In case you missed the info-packed gem that was Episode 14, General Assembly and Forbes Career Coach, Ariel Lopez, swung by the studio to drop her tips on collecting your coins like clockwork! Here’s her advice for anyone interested in asking for a raise this year.
Most people get stubbed along the way by themselves. We go above and beyond, work long hours and give our jobs 110%, only to be too afraid to ask for the promotion or raise we deserve. Get out of your head and just have the conversation! Trust us, the most successful professionals around you are already doing this regularly.
Ask, and ask regularly
Fearless? Check! Now you’ve actually got to make the ask.. and not just once! Your salary should evolve regularly – just like your work experience. Ariel was able to successfully negotiate a substantial increase in her salary over a couple of years, but the key was starting the conversation early.
So how, exactly, do you do this? Pull your manager aside and ask for a meeting to review your salary against a few key considerations. You’ll need to think about those relevant measures ahead of time, but can prioritize what areas to mention based on where you think you’ve had the biggest impact to the company.
Show your receipts
The key to negotiating your salary is to demonstrate your value in a very real and tangible way. You can’t just ask for a raise and expect to get it without substantiated reasons why. You’d be surprised how many relevant reasons exist that you may not have considered. Are you saving your company money, time or resources by taking on several workloads? Value isn’t simply a big project launch or a flashy milestone and accomplishment, but also, efficiencies you’re creating for your organization.
Never give an exact number
When companies ask how much you’re asking for, never give an exact number. Stating a singular number makes it difficult to negotiate from that number and, often times, you end up selling yourself short. Instead, provide a range of about $10k ($60,000-$70,000 vs. simply, $60,000).
Stick to your guns
Don’t waiver on your non-negotiables. Having the confidence to walk away from an offer when your minimum requirements aren’t met can be just as empowering as actually getting the offer you want. Know your worth and don’t waiver from it, but be sure to also consider the total compensation package outside of your salary (does the company have great benefits, vacation days, a flexible work schedule?) Determine what matters most to you. When the offer does come, reiterate everything you bring to the table. Some companies offer merit-based increases and bonuses so also factor that into your total compensation.
Still not getting the offer that you want?
After Ariel’s initial conversation with her boss she didn’t get everything she wanted so she scheduled a follow up (and another follow up) until she did.
Did you know that you can negotiate that your salary be revisited within a specified timeframe? Build in a clause in your offer letter or contract to revisit your salary if you aren’t happy with the initial offer.
If your company isn’t trying to work with you at all – it might just be time for a new gig.