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#YourCareer : How Understanding Compensation Can Help You Negotiate Better Pay. Great Read for All!

March 17, 2024/in First Sun Blog/by First Sun Team

With 10 U.S. states enacting some form of pay transparency legislation, there is growing momentum towards achieving pay equity. Because there isn’t yet a federal-level view, companies are responding in different ways, and none yet seem to have moved to full nationwide pay transparency. Despite that, job seekers (and employees negotiating pay raises) now have more information than ever before, and understanding how to interpret publicly available data, and how that fits into corporate compensation structures, is critical to making the most out of salary negotiations.

What Is A Compensation Philosophy?

Compensation teams (also frequently called Total Reward teams) conduct the highly-technical heavy lifting around pay and benefits, though their work is always anchored to an overarching philosophy. It is rare for companies to publicly articulate their compensation philosophy (with NetflixNFLX -1.2% being a notable exception) but understanding that there is one is foundational in thinking about your own pay. For most organizations the pillars of their philosophy can be best articulated by two factors: how they think about cost, and how they think about market positioning.

Many organizations take a “cost of living” approach and anchor their pay to that data set, but equally some organizations take a “cost of labor” approach and anchor their pay to that (often lower) data set. From there, companies decide where they want to position themselves. One of the Fortune 500 companies I worked at had a “market median” philosophy (i.e. pay was anchored at the 50^th percentile) and another took an “upper quartile” approach (i.e. pay was targeted to be higher than 75% of our competitive set).

Why does this matter? Companies make deliberate choices about where they set pay, so seeing that the same job pays more in a different company is a limited-value data point in isolation.

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Article continued …

What Is Pay Architecture?

Inside large organizations there are three core components to how base pay is calculated, and salary bands form the foundation of this structure. Salary bands run horizontally across the enterprise, and it is not unusual for a large organization to have 16 bands running from entry-level at the bottom up to the CEO at the top (so if the CEO is band one, their direct reports are band two, and entry level are band 16).

Pay bands are typically quite broad, and they are designed to overlap: so if pay band 16 is $25,000 – $75,000 dollars, then pay band 15 will be $50,000 – $100,000. The core philosophy here is that the midpoint of the pay band is the point at which someone is fully proficient in the role, so while pay band 16 stretches from $25,000 to $75,000, most employees in that band will be sitting at or around $50,000. Modern compensation philosophy also relies on “compa ratios” which look at both the spread of employees in the band, and their positioning in relation to the midpoint, with guardrails around where pay can begin and end.

So while pay band 16 technically runs from $25,000 to $75,000, almost all employees in that band (especially in a larger organizations) will have their salaries fall in a range from $42,500 to $55,000 (or from a 0.85 compa ratio through a 1.10 compa ratio). The underlying philosophy here being that by the time you get to a 1.10 compa ratio you are performing beyond expectations in every area of the role and are ready for promotion (indeed at that point your salary is already beyond the starting point for the next pay band).

In addition to pay bands running horizontally across the organization, roles are organized into “job families” which run vertically, and each job family will have unique pay bands: so in this example, pay band 16 for marketing is $25,000 to $75,000 while pay band 16 for technology could be $40,000 to $90,000. Lastly, for very large organizations that operate multi-state or multi-nationally, there is a further “market zone” qualifier which sits on top of the pay band and job family. It is totally typical for the same job in the same company to pay a higher salary if the job is based in San Francisco versus being based in Chicago, for example.

Why does this matter? Because we’re still in a patchwork of pay transparency laws, and nothing has really been tested yet, companies have choices to how they respond. Some companies are posting their full band ranges, and some are posting partial ranges. Some companies are only posting ranges in places where they’re compelled to (eg. California and New York). Therefore, when you see a wide range of salary data, it’s only telling part of the story, and almost never means you can expect the role to pay at the very top of the range.

Why Do Companies Talk About Total Reward?

Put simply, base pay is only part of the compensation packages large corporations offer. Earlier in your career you can typically expect base pay to represent 90% of your earnings (with variable cash bonuses and benefits such as healthcare and 401k matching making up the rest). As you progress through your career that ratio shifts, with senior managers typically seeing 70% of their compensation in base pay, and the rest comprising variable cash and equity bonuses. At the other extreme end of the spectrum CEO pay is typically 10% fixed base pay, and the rest entirely variable or “performance based.”

Why does this matter? Wherever you are in your career, thinking holistically about compensation is a paradigm shift that will unlock long-term value. Furthermore, moving beyond focusing solely on base pay and thinking about offers in their totality can give you more leverage in a negotiation. Salary is often the least flexible component (in part because of all the factors detailed above), so looking to maximize other parts of the offer can be an easier win and can land you with an offer that is higher when all the variable cash and non-cash elements are combined.

How Are Offers Formulated?

Before recruiters even open a role and start sourcing candidates there is typically an “intake meeting” between the hiring manager, the HR business partner, and the recruiter. For senior level roles a compensation specialist usually attends that meeting too. Before the go-to-market process begins, the HR business partner will look at the available budget for the role, and the median salary of all the incumbent employees in the same role (this process is called maintaining internal equity). From there the hiring manager and recruiter have a clear idea of the parameters they can work with.

Why does this matter? Once you are engaged on a role recruiters will want to try to pin down your salary expectations – this is because they already know the range they can work with, and the genuine reason is that they don’t want to waste your time if your expectations don’t fall within what they can reasonably expect to be able to offer. It’s also important because offer exceptions are incredibly rare, so two-way transparency is really key when you’re working with a recruiter. There’s nothing worse than getting to the end of a recruitment process and finding that we cannot, in fact, meet the candidates’ salary expectations.

Can I Negotiate And Where Is There Flexibility?

The short answer is yes you can, but you need also to remember that if you negotiate too hard, or are too unrealistic, companies can (and will) withdraw the offer. For all of the reasons detailed above, base pay is going to be the part of the offer that has the least flexibility, and most recruiters have already negotiated the maximum they can for you (it’s in our interest to get you the best offer we can, because you’re more likely to say yes, and that is one of the core metrics we’re measured on).

While you may be able to get an additional 5-10% added to the base pay, the greatest degree of flexibility is to be found in cash bonuses and equity. If accepting the role will cause you to lose out on a bonus or equity or 401k vesting, it is common practice to offer a cash signing bonus to offset this loss. The caveat here is that a signing bonus should never be used to offset a differential in base pay, because it’s designed to be a one-time intervention.

Where there is an equity component to an offer, factoring in the vesting horizon is another easy way to increase the total offer. For example if an offer includes $50k of RSU’s that vest 33% each year, it can be totally reasonable to ask for a triple stock grant, so that you’re “fully vested” within 12 months, so that your total earnings don’t dip down in your second year of employment. Lastly don’t forget the significant extra value that can be found in additional PTO, healthcare coverage and education stipends. These too are often an easier sell than increasing the base pay amount.

Although pay is still considered highly personal, and your individual circumstances will guide how and what you negotiate for, greater transparency in this area will start to drive more equitable outcomes for everyone. Becoming literate with corporate pay structures and mechanisms is a critical first step in unlocking long-term wealth building in your career.

Forbes.com | March 13, 2024 | James Hudson

#YourCareer : How To Ask For A Raise Amid Soaring Inflation. Despite Historically High Inflation, a Labor Shortage, you Might Still find it Hard to Negotiate Salary. A MUst REad for ALL!

April 26, 2022/in First Sun Blog/by First Sun Team

Consumer price increases are hitting near-record, 40-year highs. A labor shortage is escalating. State pay transparency laws are making it easier to learn what jobs are paid. And a reawakened labor movement is forcing employers to be more responsive to workers’ demands.

If ever there was a good time to ask for a raise, it’s almost certainly now.

“People don’t perceive themselves as having as much leverage and power right now as they do,” says Ben Cook, the CEO of Riva, a salary negotiation startup founded with Harvard Business School experts. “Right now is a phenomenal time to go and ask for a raise.”

Yet despite this unprecedented wave of favorable conditions, you might still find it hard to ask your boss for more salary. For many, touting your own accomplishments—not to mention having a frank talk about money—feels awkward. If you’re a woman, you know you have to navigate tricky gender norms about how assertive people expect you to be.

And even as more workers talk openly about pay, negotiations tend to be information asymmetry at its worst, with managers typically having more data about what jobs are paid than you.

Despite historically favorable conditions—high inflation, a labor shortage, more transparency about pay—you might still find it hard to negotiate salary. Here, key steps to ask for more pay, and what to do if the response is no.

Still, there are ways to go into the conversation with confidence—and come out of it with a raise–or at least something else desirable you want. Below, find key steps to remember when you negotiate salary, and what to do if the response is no.

WAIT FOR A WIN

Timing is everything, especially when asking for a raise. Don’t plan it for when your boss is at her busiest or after a slip-up. And pick a time that immediately follows a win you can claim or a big sale you just clinched. “The timing of the ask makes a huge difference,” says Kathleen Downs, a senior recruiting manager for Robert Half.

You also don’t want to go in too late, after payroll budgets have already been set and promotions have already been decided. The discussion will more likely be a process that takes time. “A raise conversation is not one day, one half hour of time,” says Katie Donovan, a pay equity and salary negotiation consultant based in Boston. “It needs to be planned out usually for next fiscal year. Start it six months ahead. … it’s going to take a while.”

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Article continued …

PERFORM YOUR OWN JOB SEARCH

To get started, play the role of job seeker, looking for what not only your company, but others like it, are paying for new hires in similar roles. A small but growing number of localities, like Colorado and, by the start of next year, New York City and Washington state, now require employers to disclose pay ranges for new jobs.

Experts say that’s starting to have an impact on salary information in job ads, with employers publishing ranges elsewhere, too. “Do a theoretical job search—look to see what salaries in those places are offering,” says Linda Babcock, a professor of economics at Carnegie Mellon University and the author of books on negotiation and women’s careers. “That can help you calibrate your request.”

With inflation soaring and companies having a harder time finding workers, employers fear the new laws will reveal inequities to current workers. Executives say a phenomenon called salary compression—when new workers with less experience are being paid similarly to those with more tenure and skills—is happening more now. A recent survey by Robert Half found that 56% of C-suite executives said they’ve seen pay discrepancies between new hires and more tenured staff in the past year.

If your employer isn’t being so conscious—and you see a job ad at your firm that pays more—it should help you. “Calmly and professionally say ‘explain to me what I’m misunderstanding,” Donovan suggests. “This person will be coming in and doing the job I’m doing right now. … Why would I not get paid what that person would get paid?”

ASK OTHERS WHAT THEY THINK YOU SHOULD MAKE

By now you know to do your homework before you negotiate salary. Look at web sites such as Payscale and Glassdoor. Ask professional associations for salary data. Find databases in your field. Look up Bureau of Labor Statistics data.

But such sources can sometimes be out of date or unspecific; in those cases, ask people who work in your field. If you’re uncomfortable asking someone what they make, says Babcock, ask people who might oversee a role like yours for their expertise instead. “Ask, ‘what do you think I should make for this position?’ They can use all the information they know, and you’re going to get a broader range of data.”

Or, if you ask a peer who works at another company, replace the awkward “how much do you make?” with an offering of your own salary and the question “how would that match up within your organization?” advises Downs. “There are ways to find out what other people are making,” she says, without asking the question too bluntly.

FOR WOMEN, MAKE A COMMUNAL PITCH—AND AIM HIGHER

The actual words you use really matter, particularly for women. Society views women as being “others-focused,” so when they ask for something for themselves, “there’s inherently friction there,” says Kathryn Valentine, the founder of Worthmore Strategies, a negotiation training and consulting firm for executive women.

Therefore, for women, it’s important to keep the conversation collaborative, communal and holistic, says Valentine, making your request in terms of how it can help your boss or the company. A sample pitch might say something like this, she suggests: “Last year I was able to bring in $500,000 in sales. I believe we’re on track to deliver 20% more this year. In order to deliver on that goal, I’d like to bring my compensation in line with market value, which is X. What do you think?”

A simple formula, she says, is to highlight past performance, combine it with future potential and follow up with a direct request. Then stop talking. “To make others feel comfortable, women will continue to talk and in doing that they [hurt their negotiating position],” she says.

Women, suggests Donovan, should ask for at least 75% of the job’s market value. Research has shown that women are more likely than men to be paid in a tight range around the median, and as a result, are less likely to be paid at the top end of the range. “Median pay for everyone is always lower than the median pay of the white guys,” Donovan says.

USE A SPECIFIC NUMBER—AND GO FIRST

Much negotiation advice suggests you should wait for the other person to make the first offer. But unless you have no idea what the pay range should be, says Valentine, research shows it pays to go first. Doing so means you “anchor” the conversation with your number, she says. “If you know the bargaining zone, you always put out the first number.”

She also suggests—again, particularly for women—starting with a specific number, rather than a range. At least in her experience with clients, “when you give a range, what they hear is the lowest end of the range,” she says.

Jennifer Trzepacz, the chief people officer for SymphonyAI, agrees. Without a specific number, it’s hard for managers or human resources professionals to know how you’re valuing yourself or what will close the deal. “When they say ‘I’d like a raise’ and they don’t say specifically what [the number] is,” she says of people who request a raise, “there are times when you go back and get them the raise and they’re like ‘that’s not what I wanted.’” As a result, they’ve advocated on your behalf for nothing.

WITH COUNTER-OFFERS, KNOW THE CULTURE

Be careful about using outside salary offers to get a raise unless you know how they’re typically received. “Different companies have different cultures about this,” says Babcock. “At some companies, if you come with an outside offer they say ‘let me help you pack.’ In other companies you don’t get a [raise] unless you have an outside offer, and it will help your supervisor advocate for you. But you really have to know what the organization’s culture is like.” If you’re not sure, ask peers you can trust about their experiences with presenting outside salary offers and how counter offers are viewed.

Negotiation experts suggest using the salary offer you’ve received to inform your market rate, or cast it as a surprise that’s come to an employee who’s committed to the organization. “You can say ‘I have not been looking, but this came my way and I was really surprised to see that they were compensating at 20% more. Can you help me close that gap so I can continue contributing here?’” Valentine suggests.

If you still don’t get the raise you want, pay experts say, ask what you need to do to get one—and then don’t let the conversation stop without concrete specifics. “You say, what needs to change so that you can say yes?” says Donovan. If they’re changes you can actually make, do them, and then come back. But if “they keep moving the finish line, then you know you’re never going to succeed there. Go look for another job.”

Or, think about what else you might want. If your boss says they can’t boost your base pay, consider negotiating for additional time off, eliminating responsibilities that won’t position you for a raise later or even more equity if it’s a startup. “We really encourage our clients to be as flexible as they can in terms of the currency in which they get paid,” says Riva’s Cook.

KEEP ASKING QUESTIONS

In the end, says Donovan, one of the best strategies for negotiations is just to try and keep asking questions. “You as the employee do not have to have the answers. You’re not teaching them anything they don’t know,” says Donovan. “The more questions you have for each no they give you, the more likely it will be that you get it. The winner of every negotiation is the person who can keep the conversation going. Once I shut you up, I win.”

Forbes.com | April 25, 2022 | Jena McGregor

#YourCareer : How To Prepare For An Effective Meeting With Your Manager (Promotion or Raise). Great REad for All!

January 31, 2022/in First Sun Blog/by First Sun Team

Do you dread one-on-one meetings with your manager? One-on-one meetings should be something we look forward to, but all too often, we avoid them. Maybe you have a performance review coming up, or you want to discuss a promotion. Whatever the case, you want to ensure that you have a productive meeting. Because if done well, effective meetings are an opportunity for coaching and feedback. They’re also a chance for you and your boss to build rapport and strengthen your professional relationship.

But what constitutes an effective meeting? Let’s start by looking at why preparation is so important.

Why prepare for meetings with your manager?

I’m sure you will agree that our time is more valuable than ever. By preparing in advance, you increase the productivity of the meeting. This approach also lets your boss know that you are organized, professional and thoughtful. Also, if the topic of the discussion involves a sensitive subject like a promotion or raise, it will give you more time to organize your thoughts.

What is an effective meeting?

Effective meetings require structure and allow you to showcase your leadership skills. They also help you build a stronger relationship with your manager. By establishing alignment around key topics, you and your manager can make faster decisions. Effective meetings also improve engagement, facilitate innovation and promote collaboration.

How to prepare for an effective meeting with your manager

One-on-ones are meant to address important topics and maintain a productive working relationship. But preparation is essential. Here are five ways to ensure you have an effective meeting with your boss.

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Article continued …

Go beyond an agenda

While an agenda is valuable, it doesn’t do a good job of communicating your key points. Don’t just outline what items you want to discuss. Also, think about what ideas or challenges you want to bring up. Ask a lot of questions to get to the heart of your concerns.

Prepare an update on your projects

One-on-ones are an excellent time to provide your manager with a progress update. Since you are working remotely or in a hybrid situation, it’s best not to assume that they know the status of each project. Be transparent and ask for support or advice if needed.

Come with solutions

Coming to a meeting with a list of problems means you run the risk of appearing incompetent. Don’t use it as a complaining session. Running effective meetings with your manager means coming to the table with solutions to problems. Even if you don’t have all the answers, it indicates initiative and leadership potential.

Ask for feedback

Based on research, leaders who rank at the top 10% in asking for feedback were rated, on average, at the 86^th percentile in overall leadership effectiveness. One of the most powerful ways for you to grow personally and professionally is to ask for feedback from your manager. It will give you more control over the conversation and likely result in valuable insights.

Share the positive

Managers get tired of having difficult conversations and putting out fires all day. Use this valuable time to share the details of your favorite project and why you enjoy it. Also, highlight what you are grateful for and, if appropriate, thank your boss for their support.

The more effort you put into the planning process, the more productive the meeting. Look at it as an opportunity to create a better relationship with your boss and improve the work environment around you. By committing to effective meetings, you will accelerate your career growth and increase overall engagement in the process.

Forbes.com Author: Caroline Castrillon

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Forbes.com – January 30, 2022

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

August 3, 2020/in First Sun Blog/by First Sun Team

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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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 : #JobSearch -Best #SalaryNegotiation Scripts For Any Job

November 22, 2019/in First Sun Blog/by First Sun Team

Ask any job seeker or employee about salary negotiations and one of the most popular responses is, “I would negotiate but I don’t know what to say.” Having the right words to say, or write, during a salary negotiation is vital. Communication can make or break discussions and impact your confidence to get paid fairly.

First things first, determine your current worth in the job market. Use Know Your Worth to receive a custom salary estimate based on your title, company, location and experience. Once you have the information, it’s time to advocate for yourself.

Josh Doody, author of Fearless Salary Negotiation, knows how challenging it can be to learn to financially advocate for oneself. He took his first job without negotiating his salary. Once he got hip to the dance, he doubled that salary.

We teamed with Doody to equip job seekers and employees with exactly how to tackle tricky salary negotiation conversations.

Situation #1: Prying During the Prescreen

How should you respond when you’re asked about salary right off the bat? You want to demonstrate that you’re enthusiastic and cooperative, but you don’t want to tip your hand. Doody explains: “It’s a salary negotiation tactic disguised as a gatekeeper-type interview question.”

Suggested Script:

Recruiter: What’s your current salary?

You: “I’m not really comfortable sharing that information. I would prefer to focus on the value I can add to this company and not what I’m paid at my current job.”

If the interview team doesn’t know your salary, they can’t use it as their starting point. Doody writes, “that’s probably going to mean a higher initial offer for you.”

Recruiter: What’s your expected salary?

You: “I want this move to be a big step forward for me in terms of both responsibility and compensation.”

Doody points out, “sharing your current salary or your expected salary is not in your best interest. . . They’re interviewing you because you’re a qualified candidate, and they need a qualified candidate. . . They would also like to get a good deal. . They’re not going to stop interviewing you just because you don’t make it easier for them to get a good deal on you.”

If they pass because you won’t acquiesce, that’s a red flag. Doody says, “then they’re extremely motivated to get a bargain…That’s bad news for you even if you get the job.”

One last thing, resist the temptation to tell a white lie when asked for your salary during the prescreening process. If you underestimate what they’re willing to pay, you’re leaving money on the table. If the real answer is that they would compensate someone like you up to $75,000 dollars, and you guess they would pay a salary of only $65,000, you very literally may have just cost yourself $10,000.

If you overestimate and tell them your salary expectation is $85,000, you may set off red flags that cause them to rethink the interview process altogether. This is pretty rare, but you could disqualify yourself by being “too expensive” for them. If your expected salary is well above their budgeted pay range, they may just move on to other candidates with lower salary expectations.

The bottom line is you probably aren’t going to guess what their salary structure looks like, and if you try to guess you may cost yourself a lot of money.

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Situation #2: Savvy Counter Offering

After you’ve secured an offer, Doody recommends using this formula:

“The counter offer calculator accounts for four factors—the base salary of your job offer, your minimum acceptable salary (“walk away” number), how badly the company needs you to accept the job offer, and how badly you need the job.”

Use “firm and neutral” language like this:

Suggested Script:

“Tom offered $50,000 and I would be more comfortable if we could settle on $56,000. I feel that amount reflects the importance and expectations of the position for ACME Corp’s business, and my qualifications and experience as they relate to this particular position.”

Or, if you had a competing offer:

“Thank you so much for the offer. As I mentioned during my interview process, I am speaking with a couple of other companies. If you’re able to move the pay to [fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][insert your number], I’d be eager to accept.”

Doody explains that email is the perfect medium for this message. This way, the hiring manager can share it in a format that clearly makes your case to each person with whom it’s shared. Your case won’t get the same treatment if it’s restated recollections of a conversation.

The hiring manager will likely come back with a figure between your base salary and your counteroffer. For Doody, the distance between these figures represents your “salary negotiation window.” He recommends compartmentalizing this window into increments. In the example above, the window is $6,000, so he recommends devising a response for each possible offer.

If, for example, the offer is $55,000 or above, Doody says it’s a taker.

“If the company comes back with $53,000, then you say ‘If you can do $54,000, I’m on board!’ If they stick with $53,000, then you would say, ‘I understand the best you can do is $53,000 and you can’t come up to $54,000. If you can do $53,000 and offer an extra week of paid vacation each year, then I’m on board.’”

Decide which benefits, like vacation time or flexible working hours, are most important so that you can apply them to bolster the deal. Rank those benefits in your mind and use those in your bargaining.

Extra vacation time
Work from home
Signing bonus

If they do not accept your second-priority benefit, you move on to your third-priority benefit. Regardless of whether they accept your final response, then you’re finished; don’t get nit-picky or greedy. You have maximized your base salary and maximized your benefits as well.

Situation #3: Raises & Promotions

Doody explains: “Your primary reason for requesting a raise is that the salary you’re being paid doesn’t reflect your current value to the company. That salary was set some time in the past, so your argument is that you are more valuable now than you were. . . ” You have a fair justification. Now you need the right plan.

Start by mentioning, via email, to your manager that you’d like to discuss compensation in your next private meeting. After that conversation, Doodly advises preparing a strategically constructed, easily sharable salary increase letter.

Suggested Email Script:

“As we discussed, it has been [amount of time] since [“my last significant salary adjustment” OR “since I was hired”], and I would like to revisit my salary now that I’m contributing much more to the company. I’ve been researching salaries for [job title] in [industry] industry, and it looks like the mid-point is around [mid-point from your research]. So I would like to request a raise to [target salary].”

The letter should also highlight your accomplishments and accolades. Doody notes that if your proposal isn’t accepted on the first try, you can work with your manager to create an action plan.

“I would love to work with you to put together a clear action plan and timeline so we can continue this discussion and monitor my progress as I work toward my goal.”

Always remember, your talent is precious, and you deserve to be compensated for it. Learning to foster conversations about compensation is a vital skill that yields rewards.

GlassDoor.com | April 1, 2019 | Posted by Eileen Hoenigman Meyer

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

June 25, 2019/in First Sun Blog/by First Sun Team

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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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

#CareerAdvice : #WomenPayGap -The Best Advice for Women Seeking a Better #Salary …Great Two(2) Min REad!

March 4, 2019/in First Sun Blog/by First Sun Team

Are you receiving compensation that fully reflects your skills, education, experience and ability? If your earnings and your worth aren’t matching up, there are avenues for addressing the situation without damaging your career.

Here’s how to ensure you get the raise you deserve.

Crunching the Numbers

Although the Equal Pay Act was passed more than a half-century ago, women are still struggling to earn as much as men in the workplace. According to Glassdoor research, a U.S. woman is paid an average of 75.9 cents for every dollar a man receives. On top of potentially starting at a lower pay rate, taking time off to start a family, for a career sabbatical, to tend to an aging loved one or for other concerns is a more substantial setback to women than men, with the hiccup resulting in reduced wages for women and a lengthier career gap.

Moving Up or Moving On?

Sometimes, improving your situation hinges on changing employers. Whether you maxed out your growth in the current company, stumble onto a better opportunity or are simply ready for a change of scenery, moving on is sometimes the best course of action. In that case, you should review your career-oriented paperwork, especially your cover letter. Give it a refresher, bearing in mind it’s the ideal avenue for drawing attention to your accomplishments and abilities. You can use a cover letter template to create a stellar document. Think of it as a chance to tell potential employers all the things you wish they knew so you can land your dream job.

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Positive Image, Positive Impact

If your intention is to remain with your current employer, seek opportunities to impress people of influence. For instance, you can go out of your way to master more bells and whistles of the software your company uses. Another idea is to learn to use a free, online logo-making tool and use it to design a top-notch logo. As Entrepreneur explains, oftentimes companies spend big bucks on a well-designed logo, but by designing it yourself, you can help your company be a standout and boost your career at the same time. Along those same lines, look for ways to up the company’s social media engagement. Raising company image is key to staying strong, and your superiors are sure to be impressed. It’s a great way to put yourself and your employer in the limelight.

Enhance Your Education

When it comes to catching the eye of the powers that be, going above and beyond your employer’s expectations can make a big impact. With that in mind, adding to your education is sometimes just the shot in the arm your career needs. You might elect to take distance learning classes if you never completed your degree, or are ready to add a new level to your education. Another idea is to add a fresh certification to show you’re serious about climbing the ladder, or learn a more advanced skill that benefits your company directly.

Power of Persuasion

Perhaps you reached the conclusion that you’re underpaid in your work and are considering discussing the situation with the appropriate party. Whether you’re in the interview process or revisiting terms with your current employer, Forbespoints out that negotiating can be a challenge for women. Preparing can bolster your confidence as well as provide you with more bargaining power. Review your skillset, education and abilities, and be ready to talk not only about what you’re doing and your current pay rate, but also other responsibilities you are ready to embrace. Maybe there are duties someone less qualified could take over so you can reach your full potential to do more advanced work. Think outside the box, and be ready to point out where you are underutilized as well as underpaid or underrated.

Knowing your income doesn’t reflect your value is a tough challenge, but with a handful of smart strategies, you can get the raise you deserve. Evaluate whether it’s time for a change, and if so, make it happen. Draw attention to your assets in a sharp manner and the right doors will open.

GlassDoor.com | March 4, 2019 | Posted by Gloria Martinez

#CareerAdvice : #SalaryNegoiations – Four Things you Absolutely Must Do in your #SalaryNegotiation …Keep These Tips on Hand the Next Time you’re #Interviewing for a #NewJob or Angling for a #Raise .

September 24, 2018/in First Sun Blog/by First Sun Team

Countless job seekers and employees still struggle with negotiating salaries and advocating for themselves. But let’s say you’ve worked yourself up to asking for a higher salary. You could still be missing out on perks that can further enhance your compensation package–and they may not be that far out of reach.

“The whole salary negotiation process is a conversation,” says Jacqueline Twillie, a negotiation expert and founder of leadership development firm ZeroGap. “It’s not a battle.” With that in mind, here are some negotiation tricks to keep in mind the next time you’re interviewing for a new job or angling for a raise.

NEVER ACCEPT A VERBAL OFFER

“Don’t just flat out accept it, even if it sounds great and you’re really excited,” Twillie says. She recommends that job seekers always hold off on saying yes to a verbal offer, even in cases where they feel sure about the job. “I would always ask for an opportunity to review everything in writing–but express enthusiasm so that they know that you’re interested,” she says. The money might sound good at first blush, but when you look at benefits like healthcare, you may find the coverage is less than you anticipated; if so, you may want to negotiate a better salary.

“It’s much harder to come back and negotiate after you’ve already accepted,” Twillie says. “And it puts you in a stronger position when you haven’t accepted yet.”

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DO YOUR RESEARCH ON PAY PARITY

In states like California, pay parity laws that have gone into effect over the past few years could help women negotiate salary increases, according to Tracy Saunders, a former recruiter who started the Women’s Job Search Network. The Equal Pay Act in California states that employees who do “substantially similar work” must be paid equally, even if their job titles are not identical. “Companies are actually adjusting women’s salaries outright,” Saunders says. “Understanding those laws is one way to receive a more substantial kind of increase.”

The same is true of another law that seeks to address the gender pay gap, which prohibits employers from asking about a prospective employee’s salary history in states like Massachusetts and California. In the event that a recruiter does ask for your current salary, try to shift the conversation to your salary expectations; Saunders and Twillie also recommend talking about salary expectations early in the interview process. “It’s really important that in the first phone screen, when they bring up the money, you talk about the market rate and not your current salary–especially if your first salary is less than the market [fusion_builder_container hundred_percent=”yes” overflow=”visible”][fusion_builder_row][fusion_builder_column type=”1_1″ background_position=”left top” background_color=”” border_size=”” border_color=”” border_style=”solid” spacing=”yes” background_image=”” background_repeat=”no-repeat” padding=”” margin_top=”0px” margin_bottom=”0px” class=”” id=”” animation_type=”” animation_speed=”0.3″ animation_direction=”left” hide_on_mobile=”no” center_content=”no” min_height=”none”][rate],” Twillie says.

FIGURE OUT WHAT YOU NEED TO BE SUCCESSFUL–AND ASK FOR IT

As you go through an interview process or negotiation, it’s important to get as much information as you can about the role you’re up for. “Try to ask questions that give you a deeper understanding of the work you’ll be doing beyond the job description,” Twillie says. “If you can understand what you’ll be doing upfront, you’ll be able to negotiate for different things.”

That could include a travel allowance or a certification–or it could be as simple as the right equipment. “People think they’ll be provided with the tools,” Twillie says, “but if you don’t ask for those things, you’re not going to get them.” Asking for what you need during the negotiation process, she argues, can prove more effective.

One of the best ways to figure out what a new role may entail is talking to employees. According to Twillie, some companies have started allowing people they’re interviewing to shadow employees, which she suggests job seekers try to do. “If you spend more than 10 minutes with a person, they’re going to drop their guard and be more open,” she says. “So if you can spend that half day on site, it really gives you an opportunity to learn about the culture and to talk to employees.”

GET CREATIVE WITH BENEFITS

As companies race to snag the best employees, many have rounded out their compensation packages with more attractive benefits and perks–say, a flexible vacation policy or the ability to work remotely. Some employers are even offering to assist with student loan repayments. Twillie notes that there are countless ways to negotiate benefits, and that would-be employees can even repurpose a perk that they don’t need: One person she coached asked to put a superfluous relocation package toward repaying her student loans. “If they’re giving you a bucket of money,” she says, “see if you can use it in a different area.”

For parents, another option is to request a bump in pay over the summer, to account for the cost of childcare; and for employees who yearn to be parents, employers might help subsidize fertility treatments or adoption assistance. (“These are really high-ticket, high-price benefits,” Saunders adds.) Both Twillie and Saunders urge job seekers to think outside of the box and ask for benefits that aren’t necessarily included in the “standard” compensation package. “When you’re starting to think about negotiating, it just depends on what your goals are,” Saunders says. “There are some new benefits coming into play that are intangibly valuable–or priceless.”

FastCompany.com | September 24, 2018

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#CareerAdvice : #SalaryGap – 5 Ways to Know If You’re Making Less Than Your #Coworkers …It can be Quite Tricky to Figure Out How your #Salary Stacks Up, But Lucky for You, there are Many Options these Days for Gathering Financial Intel.

September 10, 2018/in First Sun Blog/by First Sun Team

Knowing where you stand in terms of compensation compared to your coworkers can help you understand your value to the company, whether or not it’s time to ask for a raise, and if you should potentially be looking for a new gig.

It can be quite tricky to figure out how your salary stacks up, but lucky for you, there are many options these days for gathering financial intel. Below, find for our top five methods for making sure you’re in the know about where you fall on the pay scale.

1. Know Your Worth™
Get your free, personalized salary estimate with Glassdoor’s latest tool. When you enter in your current job title, employer, current salary, location and years of relevant work experience, you will see the median estimated market value, or the base pay you could command in today’s job market.

That’s right. It’s a real-time tool to see what colleagues with your same qualifications can earn, and the number changes as the job market fluctuates. This allows you to see if you’re underpaid or overpaid, and allows you to determine if you want to ask for a raise. It also allows you to think through the other portions of your compensation package, like how much you value benefits, equity or stock options and the perks of the job.

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2. Job Listings
Many job listings, including ones on Glassdoor, list the salary or salary range for the position they’re advertising. This practice is most common with government jobs, but is also seen in other industries frequently — especially if you’re accessing job postings through a recruiting service.

If you’re able to find a few listings for positions that are similar to yours, take the average and see where your compensation falls. You can also use job listings as a tool to evaluate if people with similar titles have the same duties that you do. If you’ve got way more on your plate than what job descriptions for positions like yours indicate, you’re probably being under compensated.

3. Your Coworkers
While many experts caution against getting too specific with your coworkers about your salaries, speaking in generalities can help you figure out a broader idea of where you stand. Barry Maher, career consultant, speaker and author, notes, “both within the industry and with fellow workers, you have to show them yours before you ask to see theirs. I always advise using the idea of a pay range rather than specific numbers.”

He suggests that a way to broach the subject could be to say something like “I’ll be talking with my boss about compensation at some point soon, and I’m just trying to get a rough idea of what I should be looking for. I know the company doesn’t want us to compare salaries and I can see how that benefits them, but I can’t see how it benefits us. To give you an idea of I’m getting right now, it’s roughly (whatever you feel like sharing). Is that the kind of range you’re in as well?” It’s important to note that you may or may not get an answer, and if you do, it might not be 100% true.

“But if you’re at all perceptive,” says Maher. “And you carefully watch their reaction, you can often tell from that reaction if they think your number is low or if they’re a bit jealous because it seems high or if it’s just about what they’d expect because they’re in the same range.”

4. Glassdoor Salary Reports/Reviews
Glassdoor has a vast database of self-reported salaries available for browsing—for free! If you aren’t into the idea of asking your coworkers about their compensation in a general way, give our crowdsourced intel a try. Not only can you research pay rates at your current company, but you can also check out your competitors’ stats.

Who knows, maybe your company’s rival is more generous with compensation, making a jump over there a no-brainer. Another handy tool Glassdoor offers is a salary estimator. All you have to do to access this is go to Glassdoor.com and click on salaries. Then in the open field for job, just type in your occupation (i.e. nurse or software engineer), and make sure that the city/location field is blank. Once you hit “submit,” you’ll get to see the national average for the job you entered, plus what Glassdoor users say they make. Pretty nifty, huh?

5. Your Network
Personal and professional coach Rachel B. Garrett emphasizes the importance of using your professional contacts to get the full picture on your industry. “Mine your professional network for former colleagues and others who may be hiring managers for positions like yours.” she suggests.

“Try to set up informational interviews with these folks and ask about salary range as part of your conversation. I would aim to set up these conversations with a wider context in mind, beyond the topic salary. You never know — you could get a new job out of one of these conversations so you may not need to revisit your less than exciting salary du jour! “

GlassDoor.com | September 5, 2018 | Posted by Julia Malacoff

#CareerAdvice : #SalaryNegoiations – A Step-by-Step Guide to #NegotiatingYourSalary …Negotiating your #Salary Doesn’t Have to Be Scary.

August 9, 2018/in First Sun Blog/by First Sun Team

Whether you’ve just been offered a job or you’re gunning for a raise, negotiating your salary can be tricky. Perhaps you hesitate because you don’t want to seem ungrateful—you’re happy to have a job in the first place. Or maybe you’re scared countering a salary offer will lead to the offer being retracted. Or, quite possibly, you just hate negotiating altogether. Whatever your reason, we’ve all been there.

Bottom line, nothing should hold you back from negotiating for the salary you deserve. Instead of backing down at the next negotiation opportunity, follow these steps to navigate the dreaded salary discussion.

HOW TO NEGOTIATE SALARY AFTER A JOB OFFER

Step One: Do Your Research On Salary Standards

First, let’s take a step back. Chances are, during your interview process, someone will ask you about your salary expectations. This moment can be super daunting! Don’t panic. Come prepared.

Before your first phone interview, do some research. Scour the web for company review websites (think Glassdoor.com) and look at comparable titles within the company. Then, look at the cross-market salaries of people similarly situated in the industry. Use salary research tools like The Salary Project™ to look at salary data across industries, job titles, and years of experience.

Keep in mind that location is often a major factor in salary. Big city roles can usually command higher salaries because the applicant pool and cost of living are generally much higher. Also note how unique the role is—is this a common position where many people do the same work? If so, there’s probably less salary wiggle room than, say, a specialized position.

Next, evaluate how far you moved the needle at your current job. Make a bulleted list of the things you’ve accomplished and compare those to your original job description. Have you exceeded expectations? If your results are tied to actual company revenue, have those hard numbers handy as well. This is where you’ll humbly explain how talented you are and how your track record proves it.

Not that experienced yet? Be sure you’re fairly assessing the work you’ve actually done instead of what you think you’re capable of doing someday. We know how tough a low salary can be, but keep in mind, you have the rest of your working life to hit your salary goal! Right now focus on hard work and learning.

Be sure you’re fairly assessing the work you’ve actually done instead of what you think you’re capable of doing someday.

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Step Two: State Your Salary Number

“Where do you want to be salary-wise?” the interviewer says so casually, you’d think she was asking if you’d like cream with your coffee.

Stay cool. This is where men and women tend to differ. Men often give a distinct number based off of market research and self-evaluation. Women tend to give a wishy-washy version of what they’d settle for. If you’ve done your market research and you’ve taken the time to validate what you bring to the table, state your requirements in a concrete fashion, then explain why you feel this number is appropriate.

When the interviewer asks if this number is flexible, simply state you’d be able to reassess once you’ve seen the entire packaged offer. Keep in mind, your “package” could include anything from company equity, vacation days, and growth opportunities, to travel, bonuses, and even awesome office perks—free food anyone?

The younger you are in your career, the more I’d encourage you to consider career growth opportunities over money. Early on, choosing the place that is going to teach you the most will give you the opportunity to learn valuable skills, making you worth more in the future.

Step Three: Counter After the Job Offer

Once you’ve received an initial offer you have some serious negotiating power. They want you, and they’d rather get to a number you’re happy with than start the search all over.

Feel free to counter for more money if they’ve come in lower than your original salary requirement. If they have no flexibility in cash resources, appeal for more vacation days, a signing bonus, more equity, or even a greater annual bonus.

Stay within reason—keep your counter proportionate to the initial offer. Remember back to when the recruiter asked where you wanted to be salary-wise? Your counter offer should fall within the ballpark range of their offer, so no one wastes the other’s time. Chances are you’ll land somewhere in the middle.

According to Linda Babcock, author of Women Don’t Ask, only 7 percent of women negotiate their salary while a staggering 57 men of men do. Those who did ask saw a 7 percent increase in compensation. So ask for more, ladies!

Once you reach an agreement, be sure to thoroughly review your offer letter, sign, and return it within 24 hours. And that’s it! You’ve successfully navigated through negotiating your compensation. Stand proud and let the real work begin.

HOW TO NEGOTIATE A RAISE (BEFORE OR AFTER A PROMOTION)

Step One: Be Proactive and Transparent About the Money

Have an open and honest conversation with your manager, months before review time. Let her know your desire for greater compensation. Don’t wait until the day of your review—by then, it’s too late.

Fairly assess your contributions. What have you done to garner a higher wage? Don’t be fooled into thinking you should get a raise before you perform at the next level. Quite the contrary—you’ll need to prove ahead of time that you are capable of more responsibility, before anyone ups your paycheck.

Be reasonable when negotiating salary by suggesting a number, then backing it up. In addition to recapping your latest and greatest projects, be sure to present research on what others in the industry are making and why you feel your work stacks up.

Once you’ve unearthed what a reasonable raise would look like, ask your boss what she’d like to see performance-wise to help you reach that mark. Let her know you’re willing to work for it.

Your salary is never a reflection of your need for more money. Rent, loans, and other bills are not the concern of your manager. Don’t assume you deserve a raise simply because you have bills to pay. Steer clear of making it personal.

Have an open and honest conversation with your manager, months before review time. Don’t wait until the day of your review—by then, it’s too late.

Step Two: Work Hard First, Negotiate Salary Later

Check in regularly with your manager to see how you’re doing. Be proactive by offering suggestions as to how you can take your position to the next level. Keep track of your own progress. The easiest way to get promoted is to do excellent work at the level you wish to be promoted to.

Don’t shy away. Take on more assignments and regularly ask your manager if there’s more you can be doing. Aim to make her life easier; resurrect important tasks that have fallen off her radar, and be proactive about getting her information she needs ahead of time.

Step Three: Network at Work

Learning to network with employees who are a level or two above you is an excellent way to recruit the support of higher-ups. If you’re perceived as having a peer network of more senior employees, you’ll be that much closer to being perceived as an employee at that level. Instead of blatantly stating you have friends in high places, simply refer to projects you’ve worked on where the stakeholders were more senior.

Follow these three steps and you’re on your way to receiving the raise you deserve come review time. The only thing left to do is persevere. Big salaries and lofty titles are the makings of serious staying power.

CareerContessa.com | BY KATE WESTERVELT | August 9, 2018