1. Know Your value
So the concept of "know your value” gets thrown around a lot - but like, what does it even mean? How do you actually quantify that in dollar terms? GREAT QUESTION - so glad you asked!
So, first things first:
-PAY WEBSITES The likes of Glassdoor, Payscale and Syndio can help. But - be warned, they give a huge range and depending on your seniority, have varying degrees of accuracy. But having said that, it’s a great place to start to get a sense check
-RECRUITERS For a more accurate reflection of the market value today - talk to a recruiter who lives and breathes salaries, job descriptions and compensation packages all day! We recommend you speak to a recruiter at least once a year. This will ensure you can suss out where you sit in the market
-DR GOOGLE The old “google it” comes in handy when it comes to salaries too (who knew?!) Let’s say you’re offered a Marketing Director role at a tech company. Google “Marketing Direct “INSERT COMPETITIVE TECH COMPANY NAME HERE” so you can get a sense of what similar companies are paying for rate role
“Speak to friends and colleagues”
-ASK AROUND Speak to friends and colleagues - This step is CRUCIAL. Get comfortable talking about money. Money makes the world go around - and if you’re going to be one of the ones making it a spin, you gotta make these type of chats your friend.
Talk to your friends, superiors, people you admire and ESPECIALLY - talk to men. White men. Because - they make the most. So hit them up.
2. Track Your Success
Record everything. Bosses are busy. They’re not going to remember all your wins - but make sure you do. Any negotiation you walk into, you should bring 3 clear achievements.
Know these achievements and their supporting data like the back of your hand.
Most bosses are results-oriented. Your ability to make an argument for more pay begins with your ability to document and quantify your success. In other words, write it down and add it up!
There are a few ways you can do this, you can keep a diary, use a google sheet or even better - use the PepTalkHer App. It’s free, simple & collates all your wins in one spot. The App will send you prompts, reminding you to reflect on your successes. It helps you track your projects & their impact on the company. You can press one button and print off your dossier of achievements to take into meetings.
For example, did your big presentation lead to $5,000 in additional revenue? Maybe you took on additional responsibilities when a co-worker left. Or did you save the company money when organizing an event?
Write it all down in the app. Come pay raise time, you then have the data to hand! The most compelling argument for a pay increase is proven success. The more numbers you can bring into your success the better - your boss can’t argue with facts.
Seriously, you should be talking about your key successes in your sleep. Be sure to track achievements that contributed to big company goals. Show you’re thinking about the company’s bottom line and not just your own job description.
3. Wish, Want, Walk
So every time you walk into a negotiation, you need to know these 3 numbers:
WISH, WANT WALK.
Here’s what I mean:
WISH - The CRAZY figure, that is scary to say out loud. (Also known as your “F*%K off number!”)
WANT - The number you WANT to be paid. This figure will make you happy to get out of bed & work hard!
WALK - The figure where you think - “you know what - not worth it - I’m outta here.”
Having these numbers to hand will make you feel confident and be clear on your parameters when the salary question comes up.
Want a cheat sheet full of tips? Download the epic PepTalkHer Pay Raise Cheat Sheet here if you're looking for some extra help.