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#86 How to Ask for a Salary Increase and Actually Get it
The 360 Leadhership Podcast, Episode 86, 16 August 2023 by Lucy Gernon
Would you like to secure a salary increase?
Statistics from the World Economic Forum and Glassdoor reveal that women earn 77% of what men earn and are less likely to negotiate salaries.
You’ve got to know your worth. It’s time for a mindset shift!
While we often point fingers at companies for the gender pay gap, the truth is, we need to recognise our own value and make a mindset shift.
Throughout my work with driven women in leadership roles, I’ve witnessed the incredible power of self-belief in transforming careers and lives. You must believe in yourself and approach salary conversations with confidence. You deserve to be where you are and you deserve to be fairly compensated for it. Own your worth!
In episode 86, I’ll give you the five secrets to ensure you enter these discussions fully prepared and equipped to secure the compensation you deserve.
Also, I’ve prepared a fabulous, free checklist to support you through this.
1. Recognise Your Value
Take a moment to focus on the value you bring to your organisation. Clear away any distractions and reflect on the positive impact you make, without doubting yourself.
Many women often struggle to invest in themselves. It’s not always about the money, but rather feeling unworthy. Can you relate?
Remember, if you don’t believe you deserve to invest in yourself, it will be more difficult to ask for a salary increase. Work on your confidence and mindset about money, so when you talk to your manager, you know deep down that you truly deserve that raise.
If you need some advice on money mindset, be sure to check out this episode.
2. Compare and Assess
Research the salary ranges at other companies using platforms like Glassdoor. See how your position compares to similar roles and look into gender pay gap reports.
Also, check your organisation’s gender pay gap report and use it to your advantage. Familiarise yourself with your company’s strategic direction regarding female talent retention and attraction. Don’t be afraid to request a report from your HR department to understand where you stand in terms of salary within your level and gender.
3. Gather Supporting Evidence
Gathering supporting evidence is essential to back up your request. Show how your efforts, as well as your team’s contributions, have positively impacted the company’s bottom line. Establish a clear connection between your value and the financial success of your department, function, or region. Collect positive feedback, testimonials, and performance evaluations that highlight your worth.
Create a compelling case by showcasing the significant and tangible impact you’ve had.
4. Prepare for the Meeting
You know your worth, and you have all the evidence to back it up. Now, get ready to handle any objections that may come up in the meeting. Think about the objections your boss might raise, like budget constraints or deferring to HR, and come up with thoughtful responses for each one.
Remember, you don’t need to ask for permission or take a weak stance. Be confident and assertive, knowing your true value, and be prepared to negotiate for what you deserve.
And here’s a bonus tip: to ensure your success, there are 5 key steps you should take to do this successfully. Want to know what they are? Tune into episode 86 for all the details.
5. Be Open to New Opportunities
While I worked in the pharmaceutical industry, I felt valued and had no intention of leaving because I believed in my worth and loyalty to the company. But, the organisation took advantage of this knowledge.
Have the courage to evaluate your options if your current organisation fails to recognise and compensate your worth.
If you found this episode helpful, definitely check out episode 47. It covers the importance of investing in your own development and complements the advice shared here so well!
By investing in your personal growth, you’ll enhance your capabilities and increase your value in the professional world.
Here’s the episode at a glance:
[03:26] The shocking statistics about the gender pay gap (Yes….. still!)
[10:28] How to find out your market value quickly and easily
[19:56] How to broach this conversation with your boss and what to say
[22:50] How to stay confident and professional regardless of the outcome
So….. are you ready to take control of your salary?
Discover the secrets to successful negotiations with our FREE Salary Negotiation Checklist!
Don’t miss out on maximising your earning potential. Get the checklist now!