How to Win at Pay Raises: Tactics for Women in Business

One day while traveling, I read in an airline magazine (remember those?) that in life, you don’t get what you deserve, you get what you negotiate.??

But my mother used to tell me, “Daphne just do your job well, the boss will notice you and you will get what you deserve”.? True or False???

Sixty-six percent of American workers fail to negotiate pay, and that? costs the average worker a million dollars over the course of their career.??

In addition, I have read that 100% of employers lowball on the first offer.?

You should always negotiate.?

Employers expect it, and those who negotiate are looked at as high performers. Why?? Probably because they stand out by doing what majority of people (mostly women ) do not do.?

Whether you are seeking compensation for a new role inside or outside your company, or are looking forward? to having a salary increase on your current role , it’s a conversation you want to be prepared for.?

First of all— Your compensation is based on a multidimensional assessment of you. That assessment is a combination of your current performance AND your career potential or runway.

Let’s start with PIE— What is PIE??

Performance: Do your job, understand your boss’s /organization success metrics, and do your best deliver value early, under budget, or at scale. Out perform and over deliver.?

Image:?Your brand or image is defined in most part by how you “show up” , your EQ, how you handle conflict and setbacks, how you lead and how strategic you are, etc.?

Exposure:? is about knowing people who sit in the seats of power, if they know you in positive and strong ways and are willing to speak on your behalf. The stronger all 3 of the PIE are, the better your odds are having a successful compensation discussion when you are ready.?

Be Prepared:??

When its time to meet with your boss or prospective employer, focus on being succinct on how your performance enabled 2 things:?

1) Organizational impact (culture, capabilities, engagement, retention) and?

2) Business outcomes (revenue, gross margin, speed /efficiency, customer growth and nps, etc )??

This lets them know “what you have to offer” and the value you demonstrated a capability to provide.

Show how you and/or your team delivered quantifiable value under your watch. Did you improve efficiency by 30 percent? Maybe you drove customer profit contribution by 20 percent in your territory? Did your team gain greater digital, AI, agile competencies they didn’t have before??

?Toot your horn—now is the time.?

Where do you start??

The first step in this? battle of the wills is to arm yourself with market data. You want to know how close or far away your compensation is from the median or average peer of yours. To get this info, ask your friends in HR (outside the company), current job postings, HR industry database, or recruiters.?

See what your current or desired position wields in total compensation—and not just salary alone.??

Getting equity (stock, RSU, Options) can be a significant accelerator to driving inter generational wealth as that asset you receive will grow as the company grows. Know what the market data says.?

What not to do?? DO NOT go to the compensation discussion, delivering an ultimatum, complaining about your mounting bills, or whine about unfair compensation.?

DO NOT compare yourself to Janet or Basil—and how much they make. You must? stand firm on your record, and represent yourself.?

DO NOT accept the first offer.??

Never give them a range because they may offer you the bottom—that often happens. Ask for what is top of the range. (You know the range because you benchmarked the market.)

DO NOT get an offer from one company and try to get your company to match it. They will never trust that you are not continually out in the market looking for another job and your brand/image may become tainted.?

Have a “Plan B” or a BATNA—Best Alternative To a Negotiated Agreement—in case they say that salary or job title is not negotiable.?

If they say, for example , your salary is not negotiable, then negotiate equity, extra vacation, relocation, freezing of eggs (that’s a real thing) , school financial support, financial planning services, etc.?

Negotiation is not a fight, it is a skill. Do not lead w attitude or be angry that you are having to negotiate in the first place.??

Smile and have a very pleasant and business like demeanor. Lead with your growth mindset.? You will advance further than if you bring a fixed mindset.?

Finally, Always know your worth.?

If your employer doesn’t value you, someone else will. If you feel strongly, know that you are undervalued , and you are indeed a shining star with PIE,? then do not settle for the status quo.?

Always Find A Way To WIN.