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#YourCareer : If You Can’t Get A Raise, Ask For This Instead. A Must Read!

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With inflation pushing up the costs of nearly everything, you may be thinking about asking for a raise.

With consumer prices spiking over 9%, your paycheck doesn’t go as far anymore. The average American household will have to spend an extra $5,200—$433 a month—just to consume the same goods and services as last year. Here’s the dilemma: It’s a reasonable request, but the economy, job market and sentiment of business leaders have shifted.

Why Inflation Will Hurt The Job Market

The job market is likely to soften as the Federal Reserve Bank and the Biden administration withdraw from quantitative easing and trillion-dollar stimulus packages. The goal of Fed Chair Jerome Powell is to crush the economy, in an effort to “whip inflation” (the term used back in the 1970s). In the process of battling inflation, companies will see less business and consequently cut staff.

Also, this time period won’t blow over anytime soon. The last major spike in inflation happened 40 years ago. It lasted roughly from 1965 to about 1982. Paul Volcker, the Fed chairman at that time, took dramatic actions to end the ruinous cycle of rising prices and wages by raising interest rates to 20%.

 

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What Skill Sets Do You have to be ‘Sharpened’ ?

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We here at FSC want to thank each of corporate partners in the opportunity in serving & moving each of their transitioning employee(s) rapidly toward employment !

 

Article continued …

Your Boss Knows You Won’t Leave As The Job Market Weakens

Your boss and management are in a tough spot. They understand that your expenses are rising at a frightening pace. The supervisors see you as a valued employee who does a great job and they don’t want to lose you. However, their fear of you walking out in the Great Resignation has been lessened. The job market is still relatively strong, but that can all change, as layoffs and hiring freezes are announced daily.

The thought process of management is that if they give you a raise, they’ll have to do it for everyone. They’ll say it’s too expensive, especially as their business costs are rising too. The part that’s not said out loud is that they feel the job market will worsen and the odds are high that you won’t jump ship, as you’ll be the last one hired and first fired when things go south.

What You Can Ask For Instead Of Money

If you can’t get a pay increase, think of things to ask for that would improve your work life. These include a four-day workweek, shortened workdays, remote and digital nomad options, staggered hours, more vacation and personal time off, relocating to a lower cost location for the same amount of money, stock and stock options, a larger bonus (if the economy does turn around), a higher title and promotion or child-care assistance.

Decide the most critical factors for you, then push for them. If you don’t receive any of these or other benefits, it shows that your company takes you for granted. It’s almost as if they are daring you to leave.

Some companies prefer to make life uncomfortable for workers, so they depart of their own volition. With attrition, businesses won’t attract the headlines, touting the number of people laid off. They also may not have to pay severance packages.

If this is the case, start a covert job search. Be careful, as in challenging times, word may get back to your boss, and there could be a chance that you get fired. They’d rationalize the termination by contending that the company needed to rightsize, and since you’ve shown that you want to leave, they’ll gladly show you out the door.

Forbes.com Author:   Jack Kelly   Follow me on Twitter or LinkedIn. Check out my website or some of my other work here.
Forbes.com | July 25, 2022

#YourCareer : 3 Common Mistakes To Avoid When Asking For A Raise. A MUst REad for All!

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Job interviews are stressful: talking about where you see yourself in five years, being asked about your weaknesses, and then of course, the dreaded question about your desired salary. What’s even more stressful is asking your boss for a raise down the road once you land the job. Let’s face it, talking about money likely makes you feel pretty uncomfortable.

This discomfort is something almost everyone feels, though according to a recent study, women are twice as likely to feel uncomfortable discussing their salary.

While the Equal Pay Act went into effect roughly 60 years ago, there is still a great discrepancy in the workplace, with women on average earning 17.2% less than men. Even in female-dominated jobs, women are still paid less than men. This discrepancy may come down to not only how women ask for more money, but if they do so at all.

Here are three of the most common mistakes I see employees make when asking for a raise.

1. Using the performance review meeting.

While it might sound like your annual review is the best to time talk about salary, this isn’t your best bet on getting the salary boost you want. Your boss will likely come into the conversation with a setpoint already in mind, one that is perhaps already approved by HR.

Instead, I suggest starting the conversation 90 days prior to your scheduled performance review.  Chances are, you know when review season is coming, so set something up at the beginning of the business’s quarter.

Career Tip: Build rapport first.

During this time, focus on building a stronger rapport, not only with your boss and immediate team, but with a broader set of employees within the organization. Nothing will position you better than someone from another department reaching out to your boss to let them know how great you are.

You must look at your career as more than a set of skills you are proficient at executing.  Put on your business development hat and realize, no matter what your job is, you are there to contribute to the organization’s bottom line. When it comes to building rapport, also look outside of the organization and see what relationships you can build that will support the business itself. This could mean finding new suppliers to work with, networking with potential new customers, or sparking conversations with top talent to hire onto your team.

 

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What Skill Sets Do You have to be ‘Sharpened’ ?

Article continued …

2. Taking things personally.

Your career may feel highly personal to you, but we must remember that hiring comes from a very transactional mindset: the business has a need, and they’re paying for talent to fill it. This hiring need has nothing to do with the cost of your rent, the stress of your debt, or anything relating to your personal needs. For this reason, never bring your personal circumstances into a conversation about a raise. The truth is, your salary should only correlate with the responsibilities you carry within the company.

By nature, the word raise means “more” and it’s important to recognize there is a difference between what you need and what you deserve. If you want more pay at work, you need to either do more or create better results.  In the competitive nature of the job market, especially with over 44 million Americans filing for unemployment (as of June 2020), the job market is highly competitive, and it’s in the employers favor right now.

Career Tip: Have a vision for your future.

When you walk into the conversation, have a clear vision for what’s possible with the organization, and how your skills align with it. A raise is your employer’s way of investing more into you, so be willing to enroll them in a vision of what you can execute on is key. This means sharing the types of projects you want to work on, the role you hope to step into one day, and the missions of the business you are passionate to become a part of. This will make your boss feel more confident in investing further into you, not just on a compensation level, but also when it comes to assigning new projects or opening up career opportunities.

3. Not asking at all.

This is by far the biggest mistake I see in the workforce, and I get it. Asking for more money can feel slimy, but if you don’t, you’re missing out. Before you shy away from the topic altogether, realize that if you don’t negotiate, you’re losing out on roughly $500,000 throughout the course of your career . So, if you plan on providing for yourself or a family, know that the decision against negotiating translates into a serious lifetime loss. Within the workforce, 66% percent of workers don’t ask, but of those that do, almost 70% receive higher pay.

Career Tip: Take initiative and be prepared.

Don’t sit around and dream for those dollar signs to drop into your bank account, schedule an official conversation with your manager that is dedicated to your salary.  Don’t try and slide this topic at the bottom of a meeting agenda, treat the topic with respect. According to research, the most successful strategies for getting more money were in-person meetings (48.2%) along with researching the salary range of similar positions for comparison (33.5%).

Be as prepared as possible heading into the meeting to set your nerves at ease. Because talking about money is uncomfortable, I always advise my clients to approach the topic with a neutral, strong tone. In fact, say it like you’re ordering a sandwich—unemotionally and matter-of-factly.

Prior to the meeting, spend time thinking about what you have done for the organization and how you have contributed to the business’s success. Ask yourself, do you think you deserve a raise? If the answer is an honest “no,” begin to take on more responsibilities, speak up more during meetings, and be willing to go that extra mile. You will be able to walk into the conversation feeling like you both need and deserve a higher level of compensation.

What if your request is met with a “no”? Don’t be afraid to ask why. The data is in: while 36% of women don’t do anything after initially being denied, 42% of men asked why they were denied, 13.6% negotiated nonmonetary benefits, and 38.6% started looking for a new job. It comes down to being assertive and knowing your value.

Making the decision to negotiate and ask for a raise will create respect from your employer and will position you on the right side of some fairly polarizing statistics.

Realize that you are more than just a number, a number that has nothing to do with your worth.

And yet, be willing to fight for compensation that aligns with the contribution you’re making..

Don’t do it just for you, consider the salary negotiation a push to increase the bar for everyone. Think about it, your choice to ask for more money raises the bar of your job title and industry as a whole.

If you want to win big, you have to stop playing small.

 

Forbes.com – August 3, 2020 – Ashley Stahl

#CareerAdvice : #SalaryIncrease – 5 #Negotiation Mistakes you Didn’t Know You Were Making. A #MustRead for All!

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When I graduated from college and got my first job, my starting salary was $54,000. I was ecstatic. It was more money than I’d ever earned in my life, and as far I was concerned, I was balling. It didn’t once cross my mind to ask for more money or even a signing bonus. I was just happy that I got a job.

 

Well, as time went by and I got to know my coworkers, I realized that I was the lowest earner in the entire group. We were all hired for the same position, and we all had similar educational backgrounds. Some of them made thousands of dollars more than I did, while others had gotten signing bonuses. Why? Because unlike me, they didn’t accept the first offer they received. Instead, they asked for more. Not only did asking for more get them more money, it also positioned them to earn more when it came time for raises and bonuses since those are given as a percentage of the base salary. Throughout their careers, that’s likely hundreds of thousands of dollars more than I’d make.

Not negotiating my salary was one of the biggest mistakes that I made when I entered the workforce. But as I made progress in my career, I realized that it was equally important to be aware of financial pitfalls when it comes to negotiation. According to my friend Dorianne St. Fleur—a HR expert, career coach, and the founder of yourcareergirl.com—the following are five common negotiation mistakes that a lot of people often make (and don’t realize):

MISTAKE #1: NOT HAVING A COMPENSATION STRATEGY

A compensation strategy is a plan that spells out your long-term salary expectations. You should base this on your skill level and experience, industry standards for people in similar positions, and unique value. You calculate your worth, add tax, and create a plan to get you to that dollar amount.

Ideally, you should have a compensation strategy before you start your first job, but this is something most people don’t know they should do. A lot of us, especially those fresh out of college, don’t take the time to think strategically about how much we get paid. This can end up being a costly mistake. If you don’t already have a compensation strategy, start now. Take out a pen and paper and think about where you are currently, where you actually should be, and where you want to be in the future. Once you’ve done the math, create a plan to get there. That might involve asking for a raise, looking for a new job, or starting a side hustle.

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What Skill Sets do You have to be ‘Sharpened’ ?

Continue of article:

MISTAKE #2: ASSUMING YOU’LL BE PAID FOR YOUR CONTRIBUTIONS

It sounds so simple, right? Do an excellent job at work and you’ll eventually get paid for it. However, this isn’t always the case. Yes, there are times when doing your job well can mean a few extra coins, but nine times out of ten, managers aren’t sitting around waiting to hand over wads of cash every time you accomplish a new goal. If you want your boss to give you money, you need to be an active participant in your salary progression. That means making sure your boss (and anyone else involved in money decisions) is well aware of what you do at work and how that benefits the company. Whether you have to beef up your annual self-evaluation or schedule a stand-alone meeting to talk about your achievements, you need to make sure you create a platform to show your boss all you’ve accomplished throughout the year.

MISTAKE #3: BEING UNCOMFORTABLE TALKING ABOUT MONEY

Many people have pushed the subject of money to a space that is “off limits.” They don’t discuss things like current salary, future financial goals, and earning potential with even their closest friends. With this kind of mindset, it’s no surprise that the prospect of asking for a raise can cause a lot of anxiety. Although it can be tough, it’s time to move past the uneasiness that comes with talking about money—especially if you want to earn more. The saying “A closed mouth won’t get fed” couldn’t be more accurate in this situation. The most important conversations are usually the most uncomfortable ones, so it’s definitely in your best interest to push past your fear (and do it anyway).

MISTAKE #4: MAKING EMOTIONAL DECISIONS

Emotions like anxiety, anger, nervousness, and fear can sabotage your efforts to get the raise you want. Being so nervous that you accept the first lowball offer, or being so angry that you yell at your boss will ruin any chance of a positive outcome. Your goal should be to remain calm and collected throughout the entire process, leaving the way you feel out of the equation. When it comes to making decisions on salary, you need to focus on your research and the facts.

MISTAKE #5: BEING AFRAID TO WALK AWAY

It is important to note that ultimately, the final decision on whether you do get that raise is out of your control. Instead of getting hung up on this fact, have a contingency plan and exit strategy in case things don’t work the way you would have liked. You know what’s worse than realizing you’re being underpaid? Realizing you’re being underpaid, asking for what you deserve, and then staying put if nothing changes. This fear of change is what holds many people back in forging a new career path for themselves. Don’t do that to yourself.

This article is adapted from Clever Girl Finance: Ditch Debt, Save Money, And Build Real Wealth by Bola Sokunbi. It is reprinted with permission from John Wiley & Sons, Inc.

 

FastCompany.com | June 25, 2019 | BY BOLA SOKUNBI 4 MINUTE READ