You want to ask for better compensation and get paid what you’re worth, but you’re feeling a little apprehensive. Don’t worry, you’re not alone! Most of us have struggled at some point with asking for a raise or knowing what to charge for a service. That’s why it’s important to have a plan.
The following tips can help.
Know Yourself
You can’t expect the world to see your worth if you don’t believe it yourself, right? Whether you’re asking for a raise or setting the price for your service or product, make a list of your positive attributes.
- Identify ways in which you make a difference.
- Determine what you value.
- Describe ways your coworkers or customers show that they value you.
Reread the list until you are confident of your value to the company as a person as well as an employee or a consultant/freelancer.
Be Prepared
Do your research. You need facts, not emotions to get paid what you’re worth.
- Check out salary information on sites such as LinkedIn, Indeed, and Glassdoor. Their information is based on survey results provided by people who work in the field.
- If you’re the boss, check out your competition. Use your list of positive attributes to identify ways in which you’re different from the competition.
Prepare a list of accomplishments. Whether you’re a corporate employee or a business owner, make a list of your achievements.
- If you’re an employee, be sure to include how your efforts have improved the bottom line, solved a problem, or contributed to the company’s growth.
- If you’re an owner, show how your product or services improved your customer’s bottom line or solved a client’s problem.
You need these details to substantiate your worth.
Determine what you should be making. The Institute for Women Policy Research found that in 2017, women were paid 20 percent less than men in the same position. That means you’re making far less than you should.
It also means you aren’t going to close the salary gap and get paid what you’re worth overnight. Since the average budget for salary increases was about 3 percent in 2019, consider incremental increases every three to six months.
Negotiate
Be willing to negotiate.
- If your employer can’t afford the salary you want, consider other forms of compensation, such as more vacation time, flexible hours, or a travel allowance.
- If you own a business, consider a payment plan or an exchange of goods or services. Not all compensation has to be monetary.
Most of all, remember that you’ve got this!
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