To Make More Money, You Need To Know THIS Person
Want to make more money?
Of course you do!
Even if you hate your current job with the fire of one thousand suns, there’s nothing wrong with being more well paid while you plan your next move.
And chances are, you deserve an increase anyway!
So here’s the good news: 75% of people who ask for a raise, get it according to Payscale.com.
So it’s obviously time for you to ask.
(Not sure how? Read this blog over here).
But I digress.
One of the big stumbling blocks of getting a raise is not in asking, but in knowing what to ask FOR.
So before you start that salary negotiation, you’ve got to have hard numbers.
Ever wondered how much you are worth?
You should know.
If you don’t, you are leaving money on the table!
First ways of figuring out how much you are worth don’t involve leaving your couch.
You have three simple ways of figuring out what your market value is.
Payscale is annoying with how many questions they ask you, but you can stick with it and click through, then there is helpful data on the local market rate. Glassdoor is a little the same, but both provide you with hard numbers, and that is gold.
Your third way of finding your market value is a little harder. You can look at job listings and try and see if they list a range or minimum starting rate to determine if you fit the bill.
This is often harder because a lot of listings have no salary information, so you are flying blind. It’s worth trying however, just to keep your pulse on the market. Starting on LinkedIn and using their job posts is an easy way to begin.
Here’s the priceless person you need to know.
But there is a better way to go.
Let me introduce the idea of your career co-conspirator.
“What the heck IS a career co-conspirator?” you might be asking.
A career co-conspirator is a person in your industry, at roughly your level, who agrees to open the kimono and share all of the gory details about their salary, benefits, and anything else career and money related so that you always have cold hard facts.
Cold hard facts help in any salary negotiation :).
It’s an awkward thing, because we as a society don’t like to talk about money, and employers of course actively discourage it. They don’t want you to know details, because then you can negotiate for more!
So, prepare to feel a little bit awkward as you begin sharing, but it’ll be worth it in the end.
How do you meet this magical person?
Here’s how you co-opt your career conspirator and start to share details.
Step 1: Do you have a friendly co-worker or colleague who is either a) leaving your firm to go somewhere else or b) has left recently? If you can think of more than one, write down their names.
Step 2: Grab a coffee with this person. This is an awkward conversation, so it’s better done in person. Invite them out to “catch up” or “say goodbye” either before they go or since they have gone. Ideally this will also be your treat – it’s a $4 investment in your career! And, it’s really REALLY hard to say no to someone who is offering to pay for things for you ;).
Step 3: During your coffee together, explain that you’ve been doing some salary research and you stumbled on this great coach (hello!) and free community (you can join over here), and you loved one of their ideas as to how to always make sure you are paid what you are worth.
Step 4: Explain what a career co-conspirator is. You can say something like this:
“I know it’s awkward to talk about money, but I think it’s also important to make sure that we never end up getting underpaid or falling below market rate. So, I wanted to invite you to be my career co-conspirator. I was reading this great blog from The Revolutionary Club, a Forbes top 100 career site, and they suggested that I find someone to partner with on salary. Our goals is to share all of our salary and benefits details with each other, so we always know what we are worth and we never get underpaid. You are awesome, and I’d love for you to be my co-conspirator. What do you think?”
Step 5: Listen. Hopefully high-five when they agree to partner with you, and then dance off into the sunset.
Okay, that last sentence is optional, but I think you see where I’m going with this. If you have a colleague who always shares their promotion, payment, vacation package etc with you, and you do the same with them, you are going to have more power when you negotiate for a raise, or negotiate with a new company.
Knowledge is power, and nothing is better than real live data from a source you trust.
Don’t know someone like that?
Then consider having this conversation with a current colleague, or scroll through your LinkedIn connections to find someone you used to work with in the past who you would love to reconnect with.
If you don’t have anyone you are friendly with at work, it’s time to network and start to build those relationships.
And if you are scratching your head wondering “how do I do that?” please don’t fret!
Here’s a super simple free 5 minute training on networking, which also includes a free email mini-course to get you going, whether you hate networking, are an introvert, or just don’t know what to say when making awkward small talk. This free course has you covered!