Do you want a raise? Let’s talk about how and when to ask for one.
A friend of mine called me recently and said she is frustrated with her paycheck. She recently started a new job and did not anticipate the cost of taxes, benefits and her 401K contributions. She is barely able to make her rent. However, she has only been there for less than 3 months. Basically, she is still in a probationary period. She wanted my advice on if she should ask for a raise. What advice do you think I gave her?
First, start with negotiating your salary upon hire. When you accept a job, you want to set yourself up for success with a salary that is going to be sustainable for at least 2 years. Don’t go into a job knowing it is not going to meet your needs and market demand.
Timing is critical. After you have been there long enough, you might want to ask for a raise and negotiate a higher salary. But, when is it the right time? Many factors should be considered.
How to Understand and Negotiate Your Salary.
When is it appropriate to negotiate for another salary? Now more than ever, candidates are having the dealing hand in terms of job offers and job opportunities. We call it a candidate-Driven market, a term that we are not shy to use and have discussed in many of our articles since it is such an important topic in itself. The economical shift that has taken place over the last two years due to COVID has drastically changed the way candidates value themselves and their expectations from their current jobs and future jobs. Some examples are moving, working remotely or hybrid, requiring better benefits and one of the biggest of all, requesting a higher compensation.
Understand what makes you valuable.
Do not stretch the truth on why you deserve a higher salary. Research compensation data and job sites as your prepare for your value proposition. Use data on sites like Salary.com Indeed, and Monster. Plot your value estimate and average based on years of experience as well as location cost of living.
List your accomplishments and contributions.
Gather all the information on what you have contributed to the team and overall company so that you are informed and prepared to have an upfront and informational conversation. Another thing to keep in mind is understanding and setting your expectations for what you want as a result and what you will accept or not accept.
Always Promote Why You Are an Asset and Focus on the Positive.
- Always do your research. Coming prepared and having industry knowledge will help you define your worth.
- Build a business case. Focus on the return on investment you provide day-to-day and highlight relevant achievements, quantifying them as much as possible.
- Timing is everything. Do not ever catch them by surprise. Schedule a meeting with them via email or in-person. That way, they’ll both have a chance to reflect on your recent performance.
- Consider more than money. If the company isn’t able to boost your pay, then consider asking for non-financial perks or additional benefits packages. In the long run, this could be even more valuable to you and your lifestyle.
Learn when to walk away. If a company cannot offer you a higher salary and cannot offer other perks, there is a plateau which can prevent performance and growth in the long-term. This affects only you so understanding these factors and realistic expectations is extremely important.
If you are ready to look at a new career, we would love to be part of your journey. Send us a resume to email@example.com. Please consider following us on Socal media for the latest jobs.