Redemption In The Great Resignation?

“I’m going to have to start interviewing.”

Concerned I asked, “Why do you say that? What’s happened?”

**********

Late last Summer, a former client reached out with the pressures of The Great Resignation showing up in full force.

In her case, she was nearing the two-year anniversary of starting with her dream company. The recipient of promotions and increases in responsibility, she was on an upward trajectory!?

But no raise since the original hire.

Hmmm…

On the positive side, she was glad to still be employed with the company she valued and appreciated, especially since she had survived the biggest dips and turns of the rollercoaster that has been the pandemic.

And yet, with another fourth-quarter staring her in the face combined with rising inflation, it was getting to where she couldn’t help but look for other opportunities.

Time was of the essence. We had to evaluate and work through the two obvious scenarios:

a.) Interview and leave to get the raise

or?

b.) Negotiate and stay

**********

Before I share which option ended up working, I want you to do a little self-evaluation in case you find yourself in her shoes:

• Is the company culture one that you still want to be a part of?
• Can you still make an impact in the organization?
• Are you respected by the leadership?
• Are the increases in responsibility (daily tasks) aligned to your career goals?

If you can answer “yes” to half of those questions, you should attempt the salary negotiation to stay.

If you cannot, then it may be time to look up and see what else is out there.

**********

Deep down, my client wanted to stay. She really and truly liked the team. She appreciated the great strides the organization had done to re-structure leadership and they were creating a pathway for her.

She just deserved to be paid more.

Negotiating for an internal salary raise can be challenging because you have to understand the How, Where, When, and What.

My client was able to achieve her 25% base salary increase, a bump to the Executive Bonus Plan, and last year’s bonus payout came in at 110%.?

HERE’S HOW I COACHED HER TO DO IT:?

In the timeframe I worked with this client on her salary negotiation, there were at least three critical company changes that altered the “how + when + where” to discuss this sensitive topic.

So let’s start with the thing you can control the most:?

WHAT?—

You have to know what the market is yielding and do some research on current compensation ranges. Check your emotions at the door. Gather facts and don’t infuse drama of your creation. You already know you’re underpaid, so the point is to find quantifiable reasons to prove the market has shifted from what your employer thinks or believes the market rate is at for your role.

If you’re not connected to a recruiter network to understand the going rate for your role, these are additional resources where you can gather salary data:

• salary.com
• glassdoor.com
• Search for job openings on?linkedin.com?or?indeed.com?with your title and find the ones that include comp in the job description.??

Document what you find because it needs to be in writing.?

Then you’ll want to draft a letter that is focused on having this conversation with your manager. Think with the flavor of a Cover Letter because this needs to be “formal” and not “just an email.” When you take it seriously, their response has to posture up to match.

The letter should focus on the request, the proof of your accomplishments at the company, and the research data. No need to write a novel; stick to two pages maximum.?

WHEN?—?

The best time for the internal compensation review is near the annual review period or promotions. If you cannot wait until that time frame, then be conscientious of your manager’s schedule and work with it rather than against it.

WHERE?—?

The preferred location for the conversation is in-person; however, based on circumstances a virtual meeting might have to suffice. A phone call is the last option, but better than not having the conversation at all.

HOW?—?

By the time you get to have the conversation, your manager will have read your well-written, greatly researched, and poignant letter about your value and merit to the organization. Surely they will just say, “Here’s the money. You’re right!”?

Great if they do, but highly unlikely.

Be prepared to listen well. There are plenty of valid reasons companies may not have the appropriate funds to bring your compensation up to what it should be based on market conditions. If they are smart though, they will do their very hardest to find the money since it costs a company about one-third of an employee’s salary to replace him or her.

Even if the initial conversation is not heading in the direction you want, recognize that the most critical outcome of the first meeting is that the manager will go and discuss your compensation with HR and Finance. While that is going on, remember these Key Components To Success In Salary Negotiation:

• Patience
• Persistence
• Empathy

My client had attempted to discuss her role and compensation with her manager a few times. She didn’t scoff or get emotional that the answer wasn’t in her timeframe, but rather was?patient?with the process.

She?persisted?mentally that she was worth more in compensation and continued to have appropriately timed follow-up conversations.

She remained?empathic?at a critical moment when the manager had some sticker shock from the requested percentage increase in base comp. Emotions can be high on each side of the negotiation table if we’re not careful. Perhaps your manager also needs a base comp increase! A company does have a budget, so be empathetic and persist in kindness that you’re worth the requested compensation increase.

The great moral of this real-life client's story is that she asked.?

And by her merits and the company’s recognition, through?negotiation,?she did receive an amazing compensation increase.

Do you need to start interviewing or start negotiating?

Article originally published on the blog for RP4C.com Follow Michelle Rademacher and the RP4C Company Page for career coaching advice.