beauty of following up after the conversation is that it gives you a reason to reconnect and even present your case again.
Everything is an exchange. What you’re delivering adds value to the organization – but the bottom line is that it is an exchange. So if you want more for the exchange, you have to put your plan together to make it happen.
Thank you EPOS
EPOS delivers high-end audio solutions designed for enterprise and gaming. Based on pioneering audio technology, they strive to unleash human potential by perfecting audio experiences and delivering innovative design and performance with a wide range of audio solutions. EPOS is part of a world-leading audio and hearing technology group that offers solutions and services to help people connect and communicate with the world around them.
Thank you EPOS and the Tech Savvy Women that generously sent me the BT In-Ear Neckband along with the Powerbank that travels with me everywhere. I love these high-end audio solutions:
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