6 Tips to Get that Raise and Promotion Into Year End
As we enter the fall (and new school year!) and gear up for annual performance reviews, your compensation and a potential promotion may be top of mind. I want you to be able to go into these conversations knowing what you’re worth and ready to ask for what you deserve.
My advice to nail these sometimes tricky conversations? Be aware of the energy you bring into the room and have a thought-out plan. Here’s how:
Focus on Communal Benefits
Studies have shown that employees who negotiate communally, with an eye toward what is best for the organization instead of just what is best for themselves, have a better chance of success. So, in addition to discussing why you deserve the promotion and salary increase, you should talk about how your talents and experiences add value to the company.
Know Your Value
If you feel uncomfortable negotiating on your own behalf, knowing exactly what you’re worth according to the market can help you feel more confident. The more we’re willing to have open conversations about our worth, the more we can work to close the wage gap. If you feel uncomfortable speaking with peers in your industry, two other resources can give you a sense of what your peers are making: LinkedIn (!) and recruiters.
Know All the Levers
I find that in negotiations, we often narrowly define “compensation.” There’s more to a compensation package than just a salary and benefits — there are also often overlooked perks you can push for if the Company is not willing to go higher on your salary, like a flexible schedule, educational support, stock options, vacation time, or life support.
Time it Right
No matter who your boss is, it’s always a good time to ask for more money and/or a promotion if you’ve recently had a big, high-profile win at work. People in the company will know about your accomplishments, and your boss will not want to lose you. This is a time when you shouldn’t wait for an annual review to ask for the raise or promotion you deserve. Instead, seize the moment when you have a lot of momentum and power.
Get the Data
Negotiations should always be more objective than subjective. Prepare concrete evidence of the value you’ve created for your organization. Sometimes, your value is not tied to a specific product or project. For example, it may be that you’ve created a culture for your team that has resulted in improved morale and retention.
Represent
And for the women reading this, research tells us that women outperform men when negotiating on behalf of someone else. So, think about how you would approach the conversation if you represented your best friend or sister instead of yourself. Then, take that confidence and conviction and apply it to you!
If you try any of these strategies in your next negotiation, please reach out to tell me how it went! Good luck! Stay connected! For career insights, book recommendations and a roundup of interesting stuff that's on my radar, sign up for my monthly newsletter.