How to Ask for a Raise at Your Job

How to Ask for a Raise at Your Job

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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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 or shouting out on different social media platforms you can find us as stereotype breakers so tag us in order to for us to see it and stereotype brokers on twitter with no vowels uh you can also follow us there if you'd like to we can be friends on all those different platforms and of course subscribe to this youtube channel and
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this podcast we really love the fact that you've joined us today and if you have any ideas for future topics let us know because we're always listening if you have any feedback we're always listening you can respond directly to our newsletters or comment on social media comment on under this episode all that stuff we're listening have a wonderful time the day you're currently experiencing bye you

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