#120 How to Successfully Negotiate a Higher Salary at Work

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Welcome to the 360 leadership podcast, the top rated show for driven women in senior leadership with new episodes released every Wednesday. I’m your host, Lucy Gernon, a multi award winning executive coach for women leaders and the founder of 360. Leaders Club exclusive high level membership for career driven family orientated women just like you. I created the 360 leadership podcast to share practical tips, actionable step by step strategies, and inspiring stories to support you to unlock the power and belief within to accelerate your impact and potential. So you can build a life filled with success, balance and happiness. So are you ready to achieve 360 degree success? No more excuses. No more waiting. Your time is now. Hi there. And welcome back to another episode of the 360 leadership podcast where today we are talking all about money. Now I know that sometimes when it comes to negotiations and owning your worth, it can feel a little bit overwhelming or our money mindset blocks can start coming up, we can have all of this scarcity mindset going on about ourselves and our abilities. And in today’s episode of the show, I thought I would go through some handy hacks to support you to actually negotiate your paycheck when your responsibilities grow. Now, if you don’t know who I am, my name is Lucy garden. I’m a multi award winning executive coach and I have helped a fair few women to negotiate contracts, negotiate pay increases of up to 30%, and so on and so forth. So I know what I’m doing. And I have created a wonderful salary negotiation checklist for you to that you can get for free on my website. If you just go to sign up dot Lucy garden.com forward slash salary that sign up dot Lucy garden.com forward slash salary. So first, I’d like to start with just sharing a few statistics that I think you’re going to want to know to support you as you get ready to negotiate your paycheck. Okay. The first one is, is that many women struggle with imposter syndrome. Okay, so I know that term, I don’t really like it, because it’s I don’t know, they call it more of an imposter phenomenon now, what it’s where we feel like we’re going to be found out, it’s where you feel like you are not good enough and that you were just lucky maybe to get the job, and they only hired you because there was no one else and so on and so forth. But while men struggle with this to actually 75% of women, there was a study done by the American Psychological Association, which shared that 75% of women struggle with impostor syndrome at some point in their careers, as opposed to just 62% of men, okay. And we’ve all heard about that famous HP study, where they did a big survey, I think it was like back in 2016, maybe, where they found that women will only apply for roles if they meet 100% of the criteria listed on the job description. Whereas men will do it if they meet just 60%. So there’s a big gap, I suppose, first of all, in mindset when it comes to negotiations. So my first invitation for you today would be to get rid of all those fears, get rid of those money mindset blocks you have, and start to really own your value and own your worth. Okay, and we’re going to be talking a bit about that in a second as to how you can actually do that. Now, another statistic that I think is really interesting is that only 25% of women negotiate their salary, compared to how many do you think for men? It’s like 46% of men will negotiate their salary. Now, this was from a study done by the Institute of leadership and management a while back, okay. So we know that a lot of women more women than men, in fact, nearly double the amount of men will try to negotiate their packages under salary as opposed to just 25% of women. So I share this so that you know, you are not alone if you find it intimidating or challenging because it is, you know, when we get into those money conversations, or those compensation conversations, a lot of our own childhood money mindset blocks come up. And actually, there was another episode I did in the show with a money mindset expert called Denise McGarry. I will link it in the show notes. But if you just go to my website and go to the podcast tab, there is a search bar down kind of halfway, you can actually just type in Denise McGarry there and you’ll see it bought in that, you know, she was talking all about money mindset and how You know, we all have a certain way we view money. And that impacts our decisions on how much we how much we think we’re worth, how much we’re willing to pay for something, you know, I was brought up in the 80s. And we didn’t have a lot of money. And we would have done a lot of shopping with the last leaders and supermarkets and everything, you know, I bought everything when it was on sale. And I had to do a lot of work to, you know, overcome those money mindset blocks. Because as I wanted to progress in my business, and in my career, I learned that in order to become something and in order to you know, accelerate your success and accelerate your value, I suppose, and how you feel about yourself, it’s really, really important to invest in yourself. But equally, companies invest, and they invest in their people. And so your role in is that you’re there to make the money. So when your responsibilities grow, it’s really, really important that you remember that you are actually making your company more money, okay, and you deserve to be compensated for this. So I suppose I’ve gone through the impostor syndrome piece with you. So that’s, you know, that that’s a thing. So we can just throw that out. I know that also you don’t love conflict. So like we mentioned a few minutes ago, I can feel like a really like a conflict situation, when you’re gonna walk into HR or walk into your boss or send out email. You know, you can feel sick in your stomach and nervous and wallets. You think I’m being too greedy? Or what if they think I’m not grateful for the opportunity, all these what ifs. But this, my dear, it’s not about you. It’s about the business. Okay, I want you to see this as like a business transaction. Okay, so I want to share a story. And what really prompted me to talk about this is that I’ve seen a couple of different scenarios with different people who have negotiated their pay, and others who haven’t. So there was a girl who wanted to work with me, she was really lacking in her confidence. And she had been asked to take on an additional revenue stream for the company she was working in. Now she was at quite she was at an executive level. So her scope increased massively, the number of regions she was managing increased massively. And as a result, she was essentially working two jobs. But she wasn’t getting paid for it. And when she came on the coaching call with me, it was very evident to me that it was her own money mindset blocks that stopped her from, you know, seeking the compensation that she deserved. And lo and behold, as I predicted, she didn’t want to invest in herself to work with me either, okay, because she had money mindset blocks. So I cannot emphasize the importance of doing the work on your own money mindset. Okay. And again, I’ll link that episode on money mindset in the show notes. I really think it’s so important that you understand that you have a money mindset. And the way you view yourself dictates everything about whether you ask for a raise, whether you ask for additional compensation, whether you actually value yourself, whether you invest in yourself, and actually, you know, treat yourself to things and invest in your development and all of that. It all comes back to money mindset. So if I see somebody who is, you know, challenging the status quo and going for what they want, I know that they’ve done work on their money mindset. So I had a client as well. Very similar. I, you know, the

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first girl I spoke about came on the call and she was like, No, I can’t invest that myself, even though I know I got to help her get back like that. But that’s not for me to push somebody at all. That has to be hard choice. But then I’ve had another client who exact same situation, she had a big change in scope. But she negotiated more we worked together on it, she hired me, that wasn’t the only reason she hired me. But we spoke about it and she joined 360 meters club. And I remember when she was talking about her membership, initially, she invested in herself, she paid for the membership and 360 herself. And I was kind of saying to her, but at your level like sure you could negotiate that with your employer to get them to fund some of it because some of the ladies in 360 would have their their employer actually fund their membership because to me, like, why like advocate for investing in yourself for sure. If your company would invest in you, why not get them to help you put the bill I mean, I think it makes sense. But no way would you have the conversation she said no, I can’t do it. But after working with me for a little while and that her membership came up for renewal, and also she got a new new change in scope, a new job but a massive change in scope. She was all about the new goals. situation she negotiated her 360 liter slug membership as part of her package, she got a sizable pay increase, she got much better conditions. And she is super, super happy because she did the work and invested in herself, okay, and started to view her value. And that’s what I want you to do today. Okay. So right now I am going to go through the free resource with you so you know how to grab it and how you can actually get ready to have the conversation. So it’s called my salary negotiation checklist. And again, if you just go to Lisa garland.com, forwards, nope, sorry, Lucy garden. What am I trying to say? Lucy, pick it up. Sign up dark Lucy garden.com forward slash salary. I’m gonna say it one more time because I totally messed that up. That’s sign up dot Lucy garden.com forward slash salary, you’re going to see the checklist. And right now I’m just going to walk you through it. Okay. So it’s a 28 point checklist with literally the 20 things that you need to do to negotiate your salary to be in with a better chance of them saying yes. So the first section is we’re talking all about researching and understanding your market value. So my invitation for you is to research salary ranges for your role and in your industry and location. And how you can do this, there’s a couple of ways. Number one, you can talk to HR. If you have a gender pay gap report that should be public, it is public, you can ask for your gender pay gap report, and you can absolutely, hopefully be able to see the salaries published in there as a starting point for your company. Okay, and I know some people, some people have done that literally, that’s all they needed to have leverage. The second thing you can do is go on to websites like Glassdoor and actually review salaries or some companies now are starting to post a little bit more being a bit more transparent about their conditions on their job postings. So you could check there either, but doing your research is critical. Okay, so you’re going in armed with data, my favorite thing, data, data, whatever you want to call it, I say data don’t know which is right. But you want to go in armed with data as you would with any other business transaction, okay. And that’s the way I want you to see this, it’s a business transaction, it’s nothing personal, it’s a business transaction. There, then you also want to really consider once you have that information, you want to look at yourself, okay, and you want to look at things like your experience, your achievements, your skills, your qualifications, how you’ve added value to your company, and actually be able to quantify that, okay. And that’s really going to help you too. And that leads me to the next section, which is there’s three points in this section, and it’s called reflecting on your achievements. So there’s three, there’s three points in this. The first one is identify your key accomplishments, contributions and successes in your current role. So again, we want to try and quantify those with tangible results, that link to your company bottom line, or some big strategic initiative. Okay, so there’s two points in that. The first one is to identify your accomplishments and how you’ve added value projects, delivery on time cost reduction. You know, even things like people overlook things I know I did, like Team retention, like how much money you’re saving, if you’re if you’re a really good leader of people focused on your team or staying with you, which is what I was, I didn’t ever I never leveraged that I had a team who were loyal to me and I hadn’t I think I had like one or two people late leave in my eight years in, in tenure in a particular area in one company. But I didn’t realize that that wasn’t the norm, I didn’t understand why people are leaving other teams, right. So that’s leverage, you have that as leverage to be able to actually show your retention rate and your team, for example. So it’s not just the the big strategic projects, you want to get super smart about looking at your company, I suppose their goals, their vision, their mission and trying to link what you’ve done, even outside those big high visibility things you do to be able to quantify that. Okay. The other thing I invite you to do is gather positive feedback or testimonials from colleagues or clients or your boss. Now, you’ll see me do this all the time on my social media, okay? You’ll see me post screenshots of testimonials. You’ll see me post screenshots of messages in my private groups and things where I always blur out the person’s name and all of that for privacy unless they’ve given me permission to share. Because we need social proof as human beings to build trust. We need social proof. So I wouldn’t have hired anyone to you know, Mike, the coaches I worked with, for example, without hearing it from other people, so it’s the exact same for Are you it’s exact same for you, if you got a nice email from somebody, screenshot it, screenshot it, keep a little, little word doc with all of these screenshots in there. And so then you have this bank of evidence, so you can share it, or at the very least be able to refer to it quoted, and it’ll make you feel better about yourself, too. Okay? The next section then is all about getting clear on your desired salary. So you have to know what you want, not just going in with an energy of all just take, maybe, maybe 5% is fine, but really, I want 20, you have to get clear on what you want. And then you have to align yourself and believe it’s already yours. Okay. So again, this is all gonna based on your research, and you want to, then once you’re kind of getting clear on your value, you’ve got clear on your market value, what you believe your worth, what other people are getting paid, et cetera, et cetera. You know, now what will be a realistic figure. Now it’s time for you to craft a compelling argument for why you deserve a salary increase. Okay, now, all of this guys is in that checklist that you can grab for free at signup dot Lucy garden.com, forward slash salary. So you don’t need to worry about remembering all of this. But I do invite you to go and grab that checklist because you can literally just go check, check, check, check, okay, so you’ve got to craft your compelling argument as for why you deserve this based on everything you’ve gathered. And then what’s really important is in always spoke to you about money mindset at the start. It’s really important that you understand your managers or hate ORS money mindset, too. Because if you are speaking to somebody who has a scarcity mindset, or has jealous feelings about you, for example, or is maybe at the same level as you even sometimes that can happen, it’s really important that you are aware of the person’s money mindset you’re speaking to, so that you can negotiate in their language. Alright, so if if somebody, for example, has a an abundance mindset, you’re going to see them being quite Makana, say loose with their budget, but more generous with their budget. Whereas if you have somebody who really watches their budget all the time, and is very scarce and won’t approve anything, you know, they have serious money mindset issues. That’s just money mindset work. So it’s important you understand that. And then you want to prepare your talking points that highlight your accomplishments and skills and everything. Okay, so how are you going to articulate that. And in my 360 liters club,

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actually, one of the methods I teach I call the magnetic influence method for influencing and negotiation. And it’s so powerful. And every time the girls do this train, and they do it, like before they go into a big meeting, there’s a checklist and everything I give them, so they can prepare for those meetings, because what’s so important when you’re doing this is you need to be able to influence. Now, I can’t give you that one. So if you want that one, you’re gonna have to come and join 360 leaders club, we have hundreds of resources and teaching points and tactics and tools for every situation and frameworks. So if you’re interested in joining 360, you can just head over to the website 360, leaders club.com. And you will see if the doors are open or doors are closed, if the doors are closed, you may have an option to join the waitlist I would suggest you do so that you get first preference when places become available, and you get first offers and everything like that as well. So definitely get on the waitlist if you want to do that too. So then the other things then in the checklist are and I’m not going to go through all of them, there’s still another 12345 sections to go through. But there’s 28 points in total. So we’ve gone through the whole part about researching and understanding your value, reflecting on your achievements, getting clear on your own salary, practicing and refining your pitch. And then the other parts which I’m not going to go through in detail, you can grab at sign up dot Luci garden.com forward slash salary. They talk to how to build your confidence, about scheduling the meeting at the right time, how to innovate, engage in really effective communication, practicing your active listening and negotiation and then the all important follow up. And actually, that’s the final section of the checklist, follow up and evaluate. And there’s four points in this checklist in that section that if you don’t do this, the likelihood of you actually getting the increase is seven times less. Okay, seven times less. So go and grab the checklist. It’s signup dot Lucy garden.com forward slash slash salary, and be sure that you pay attention to the follow up and evaluate section with the four points because they are so, so, so important. So, we have come to the end of this week’s episode. If you enjoyed this episode, there’s a couple of others, I would invite you to listen to the one on money mindset with Denise McGarry, I do not have the number to hand but you can search for it on the website, or even if you just go into Spotify and just type in money mindset. Denise McGarry you’ll probably see it on my podcast, okay, or like I said, it’ll be in the show notes to the other episodes, though, that I think would be super valuable for you to listen to is episode number 86, which is probably one of my most popular episodes ever called how to ask for a salary increase and actually get it. So in that I am walking you through some of this stuff to in a little bit more detail. So I would invite you to go listen to that one. And then finally, Episode A 110 how to advocate for yourself at work with Selena Rose Valley. Selena is a best selling author. She is a coach. She is a wonderful, wonderful woman when it comes to advocating for yourself and at work. She’s all about empowering women like I am so definitely go and check those out as well. And my dear, I wish you the very best of luck with negotiations you earn every cent of what comes into your bank account. And if you are taking on more responsibilities, you need to see those dollars going up. So don’t forget to go and grab the checklist. Again it’s sign off dot Lucy garden.com forward slash sat accounting talk forward slash salary and if you’ve any questions I’m my DMs are always open. So you can slide into my DMs on LinkedIn or Instagram. Give me your feedback. I’d love to know if the checklist was helpful for you. And I wish you all the very best of luck. So until next time, I will hoping and thinking of you and sending all the positive vibes. You are freaking amazing and I hope you see that too. Bye for now.