The Secret To Getting The Raise You Deserve
You are your biggest advocate.
Are you underpaid?
Asking for a raise can be gut-wrenching.
But there’s good news — unless you’ve been asking for additional money more than quarterly and/or are underperforming, it basically can’t hurt if (if you go about it properly)…even if you don’t get a raise, this time.
I say basically because if asking does “hurt” you (the worst case scenario being you lose your job), it’s a blessing in disguise — short term pain to show you that your current gig isn’t the one for you (if you’re reading this).
One of the most important parts of getting appropriate compensation is a strong belief in yourself.
Many women particularly are raised to “people please”. This is arguably the opposite of negotiation. Behind the indoctrination of “people pleasing” is the idea of showing respect to others. Well, I contend that it is just as important to have respect for oneself. Both forms of respect are important in discussing finances.
My friends are constantly amazed at the things I “get” in life — the main thing setting us apart…I ask more.
Guess what, I also hear “no” more, but…
The executive team at a company of over 500 employees once had a line item in the quarterly budget it presented to the board for “Andy Wolfe’s salary.”
And I raised over 100 $35K checks for my startup.
In all probability, you’re limiting yourself based on a fear of asking for more. In most cases, the worst that happens is getting a “no” — a very important word to become accustomed to hearing in life. There is no shame in being told “no” (even though your ego will try to tell you otherwise) — I posture that it’s a prerequisite for success since most answers are not “yes", and we rarely get more than we request in business.
I once sold satellite TV door-to-door in Australia. “Success” was closing 1 in 100 deals.
These notions can be difficult to reconcile with spiritual beliefs; operating in a capitalistic society, I believe it’s important to ask for what you need.
And science backs this up, too, showing we get what we ask for, not what we deserve. In fact, we’re 80% more likely to get what we want by asking. People like helping. And when we hear “no”, it’s less about us, and more about the other.
It’s completely normal to feel afraid to ask for more. It’s often related to a deep fear around rejection, the opposite of the approval and love we all need to survive.
I invite you to acknowledge that mindfully, without judgement, and keep going 😊.
Coming up with some nice backup options you’re excited about can be helpful for the fear — e.g. become a barista, rent your place & travel, become a monk (this has been mine for years), etc.
Okay, so what’s the secret after you get past the fear?
And here are the logistics.
Before you start, it’s helpful to wrap your head around the system — everyone has a boss (including your boss), and you're rarely asking your boss for their money. Even if you’re talking to a bootstrapped entrepreneur, chances are the cost of the raise you're requesting means much less to them than it might to you. And it’s important to not think about the money as cost; we’ll be framing it as return on investment (ROI).
Step 1 — Quantify All The Things
Write down, and quantify, every single thing you have done for the company to add value — from big to small. I keep everything like this in a well-organized spreadsheet so you can easily sort, filter, and copy/paste to the relevant medium. After you set this up the first time, I keep a weekly reminder on Friday afternoon in Asana to update it. This comes in really handy when it comes time to update that ‘ole resume.
Step 2 — Know Your Worth
Look up your market worth — do some Google searches for salary ranges for your position (check the name variants), with your level of experience/proficiency, for your geography (this is getting trickier as we become more and more remote — I often look nationwide, in the city where the company is based, and the city where I’m based).
You can also lookup roles you think you’re qualified for to see the pay, but it’s worth saying here that I’m not a fan of getting a competing job offer to try to receive a counter. You don’t want to have to cheat on your partner to get their attention, do you? It’s often received poorly in the workplace (it is by me), and I personally wouldn't want to work somewhere that wouldn't make things right without this step. Plus, it’s a lot of extra work!
If your company has compensation bands, level descriptions, etc., this will all be helpful.
Step 3 — Make Your Case
It’s time to make a little business case for your boss (that’s really for their boss). Keeping in mind it’s likely not their money, you want to make it easy for them to convince their manager that you need a raise. A short deck (no longer than 10 slides) is great. Highlight your achievements, quantify the value you generate for the company, show what you think you’re worth (I like to give the company a 10x return on my output), present what you currently get, and ask the business to cover the gap. Afterall, why shouldn’t it?
If your company has regular review and raise cycles that feel fair, bring this piece of collateral to those meetings. If not, let your manager know sometime that you’d like to discuss your compensation in a follow-up meeting, and ask if that’d be okay (I generally don’t advise proceeding if they decline — don’t worry, if you’re valuable and they’re a good leader, they generally won’t decline and will be feeling a bit nervous at this point about making sure they can keep you as a happy employee).
Now, if they’re not a great leader, you might also want to check out the post on the Unhappy Wage if things aren’t otherwise stellar. One of my first bosses told me, “people don’t quit companies; they quit managers.”
Rehearse your presentation lots, get a good night of sleep, make plenty of time for your healthy morning routine, and go get ‘em. I recommend practicing staying in the body during the meeting…connecting with the feet on the ground, the seat, etc.
Step 4 — Have A Plan
Your manager will rarely give you an answer on the spot, and you will rarely get an immediate raise. Between budgets and bureaucracy, there will likely be a timeline to getting you less than you request (keep this in mind in the request). That’s okay — get really specific with your manager about what that timeline is, if there are any additional accomplishments you need to achieve in order to get there, etc.
Beware of interim perks like extra vacation days or say, paying for coaching to help with these type things 🙃 (but really, if you feel seriously undercompensated, I often work for commission).
While it’s okay to accept the stop-gap solutions, make it clear that this doesn't change your compensation goals. Hopefully you can make a plan you both agree on, stick to it, and then…
…but don’t actually do this.
Now, in the event that you get pushback in the meeting, here are some lines…
I really love my work here. And I don’t feel valued. I want to wake up excited and motivated to come to work in the mornings.
If they really push back…
Can you help me understand why you think my current compensation is fair?
And the nuclear option…
This feels unfortunate, and I’m feeling motivated to look elsewhere…
Now, before delivering that last line, it makes sense to have already started that search and have options that excite you. And I write all of this here because it’s important to understand the possibilities. Sometimes things can go this route. It’s important to be prepared for that possibility. If you’re not, this process might not make sense for you.
In which financial circumstances might it make sense to separate with the company? If you’re asking for a 25% raise you feel you deserve, for instance, you can literally take 3 months off before starting a gig elsewhere with the salary you want and call it a wash for the year…and so on.
Feeling a little overwhelmed? That’s normal. One thing to try is visualizing success. After you’re able to run through all the things above in your head, you might try the coffee challenge — the next time you buy a coffee, ask the barista for a 10% discount. No telling them why or explaining; just try it. If you can get comfortable with this, you’re on your way.
If you’ve gotten this far, hopefully you’re just a little closer to taking that first step…this calls for celebration!
Thanks for reading,
Andy
