I haven’t been blogging for a bit, mainly because I’m bumbling around like a maniac figuring out how to get my Career Kitchen podcast off the ground. (Tech= not my friend.). The goal here is to provide you, dear reader, with more 360-degree career tips and advice. What do I mean by that? I want to help you with all aspects of your career, not just the transition piece I’ve mostly been focused on lately. I do a fair bit of work in many areas – salary negotiation, asking for a raise, leadership development and navigating the workplace, to name a few- and I want to make sure that’s a big part of what I’m bringing you each week.
And I thought- while I’m fumbling around learning how to edit a podcast (oh boy), let’s get started giving you the goods NOW.
I’m hosting a free live “Show Me How” call with Q&A on February 7th on #GettingtheRaise (details to register are here.) let’s start by giving you exactly what you need to make that call a working call and get moving toward your raise. In other words, I want you to have the right information in front of you so you can use what we’re talking about on the call to get to implementing and ACTION right away!
So, what do you need to hit the ground running on TUESDAY with me?!
- Median Salary: To get a down and dirty example for a potential raise, you want this for your job in your metro area with your level of expertise. I usually recommend people use all three sites that offer this data, knowing that the reality is probably somewhere in the middle. Those sites are payscale.com, www.glassdoor.com and www.salary.com. (Payscale offers the most comprehensive view, IMHO because it asks you fro years of experience, budget you manage (If applicable), and type of employer which the others don’t. There are questions of gender and ethnicity in there, which you can choose to not answer if you wish as well.) You can also check any professional associations you’re a member of for data, ask a mentor, or ask friends or colleagues in the same kinds of roles at other firms. It’s not an exact science, but if you get enough of these data points, the picture becomes clearer.
- Advanced Tip: I always recommend to clients that they pay attention to available opportunities regardless of their satisfaction levels at their current company. So, you can also go on informational interviews or real life interviews to get a lay of the land and see what you might fetch elsewhere. After all the quickest way to get a big bump or raise is to switch companies. What do you have to lose by seeing what’s available for your skillset and expertise?
- Average increase at your firm. From my experience personally and working with clients and fellow co-workers, there’s an average raise, but that doesn’t mean there’s not more for top contributors.
- Your Contributions. It’s imperative to know how YOU contributed, both individually and as part of a team. Look at the goals for any projects (you can find that on project briefs or strategy docs you have) and the goals you and your manager set for you for this year. How did you do against that benchmark? (And if the goals are fuzzy, you may need to consider more concrete goals this year!)
So to get a good sense for the raise you want to ask for, let’s take a quick example for the median salary piece of this, since I know that can be confusing and nebulous Let’s say you’re a marketing manager in NYC with 5 years of experience in consumer products. I went through the payscale.com and got the report in this picture. This means that 50% of people make less than $86,110 and 50% of people in this profile make more than $86,110. And it looks like the entire range is $61k-$120k. While that’s quite a gap, you do know what other data points to gather to research what you’re worth in the market from the first bullet point above!
median salary example from payscale.com
On Tuesday, February 7, 2017, we’ll be going through the next steps to #gettingtheraise. Join be by snagging your spot here!