Louisville, KY—July 11, 2017— Properly negotiating raises is essential to increasing earnings over time in a way that meaningfully contributes to financial security. “Not negotiating well, especially at the beginning of a career, can result in as much as $1 million in lost earnings over a lifetime,” said Carla Dearing, CEO of SUM180, an online financial wellness service designed to make financial planning simple and affordable.
To help ensure the best results from a raise request, Carla offers the following four tips:
- Help your manager help you: frame the conversation in terms of how a raise for you will ultimately benefit the company. Remember, this conversation is not about what you need to pay your bills; it’s about what you are worth to your employer. Don’t assume your manager knows, off the top of his or her head, what your contributions have been to the company. Be prepared to use specifics about your past performance to demonstrate what a valuable asset you are and use these facts to justify your raise. Any company wants to retain productive, hardworking employees. So, give your manager the facts he or she needs to go to bat for you!
- Be specific about the raise you want and justify it with current, relevant salary data. Don’t rely on assumptions, hearsay or what you feel is fair. Even the most supportive manager is much likelier to be swayed by facts, not feelings. To be in a strong position to argue for a raise, first do your homework. Gather the most current data you can: What is someone in a comparable role, in the same industry, being paid today? If you use free salary data sites, like Salary.com, Glassdoor.com and Payscale.com, be aware that these sites typically rely on self-reported data, which may not be as accurate and, as such, less useful.
- Use informational interviews to gather targeted salary information. One of the best things you can do to prepare for a raise is to interview as much as possible – yes, even for jobs you don’t want. Take the opportunity to learn as much as you can during these interviews. Use all the feedback you get to form a clearer picture of your industry and positions similar to yours. You’ll enter your negotiation with your employer more prepared: knowledgeable, relaxed and armed with real information.
- Don’t be afraid to get creative. If your manager is unwilling or unable to give you the exact raise you want right now, there may be other valuable perks worth considering, such as additional vacation time or flexible work hours. Another way to be creative with your salary negotiation is to take a long-term approach to getting the raise you want. Work out a long-term plan with your manager to earn a raise in the future. The more specific the plan, the better. Specify deliverables and a time frame for each. Once you meet the agreed-upon goals, your boss will find it very difficult to refuse you the raise you’ve demonstrated you deserve.
SUM180 is an online financial wellness service designed to make planning and dealing with your money simple and affordable.
Specifically, SUM180 is differentiated in the following ways:
- SUM180 meets people where they are. SUM180 plans are personalized to help people wherever they are right now on their financial journey; whether they’re just beginning, starting over or well on their way.
- SUM180 plans are simple. They start with only the three (3) most important next steps, making them easier to accomplish, and gives clients a clear picture of where they are.
- SUM180 doesn’t assume clients want to become financial experts to meet their financial goals. SUM180 provides the tools they need, without overwhelming them with “education” and details they don’t need.
- SUM180 offers a community for users, unfiltered, which allows them to explore and share.
- SUM180 serves; never sells. Earning and keeping client trust is SUM180’s highest priority. SUM180 never makes commissions from any of its recommendations, ever.
Additional information about SUM180 may be found at https://sum180.com/.
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Robin Schoen Public Relations