Show Me the Money!
By: Ruby Sokol
Asking for a raise is more often than not perceived as cringe-worthy, uncomfortable and deters professionals from going after what they deserve. Feeling worried about seeming greedy or simply too scared to have the conversation is stopping many from achieving salary and bonus increases, promotions, or something of importance that makes one feel valued and optimistic about work.
The statistics around people not asking for a pay raise and specifically, women and diverse groups, are astounding. It boils down to being intimidated to step out of one’s comfort zone and not having the confidence to do so. Having open conversations about pay should not cause anxiety. It should empower candidates to go after what they deserve.
Know your market value!
Having knowledge in your specific market about what is typical and what is not, is important, especially when it comes to salary negotiations. Recruiters are market specialists and able to make informed recommendations about what a client should be paying for a specific role or what a candidate should be asking for when seeking new employment or a raise. Recruiters have extensive market insight - they are speaking to people every single day in the space and very often come across candidates who are getting paid 20%- 40% less than their market value.
Do your background research and ask questions. For example, ask “How much is *Company A* looking to pay for someone at my level?” Never disclose your current salary, as in most cases, it would be a disadvantage and open the door to a lower offer.
Negotiating a job offer!
It is very important to know your market value. Typically, if you have been given a job offer, you are in a position of power. If you have communicated what you are looking for from the start of the process and the offer comes in lower than expected, then absolutely negotiate. Time, money, and effort go into sourcing, interviewing, and closing qualified candidates. Organizations in this market are open to negotiation, especially if you have shared your salary target at the start of the process.
It is not a ticking time bomb!
Do not feel the need to give an answer straight away! If you are uncomfortable having this conversation verbally then the best way is to buy time to digest the offer and come back via email with a counteroffer that is compelling to make a move. Particularly, if you are interviewing with other companies for a similar position, you will have a good idea of what your market rate is or which opportunities you should avoid.
Be prepared
Be prepared going into the conversation with a clear idea of what you are looking to get out of it and support this by highlighting areas where you have made a big contribution. In most cases, you will be able to tie this back to KPI’s or goals that were set with your manager. Having open and honest conversations about your pay throughout the course of the year and not just waiting until your yearly review will keep this top of mind with your manager that you are working towards that raise.
New York Employers as of April 2022 will have to disclose salary bands on job posts; helping candidates one step closer towards pay parity. Conversations around salary do not have to be painful! Have open communication about pay with your manager, know your market value when looking for a new job and if you are not sure, then speak to a recruiter who specializes in your market space. These conversations have to be normalized and embraced if we are to get closer to pay equity and for women especially take control of their money!