Are you a great employee? Do you work hard, add value to your company and believe that your salary should reflect your contributions? Do you want a raise? The biggest block for most women is just working up the courage to ask their boss for a raise.
This can be particularly hard for women but the stats show that women who asked for a raise are 54% more likely to receive it than women who don't (Business Insider). And if you are doing great work and supporting your company to meet its objectives why shouldn't you be compensated for it. It's time for a mindset shift ladies!
If that doesn't convince you to go for it, consider this, a one-time $5000 increase to your salary can really change your entire life:
And even if that didn't give you determination to ask for what you deserve consider this. You as a women are making approximately 20 cents less for every dollar that your male colleague is making for doing the same job!!! If you are a women of color that number is even more frightening. In fact, let's look at this in the number of days it would take a women to work into the following year to make what her male colleague earned in the previous year.
"a typical full-time, year-round employed black female worker starting on January 1, 2018, would have finally earned on August 22, 2019, what a similarly employed white male worker would have made over the course of 2018 alone."
Check out the full article here.
So, what is the first step to negotiating a raise?
1. Change your Mindset
Be honest with yourself. Are you really doing a great job and meeting or over delivering on your mandates and supporting the company? If the answer is yes, than you need to get over your limiting beliefs and make the decision to ask for the raise.
2. Do your homework.
You will need to justify why it is that your employer should give you a raise.
For more info on the preparation check out this article
Tip* When preparing your plan try the breifcase case proposal method to support you. See video below:
3. Set the Meeting
Be clear and communicate with your boss. Let them know that in a month's time (You will need some additional time to prepare) that you would like to have a meeting to discuss how you feel like you have been a top performer and would like to discuss compensation. Take this opportunity to ask your boss what you'll need to bring or prepare to make this a fruitful conversation. This is a great opportunity for him to outline some company issues so that you can add this to your plan to solve them.
Schedule the meeting.
I know that this may feel a little weird but it will pay off. Get a friend or a family member and practice your script. You will also need to expect that there will be a negotiation so anticipate some of their possible responses so that you can practice.
Run through this as many times as it takes until you feel more comfortable with the script and what you are presenting and that you can deliver it confidently.
For some more in depth examples or word for word scripts visit the I will make you rich website here.
5. Ask for what you deserve.
Have the meeting with your boss, fully knowing that you are completely prepared, you know worth and what you can bring additionally to the company, so now go get your raise.
Note* Absolute worst case scenario ~ your boss says no to your proposal. What do you do? Tell them that you would like to understand why your proposal is not meeting their expectations and does not bring the value to justify what you are requesting. Ask them what it would take to do so. This puts them in the position to define a quantifiable expectation. Once this is clear, agree with them in advance the implementation timeline and confirm the salary. Go out, implement and then claim your raise. This is a no lose situation, you have shown enthusiasm and proactivity in your position and clearly laid out your intentions to grow within the company, you have set out the expectations and compensation with a timeline and you will be rewarded for your efforts.
If you want some additional tools, tips and scenarios, check out this full article.
Finally, You must have a listen to this podcast with Ramit Sethi and Tim Ferris starting at 11:43 where he runs through the exact word for word script to negotiate a raise that has been tested with tens of thousands of people, trust me, you want to hear this!!!!!
Check out the full podcast for a ton of other useful information that can only add value to your life.
Check out these books on the topic:
Please do let me know if you have found this helpful and I would love to hear some real feedback from you ladies putting this into action and what results you achieved. Go for it ladies!
Design YOUR Life ~ Be You. Be Authentic, Be Sharp