🏢WorkLife Wednesday: How to get a raise

Welcome to WorkLife Wednesday, where we take a look into best-practice leadership methods to make your WorkLife awesome.

You deserve a raise. Or do you? Before asking for a raise, it's important to genuinely believe that you deserve it, based on the evidence you've gathered. Fortunately, the art of navigating this anxiety-inducing conversation has been studied for many years, offering strategies to ease the discomfort and help you secure the salary you deserve.

Let’s discuss:

1. The Brag Box

2. Be Top of Mind

3. Timing is Important

4. Plan for Negotiations

5. Conclusion

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The Brag Box

It’s easy to accel through the year and forget all of the cool things you accomplished. Then comes December, and your manager schedules that year-end-review on your calendar for two days from now and all of a sudden, you scramble to remember everything that makes you a valuable asset to the company.

To solve for this brain-fart conundrum, create a Brag Box. The Brag Box is a folder in your computer detailing anything that makes you look good. Everything in this folder should be quantifiable results you can point to.

So when you’re asking for a raise, or negotiating salaries for a new job, you can point to your Brag Box as a reference for all of the things that make you valuable to a company.

Pro Tip: Look back at your most recent performance reviews. Ensure that you have addressed any feedback or areas for improvement that were mentioned.

🔝Be Top of Mind

A study published by European Sociological Review in October, 2023, found that the top earners aren’t much smarter than the average person.

The study reveals a strong connection between cognitive ability and higher earnings. However, this correlation plateaus and even slightly decreases among the top 5% of earners. The researchers found that the relationship between intelligence and income is generally strong, but once annual earnings exceed €60,000, this correlation levels off.

So intelligence doesn’t guarantee you top paying jobs, so what factor sets those people apart?

Well, put yourself in the boss’s shoes. The scenario is this:

It’s the end of the year and you’re given the task of delegating 100% of the allotted Annual Pay Raise to your team of 4. Each employee’s performance is excellent. Employee A graduated from Cornell and keeps to themselves. Employee B took an online bootcamp course and acts as the glue to your team, starting conversations, brightening the office’s mood, and always offers help. Employee C graduated magna cum laude, and buys the office breakfast every Friday. Employee D worked their way up from the production floor and organizes the team’s social parties.

How do you divvy up the Annual Pay Raise to your employees?

A. Does each employee get 25% for their excellent performance?
B. Reward those who cultivate working relationships.
C. Reward those who have higher student loan debts.
D. Reward employees who spend money out of their own pockets for the team.

Which of these answer choices really puts you at top of your boss’s mind? Probably Answer Choice “B”, right? It’s more important to go out of your way to help others and bring the team together. THIS is what separates you from others. When you’re known as the team player, the time will come to ask for a raise, and the decision-maker (your boss) knows it’s time to pay up to keep you around.

⏰Timing is Important

Choose an appropriate time to ask. This might be during a performance review, after the completion of a big project, or at the start of a new budget cycle.

Consider the financial health and performance of your company. If the company is thriving, it might be a good time to ask. If it's struggling, you may need to adjust your timing and expectations.

⚖️Plan for Negotiations

You may not be met with the same admiration for… You… as you expect, and that’s OK. Be prepared to negotiate. Decide in advance what you will do if your request is partially met or denied. Consider if there are non-monetary benefits (like more flexible working hours or additional vacation time) that you'd be willing to accept.

Pro Tip: If negotiating salary in a job interview, consider negotiating a sign-on bonus. This is especially beneficial if you’re planning on being in a role for less than 3 years.

🎯Conclusion

Preparing for a salary negotiation, whether for a raise or in a new job offer, involves more than just a belief in your own worth. It's about gathering tangible evidence of your contributions, understanding the nuances of timing, and being ready to negotiate.

The Brag Box strategy is an excellent tool for documenting your achievements and providing quantifiable evidence of your value. Remember, intelligence alone doesn't guarantee top pay; it's often those who foster strong team dynamics and go the extra mile who stand out.

Finally, understanding your company's financial health and being open to alternative forms of compensation can be just as important as the raise itself. With these strategies in hand, you're not just asking for more money; you're demonstrating why you're an indispensable asset to your team and the company.

_{Written by Bailey Hepler}

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