For most people, requesting a salary raise activates anxiety immediately. When preparing for the conversation, we are often flooded with feelings of self-doubt and insecurity. Many of us tend to question our worth or get distracted by catastrophizing: “what if I don’t get the job offer”, “I’m sure I’ll be blacklisted for asking”; “Who am I to ask for more money”; “I should just be grateful.
Feeling the need to ask for more money is a tight rope that most of us have traveled on at one point or another in our careers. However, at the end of the day, we know we’ll kick ourselves if we don’t at least try. So, if you’re interested in overcoming salary anxiety, keep reading for my proven guidelines on how to effectively make the salary ask while employed or during the interview process.
WHAT TO DO IN AN INTERVIEW
It’s All About Timing
Wait until the end of the process once you are sure the company wants to bring you on board. At that point, you have the most leverage. When you are ready to make the ask, come armed with data.
Come Armed with Data
Doing your due diligence ahead of time is key. Know what the position currently pays. As a skilled applicant, you must know you know you are worth the value equal to the roles and responsibilities you will be given. Now, you just need to prove it. Gently inform your potential employer that your request is reasonable and based on your skills and experience as outlined in your resume. Show that you’ve done your research on what others in your position and industry are paid for corresponding roles. Pro Tip: Use the five sites below to learn what your position typically pays.
Once you know what your position should pay, reference it in your negotiation.
Show them you’re worth It
Share 2-3 quick, but powerful, achievements that demonstrate your ability to exceed expectations. Your accomplishments will help you shine and justify your ASK. For example, say “By working cross-functionally to design and implement a new account price quoting process for sales representatives, I increased gross margins across all group lines of business by +$8.5M.”
Share your Excitement
Companies, like people, want to feel special. Make sure that you clearly express your desire to work for the company. Re-iterating interest in the company is a good lead in to a good salary discussion. For example, say “I want to work here AND I would like to discuss further…”
Be prepared if they ask first
Sometimes companies like to get ahead of the salary question by asking “what are your salary requirements? If asked directly about your current salary or your salary expectations, you want to avoid getting boxed in with a number. I recommend turning the question back to the hiring manager. For example, say “I’d really like to answer that question after I’ve learned more about the expectations of the position. What is the range of pay that you’ve slated for the role? I can let you know if my salary requirements are within that range.”
WHAT TO DO IN YOUR CURRENT POSITION
When you’re asking for a salary increase for your current position, it is still all about timing. You should definitely execute your ASK when you are standing pretty in your job. For example, when you’ve nailed a project deliverable or exceeded a significant goal. It is a delicate dance to ask for a pay raise while currently employed. A lot is at stake. Regardless, in everyone’s career, if you haven’t been offered a pay raise, you will find yourself in the position to ask for it. I recommend the following 5 steps when it is time to make the ASK.
- Set the Stage: Describe your current situation and what has brought you to the point of the ASK. Allow your manager to stand in your shoes and gain some perspective on where you are coming from. For example, say “as you know, I’ve been in my position for five years and I have continuously taken on new roles and responsibilities without additional compensation. I am now asking for a salary increase indicative of my responsibilities and what this position typically pays.”
- Showcase Your Achievements: Like in an interview, your past accomplishments speak for themselves and allow you to stand out from your colleagues. Share your results-driven outcomes to drive home that you are an asset to the company and to the team. For example, “I overhauled our brand to reach new audiences which resulted in a 30% increase in online impressions and engagement year-over-year with no increase in budget or resources.”
- Make the Ask: Be specific in what you want and aim high so that there is room for negotiation. Share what research you’ve conducted on competitive and fair wages for your position and industry. For example, say “according to Glassdoor and Salary.com, a Sr. Client Account Manager in Idaho typically gets paid in the range of $95,000 to $145,000 a year. I am currently making $85,000 a year and am asking for an additional $25,000 a year to bring me up to a competitive and fair wage.”
- Conclude: Wrap up your ASK by reiterating your commitment to the company and your desire to excel in the position. For example, say “Since joining the team, I’ve met the changing needs of the program with enthusiasm and dedication. I am committed to our long-term success, and I want to continue to play a key role in our growth. I’m looking forward to developing new and innovative client solutions if you’re willing to further invest in me and what I have to offer.”
- Try a Different Approach: If you get the sense your ASK is going to be rejected, try asking for it based on performance results. For example, ask for the first half of the salary increase now and the remaining increase after meeting certain milestones.
Now you know salary anxiety doesn’t have to hold you back you can use the guidance I have provided here for other asks as well including requests for a larger bonus, the ability to work remotely, or money toward continuing education. Just make sure that you are prepared for this difficult and oftentimes awkward conversation by writing out a script or conducting a mock ASK with a friend.