Negotiate and don't be Intimidated
I never leave money on the table.
One of my strongest skills in corporate America, especially during my tenure as Director of Finance, was negotiating. I didn't just negotiate contracts with the vendors, but to also negotiate with anyone that would benefit me as well. So, why not ask for a discount, or a higher raise, when you know that you can get better? Is it the fear of hearing “no” or do you just need to learn the art?
One of my highest pay increases was around $10K. I did not get this pay increase from switching jobs nor getting a promotion, but just by asking for more.
How did I do it? By having confidence in myself, my experience and my abilities.
Making such a move, I know, takes courage and confidence, both of which I was always shaky on. But when it came to believing in myself and what I deserved, I was willing to face my fears and step over self-doubt to get it.
Let me share how I got this bump in my salary:
1)I looked at the work that I was doing compared to my job description
2)I did a comparative pay rate with all the criteria at Payscale.com
3)I compiled proof of what I had been doing, including the praises from my bosses and coworkers, and any accolades and awards I received
You should also:
4)Present your request to Human Resources (Depending on your relationship with your director/boss you can end up feeling either accomplished or depressed. If your boss is that type that won't hear a word that you are saying, skip them and go straight to HR). If your organization cares anything about human capital, they will address it.
On the other hand, if you have a good relationship with your immediate management, make sure you share your concerns, research and file with them. Get their by-in.
5)Give them 1-2 weeks to discuss and review your requests
6)Follow up in writing and in person - after the 2 weeks follow up again. One of the worst things an employer can do is leave someone they claim to value, hanging in the winds. If you find yourself in this place, follow up every 48 hours. Work may get in the way depending on timing, so make sure to put it on your calendar. You are worth it!
7) Do not stop or adjust your performance. No matter where you are in this process, stay true to who you are, your work ethics, make your employers see why you deserve it and continue to believe in you.
8) This entire process should take a month or less depending on your work environment.
Many organizations are short staffed, and you may be doing a job that requires 2-3 people, but this doesn't excuse the fact that you should be paid for what you are worth and the work that you are doing. Ask and wait for an answer.
If money is what you value, then not being compensated correctly will never sit well with you. You will be there only because you are comfortable and have a sense of security. Keep in mind what you value most will cause you to be unhappy. So, if it is money you value as opposed to job satisfaction, begin to look elsewhere.
References:
Margaritis, P. (2021, January 25). Change Your Mindset: Successful Negotiating in Corpor
ate America on Apple Podcasts. Retrieved January 23, 2021, from https://podcasts.apple.com/bw/podcast/successful-negotiating-in-corporate-america/id1127514117?i=1000506488603
https://petermargaritis.com/wp-content/uploads/2016/01/Successful_Negotiating_in_Corporate_America.pdf
Doyle
, A. (2020, January 14). What Employees and Employers Need to Know About Negotiating. Retrieved January 26, 2021, from https://www.thebalancecareers.com/negotiation-skills-list-2063760
Sammer, J. (2020, September 13). When-and How-to Negotiate Benefits with Workers and Job Seekers. Retrieved January 26, 2021, from https://www.shrm.org/resourcesandtools/hr-topics/benefits/pages/when-and-how-to-negotiate-benefits-with-workers-and-job-seekers.aspx