I don’t want to steal Jesse’s thunder so I won’t tell his specific example that he shares, but negotiating a raise early in your career can lead to a 6-figure increase in your lifetime earnings. And that is just one negotiation. By developing your negotiation skills and making a habit of consistently asking for a raise throughout your career, you’re bound to outearn a peer who starts at a similar salary by a long shot.
But on the flip side, asking for a raise is intimidating. The fear of rejection is real and rejection does hurt. You don’t want to say the wrong thing, that makes you appear ungrateful or puts tension in a relationship with your manager. Asking for a raise is a tricky situation.
Luckily, in today’s episode, Jesse Cramer will be discussing how to ask for a raise in a respectful yet effective way that maximizes your chances of getting what you ask for.
Jesse is the voice behind The Best Interest, a popular personal finance blog and podcast. Jesse has first-hand experience with negotiating a raise and understands the feelings that come with it. He’s going to give us a strategy for getting the conversation started well in advance of the ask, talk through how to overcome the fear of rejection, and how to respond if told no.
Jesse has been a guest on the podcast before and I appreciate how he shares applicable advice, not theoretical nonsense that doesn’t actually work in the real world. If you’ve been wanting to ask for a raise, get ready.
Let’s get into it. I hope you enjoy my conversation with the chess savant, fizzy lover, and the man with a voice like butter….Jesse Cramer.
Key Takeaways:
- Why is it even important to ask for a raise? What a small raise early on can compound over a 30-year career.
- How to start the conversation about a raise 3-6 months in advance of the ask. Building your case for a raise.
- Your performance might not match your salary positioning. You have to be an advocate for yourself on top of being a great performer.
- The importance of aligning your role and work with what your manager and company find important.
- The Commitment Consistency Principle and being clear with your manager about the plan.
- How to overcome the fear of rejection by defining what rejection really is.
- How to respond if they say no. Staying positive while making your disappointment clear.
- Option of last resort = going nuclear. How to decide when to use your final piece of leverage and if it is the right situation for you.
- Is there a right or wrong time to ask? Some considerations: the fiscal health of the company, layoffs, and interest rate hikes. Making sure you don’t come across as tone death.
- How to advocate for yourself without coming across as a brag or brown noser.
- The power of staying positive and language to use whenever you’re getting stubborn pushback.
- Creative solutions for other benefits when negotiations can’t raise salary.
Mentions:
Is Investing Still a Smart Choice During this Recession? I’m Feeling Discouraged. | E75 Jesse Cramer: www.tsirpodcast.com/75
More of Jesse:
Best Interest podcast: https://bestinterest.blog/the-best-interest-podcast/
Best Interest blog: https://bestinterest.blog/
More of The Struggle is Real:
Find show notes and more at https://www.tsirpodcast.com/
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