After several years where you’ve been holding on and hanging tough in your job, experts report that this might be the year to finally say, “Show me the money!”
“The mindset of many workers during the recession has been ‘I’m lucky to have a job,’ ” said Laurie Reichert, regional vice president for Georgia and South Carolina of Adecco Staffing, North America, a leading provider of retention and workforce solutions. “Now we’re seeing consumer confidence returning and the economy seems to be slowly moving in the right direction.”
While only 9 percent of Americans asked for a raise, bonus or promotion in 2010, this year that figure should more than double, with 20 percent expected to ask for these rewards this year, according to an Adecco survey, conducted by Opinion Research Corp., in January 2011.
“It’s becoming an active job market again, and a lot of companies are anxious to retain top talent,” said Reichert. “We’re hearing from more of them that they’re willing to have those conversations about compensation now.”
Top talent is always looking for that next opportunity either internally or outside the company, she said. The Adecco survey showed that 38 percent of male workers and 21 percent of female workers would be more likely to look for a job in 2011 and that 46 percent of male workers and 29 percent of female workers are expecting a raise, bonus or promotion in the year ahead.
For many, those expectations won’t materialize unless they ask.
“People are uncomfortable having money conversations, but a thoughtful approach can increase your chances of success,” said Reichert. “Don’t ask on the fly or just stop your boss in the hall. You need to carefully plan your approach and let your boss know how serious you are. Ask to schedule an hour on his calendar.”
Emory Mulling, chairman of Mulling Corp., a 25-year-old Atlanta executive coaching and career transition firm, noted that more companies reinstated bonus plans last year, but that it was based on performance.
“If you’re not an ‘A’ player, the first step to achieving a promotion, salary increase or bonus is to become one,” said Mulling. “Shore up your technology and other skills. Gain visibility and make yourself indispensable. Then ask for what you’re worth. Companies have cut to the bone in this recession, and they can’t afford to replace their best people.”
He advocates a sandwich technique when negotiating salary.
“The first slice is to show what you’ve done. You have to quantify it in terms of how much you’ve increased revenue, decreased expenses or saved the company money,” he said. “Your boss may say there’s no budget, but continue to show how much your work has helped the company’s bottom line.”
If you haven’t received an increase in several years, and you’ve picked up extra responsibilities due to streamlining, make that part of the conversation. “You want to show the value you have brought, so that they don’t want to lose you,” said Mulling.
Asking for the money is the meat of the sandwich. “You should benchmark what you are worth in your field given your expertise and your geographic location using salary information gathered from the Internet, trade associations and professional associations. If you can tie your request to an objective number, you’re much more likely to be successful,” said Carol Frohlinger, principal at Negotiating Women Inc., a New York consultancy, and co-author of “Nice Girls Just Don’t Get It: 99 Ways to Win the Respect You Deserve, the Success You’ve Earned, and the Life You Want” (Crown, 2011).
“You also want to make sure that you are arming your boss with what he or she needs to ask for the raise from his bosses,” Frohlinger said. In many companies, there is one pool of money, and all supervisors must advocate for their own employees to get a share. “Be professional and make sure that you’ve presented a good business case, so that he or she sees that you’re a good investment from the company’s point of view.”
Mulling said that the last piece of his sandwich technique is to give the boss one more example of a recent accomplishment, which serves as the icing on the cake, and closes the discussion on a positive note.
He advises his clients to practice the money conversation out loud in front of the mirror or to role-play with a trusted friend beforehand. “If you give the impression that you are embarrassed about the subject, you probably won’t be successful. You need to ask like you’re worth it,” said Mulling.
It also might be a good idea to have had a previous conversation with your boss about the company philosophy and capability for compensation increases this year. While Mercer’s 2010/2011 U.S. Compensation Planning Survey found that more than 98 percent of companies are planning to award base pay increases in 2011, those increases are apt to be modest, about 3 percent, as reported by the Society for Human Resource Management.
“Many women expect to deliver terrific results, often with fewer resources than they need, thinking someone will notice. It doesn’t happen. You have to ask,” said Frohlinger.
“Be clear about what you want and plan the strategies that will get you there,” Frohlinger said. “Show what you’re worth using facts and figures. Keep emotion out. Don’t threaten, unless you’re prepared to walk, and don’t let your frustration show.”
If the answer is “no,” ask for the next step in the process and what you need to do to get a “yes.” If the answer is “maybe,” depending on the budget or a higher executive’s decision, ask for a time frame. Don’t leave the conversation without clear expectations of getting an answer.
“Workers have been asked to do more with less in the last few years. It’s my hope that employers will recognize the value they’ve been bringing and will compensate them for the work that they’ve done,” said Frohlinger. But, if not, employees should weigh their choices. How satisfying is the job? Does it offer a flexible schedule or short commute? If the factors don’t add up, it might be time to brush up the résumé and begin quietly looking.
