SUBTITLES:
Subtitles generated by robot
00:00
if you find that you are
not only a top performer but you are
compensated under the market rate it's
not even a question negotiate you gotta
speak out for yourself you gotta
advocate for yourself if you don't do it
nobody will
[Music]
hello wonderful humans and welcome to
yet another episode of the meaningful
conversations podcast today's topic is
an important one and something that most
of us have had to do or will have to do
in the future and that is asking for a
00:32
raise and in particular we're talking
about asking for a raise internally
within the company that you're working
for so let's say you have a job right
now and you think that you deserve a
raise this is the scenario we're talking
about we're not talking about you
switching companies and getting an offer
and negotiating that offer we're talking
about internal raise negotiation the
framework for the
technique that i will be outlining today
is inspired by and outlined by ramit
01:03
sethi in his book i will teach you to be
rich and i will also leave a blog post
by remate on the topic which is super
helpful and has been a big big part in
my research for this episode i will also
provide some of the steps that i think
are necessary you know throughout the
different um timelines just based on my
personal experience and you know some of
my thoughts around
ramit's framework so let's get started
let's jump into it the first step that
you need to
take is to understand
01:34
what
the promotion cycle what the cycle of
salary and compensation negotiation is
like at your company when i worked at
different startups it was different when
i worked at google it was different when
i worked at a university it was
different and now that i'm i'm an
entrepreneur it's kind of yeah it's
irrelevant anyway you need to be able to
understand what cycles your company is
running and do some research on that do
some research on how that system works
02:05
and who is the decision maker right how
does it work who presents the case to
who
who do you want to make sure that looks
good presenting it for essentially you
want to make sure that you understand
how that structure works who is going to
be the decision maker who is going to be
advocating on your behalf etc because
once you understand that that will make
the process much easier for you so do
your research ask your colleagues
especially the ones who have been
promoted before on how the system works
02:36
and they might be able to provide some
interesting insights of course
be very
polite and respectful don't ask too many
super personal questions i mean that
goes without saying and don't be
aggressive about how much money you
should be making just inquire around
how does the process actually work step
number two is understanding the fact
that this is not necessarily about you
getting a raise to earn more money but
it's mainly this process is going to be
03:07
mainly about communicating to the
company the value that you bring to the
table so you need to make sure that you
understand that and you're able to
communicate that and you you're able to
make your manager look good in front of
their management basically you want to
make sure that the advocate the person
who's going to be advocating on your
behalf to get a raise for you looks good
has a solid case on why you should get a
raise and just make their job easier the
first step was understanding how the
03:37
system works now we are trying to
understand how do we make that case
how do we communicate that value step
number three is actually becoming the
top performer and communicating that to
your manager and this is where ramit
sethi's framework really comes in i
really love how he has outlined it in
three to four months before the
performance review you know like the
annual or quarterly whatever cycle
you're at whenever that meeting is
04:09
happening where you can talk about
compensation and in some companies that
can be that
you don't have a cycle right so but just
understanding that you're starting this
process three to four months before you
actually ask for a raise so three to
four months before you ask for a raise
ramit seti recommends setting up a
meeting with your manager asking them
for
guidance on how to become a top
performer how can you exceed
expectations when doing your job when
04:39
performing your job first of all set up
send an email or ask for a meeting and
then during that meeting
ask for their input and
what do they think right ramit sethi
outlines it really well saying you can
ask your boss or your manager okay so
look i think that my role um involves a
b and c i'm good at let's say a and b
and then c this is where i'm lacking
what do you think right always making
sure that you're getting their input
you're not just talking at them you're
05:11
getting their input and you're
understanding what they're actually
saying to you not just how they're
saying but what they're actually saying
because sometimes you know the language
they will use etc will actually signify
something even deeper than
words and you want to make sure that you
are tracking it you want to ask your
manager for how you can improve how you
can become a top performer exceed
expectations and at the end of the
meeting thank them and say that you will
be updating them on your progress that
you will send out some uh typed up notes
05:43
from the meeting and that you hope hint
that you hope that at the end of the
progress if you really truly succeed if
you exceed expectations that
you can start discussing a compensation
adjustment so don't ask for anything
just yet just hint at it so that they're
prepared and then send a follow-up email
with
the notes that you have discussed you
know like
some of the things that you can do to
improve and
basically essentially say that you are
06:16
hoping to discuss a compensation
adjustment if all of those goals if all
of those things are met once you've had
the meeting make sure you start tracking
your progress and as many numbers as you
can get get them ramit seti makes a
really good point of if you can't
quantify some of the stuff that you have
been working on ask your more
experienced colleagues the colleagues
that have been working at the company
for longer on how they have been
quantifying it try to track as much
stuff as you can especially numbers
06:47
because they will do the talking at the
end of the process and update your
manager regularly on a weekly basis for
example just you know a brief email
saying hey like i'm doing this i'm doing
this i'm learning this brief email don't
overwhelm them but regular updates now
two months until the conversation ask
for another meeting with your boss and
check in on your progress basically
share what you have been doing and ask
if you are on the right track to
07:17
becoming that top performer that exceeds
expectations and if you're not
ask for their input on how you can get
back on track right your your goal is to
become that invaluable person
that the company not just wants to keep
but also the company wants to compensate
fairly because that is you're a good
investment for them one month before the
conversation and this is given that you
have been doing everything that you have
planned out to set out to and you are
exceeding expectations you are becoming
07:49
the top performer so now it is time to
mention to your boss either you know in
in person during meeting or over an
email that now that you have become the
top performer because of your
performance because you've been
exceeding expectations you would like to
discuss a compensation adjustment
during that uh performance review
meeting and ask them what you can bring
to the conversation to make it
more fruitful i don't want to say make
08:19
the case but basically ask them what you
they would like you to bring the to the
conversation essentially you're giving
them an opportunity to tell you
what if they're happy with your work
right if they are
if they want to um
help you get that promotion
you are essentially asking them what do
they need to make the case for you with
their management right so basically this
is your opportunity to help them make
the case
08:51
because before that you help them look
good now how do we make the case by
making them look good in front of the
management and showing that you are the
top performer that got them there
essentially not necessarily got them
there but you know what i mean make your
case you're asking them what do they
need to make your case everything should
be documented make sure that you have
emails of all the different
communications that's why we typed up
the notes um initially and this email
also would be very helpful to have in
09:21
writing because that way you will be
able to quote it if you need to ramit
sethi notes that this is also a good
time to start researching salaries and
the salary range that you would be happy
with i have a separate youtube video on
this topic on some of the tools that
will help you research a salary range
for you which i will leave a link to in
the description so go ahead and watch
that video after you finish with this
one do your research and understand what
range of salaries you would be happy
09:52
with and make sure that you're ready to
bring those numbers to the
conversation ramit sethi notes that this
is also a good time for a co-worker to
put in a good word for you so send an
email to your boss saying how you've
really helped them on a project x and
you've been invaluable or something like
that he provides an actual template for
that email which i find super helpful
again i will leave a link to his blog
post on the topic in the description and
10:23
then two weeks before the actual
conversation
start role playing the negotiation i
completely agree with ramit sethi it is
incredibly cringe-worthy and
uncomfortable to role-play that kind of
stuff however this is not a conversation
that we have that we get to practice a
lot and so why not practice it with your
friends in an environment where it's
it's okay to fail and be ready for the
different scenarios so think through the
10:54
different scenarios that could happen
your situation will be different from
other people consider the different
scenarios that could happen throughout
that conversation on the compensation
adjustment so work through that with
your friends ramit sethi also has a
couple of discussions that he does to
run through the potential scenarios that
run through the potential answers again
that blog post that i've linked below
you will find all of those links in
there
so role play it with your friends be
11:25
prepared for the different scenarios the
more
you think through the your responses in
those different scenarios the more
prepared you will be and the more
confident you will look and that is a
big thing in negotiation because you
want to be able to demonstrate your
value and you want to make sure that the
other person feels comfortable not
threatened however you want them to
understand that you expect to be
11:56
compensated fairly and if that doesn't
happen eventually they might lose you as
a candidate so you want to make sure
that they're comfortable with you at the
same time
they understand that
this is your ask and you're serious
about it the day of the performance
review or the compensation adjustment
meeting you want to make sure that you
come prepared come with some paperwork
tracking your progress having the
numbers right there and there i mean you
know like the numbers will speak for
themselves bring the salary ranges you
12:27
can print them out from those uh tools
that i have mentioned in the other video
again the link will be in the
description and also ramit talks about
outlining some of the problems that the
company is currently facing and how you
can solve those i have never used that
technique myself but i think that's a
very valid technique and it's good to
think that through if anything it's a
great exercise to think through on
you know how are you bringing value to
the company how are you solving the
problems that the company is having so
12:59
type that up and make sure that you have
it
the reason why the briefcase technique
works is because
you are
creating a different dynamic in the
conversation by bringing those numbers
by bringing data by bringing facts
you're discussing facts and not
the relationship between you and the
person and you're making the other
person i don't say more comfortable but
it's just it just becomes more objective
it's about your case it's about this
progress and if you want to um have a
13:30
backup in case if they start
backtracking some of the conversation
some of the i don't want to say promises
but some of the things that you have
agreed on for example discussing your
compensation you can also print out some
of the emails that you have make sure
that you don't wave them in the face of
the person straight away this is your
plan k scenario that's not even plan b
make sure that you are prepared for the
different scenarios and this is like
this is your last resort right you don't
want to call this person a liar
essentially by bringing them up straight
away you want to make sure that there is
14:01
a good rapport and you know like they
feel psychologically safe however the
numbers will speak to for themselves and
be confident and that confidence will
come from the role plays role plays is
so so important and
write some of the answers down do your
research on how people navigate some of
those conversations again ramit sethi
has incredible videos with some of the
navigation of the different answers and
he talks through them so it will be very
helpful the link is in the description
14:32
but i really hope that you get what you
deserve i really believe that companies
need to compensate their employees
according to their value according to
their work output work input
how everybody needs to be compensated
fairly and if you are a top performer
you deserve to be compensated fairly if
you find that you are
not only a top performer but you are
compensated under the market rate like
you gotta negotiate you have to
negotiate it's not even a question
15:03
negotiate
forget about the shyness etc you gotta
speak out for yourself you gotta
advocate for yourself if you don't do it
nobody will however these techniques
will help you gain the confidence that
you need in role-play role-play
role-play role-play because by
role-playing you will be able to have an
answer a go-to answer that you don't
have to think of on the spot if that
makes sense because you've already
thought about it you have it
you have uh formulated it and when you
15:35
are facing a stressful situation like a
negotiation you don't have to be
searching for words and you won't freak
out as much as you would otherwise so
when you're in there and if you are
freaking out if you are shy just start
breathing you can take long pauses it's
fine but breathe regulate your heartbeat
slow down your heartbeat and get
yourself out of that stress zone by
breathing and using the responses that
you already have prepared again
role-playing huge
so there you have it these are the steps
that you can take in order to negotiate
16:07
to raise your company i really hope that
you get a raise make sure that you read
ramit saiti's blog post and his book i
will teach you to be rich it's amazing
it's honestly life-changing in my
opinion but if you don't get a raise if
you understand that you are met with
people who don't recognize your value
sometimes you just you gotta leave you
know it's
unfortunate that sometimes companies and
people can be greedy and overlook
certain people don't let them overlook
16:39
you make sure that you are fairly
compensated look for other options
if you are a good performer you will
find a job in this market there there's
so many companies looking for good
talented people and you will be able to
find a position maybe not straight away
but you know it's a numbers game the
more you apply the more likely you will
get a role and if you are
thinking about leaving your current
company and looking for a good position
i highly recommend listening to my
17:09
conversation with rachel i will leave a
link to it in the description below or
in the the podcast episode with rachel
my interview i don't remember what
number of the podcast it was i just
thought that i need to link it right now
so i will leave a link to it in the
description of this podcast episode of
this youtube video so you can listen to
it and get some of her confidence energy
which i find absolutely radiating and
contagious so yeah i hope you've enjoyed
17:39
this episode i hope it has been helpful
insightful all the links are in the
description and
yeah let me know what you thought about
this episode by commenting underneath
this video
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18:10
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have a wonderful time the day you're
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you
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