Money Rehab with Nicole Lapin - How To Get The Raise You Deserve, Without Costing You Your Job

Episode Date: November 19, 2023

Originally aired 6/21/21 Today Nicole answers the listener question: “How do I ask for a raise without causing bad blood between me and my employer?”

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Well, it doesn't. Charge for wasting our time. I will take a check. Like an old school check. You recognize her from anchoring on CNN, CNBC, and Bloomberg. The only financial expert you don't need a dictionary to understand. Nicole Lappin. As you know, our show has an email address, moneyrehabatnicoleappin.com,

where you can reach out 24-7, 365 with any burning money question you have, and we'll answer them. This week, we got an email with the subject line, I need a raise! And I am here for that! The email said, how do I go about asking for a raise without jeopardizing losing my job or causing bad blood between me and my employer? The person who wrote this email didn't sign their name, so I'm gonna assume they want to stay anonymous, and that's totally cool. I'll just call them John. So dear John, you need a raise. Don't we all? Join the club. Here's something I've learned time and again throughout the course of my career. It is extremely

rare, we are talking UFO sighting rare, for a raise to be handed to you. So many people, especially young people, tell me that they expected when they made it in the real world that they'd be working for a company that guarantees an X percent raise every single year. Where did this idea come from? I don't remember seeing a raise fairy in any of the Disney movies I grew up on. So no, kiddos, this does not happen, especially not today in the world of startups where the grind is so glorified. So more than likely, if you want a raise, if you deserve a raise, and be really, really, really honest, if you were the boss,

would you give you a raise? You're going to have to ask for one. And a lot of us have the very same worries that John wrote about in his email. We get anxious about whether or not asking for a raise is going to make us seem ungrateful or hurt our relationship with our boss. And because of how unemployment has skyrocketed this year, if you have a job, you also have an intense desire to keep it. And I get that. I've been there. I have asked for raises and gotten both no's and yes's. So here are the five tried and true tips that have worked for me. First, set yourself up for success. Think really carefully about the best time to approach your boss. 5.30 p.m. on a crazy busy Monday? Probably not the best time. At 5.30 p.m. on a summer Friday?

Hard no. The same day your boss has a one-on-one meeting with your CEO about budgets? Yep, steer clear of that time too. Actually, steer clear of any day your boss has a budget meeting. Even if a budget meeting goes perfectly, they're still really fucking stressful. So instead, shoot for a time that you know your boss is going to be in a good mood. Or the chances are pretty likely that they'll be in a good mood. Is there a team birthday on the books?

A pitch you know is going to go well? That's a great time to make your move. Next, tell your boss that you're going to put some time on his or her calendar to talk about a growth plan. One of the key ways to protect your relationship with your boss during a raise negotiation is to convey that this conversation is about more than the money for you, even if it's not. That's why I like calling this conversation a growth plan. From your boss's perspective, giving you a raise is basically your boss advising your company to invest in you. raise is basically your boss advising your company to invest in you. A conversation on a growth plan implies to your boss that you're planning on staying with the company, that you want to grow in your role, and therefore want to increasingly add value to the company. Plus, putting time on

your boss's calendar and setting the topic in advance will force you to have the conversation, even if you're tempted to chicken out. Second, do your homework. When you've set aside time on your boss's calendar, don't go into the conversation without a number. Studies show that people who approach a raise without a set reasonable number in mind are less likely to climb the pay scale. Talk to friends in similar industries to see what they're making, and then find averages for your industry and level of experience on sites like Payscale.com and Salary.com. These sites allow you to search geographically, which is important as you decide what you need to live on in your specific area. And remember, the idea isn't to get a raise just to get by, but to have a little extra to dump into savings. Ladies,

this is a special side note for you. When you're getting some industry intel on how much your peers are making, make sure that you're talking to men and women in your field. Because as we know, there is a pay gap with women making less than men in some of the same roles. And here on Money Rehab, we are not down with that. So once you've done your research, shoot for the high some of the same roles. And here on Money Rehab, we are not down with that. So once you've done your research, shoot for the high end of the averages you find. As my grandma used to say, reach for the moon, and even if you miss, you'll land among the stars. Or as one of my girlfriends amended, shoot for the moon and don't fuck it up. Earth is a long way down. Hold on to your wallets, boys and girls. Money rehab will be right

back. Now for some more money rehab. Number three, bring the receipts. When you meet with your boss, come prepared with specific examples of your stellar performance and positive feedback that you've received from colleagues and clients. You don't need an entire laundry list of all the awesome things you've done at work, but a few key examples and cite a few important lessons that you've learned during your time at the company and express the desire to continue to learn and grow within that environment. Your employers will be more likely to invest in you if they see the raise as having long-term value. I know, I know, it is awkward to talk yourself up. So practice your little pitch. Do it in front of the mirror. Do it with

your dog. Try for a warm but pointed delivery. Number four, put your community first. Dear John, this tip is specifically aimed at that nagging concern about souring your relationship with your boss. After all, the numbers on your paycheck may change, but you're still going to be working with the same people. The key here is to frame that discussion around your role within the company. Think of yourself not as a single moving part, but as a valuable asset to the company at large. Demonstrate how your performance has positively impacted the company's performance. And finally, let your boss know that you respect his or her opinion by concluding with, what do you think? Number five, get creative. Sure, a salary bump is the most

typical kind of raise, but there are lots of other ways to reward your performance, and some might be even more valuable to your current financial and personal situation than just money. Perhaps it's a more robust healthcare package, which will help mitigate your monthly healthcare bills. Or you can ask for better stock options, or to be included in the company's bonus structure should they have one in place, or more transportation stipend. Whatever it is, you know your company and you know where you can ask. Maybe your side hustle is heating up and you want some extra PTO. Every company has PTO. Whatever you ask for, though, the point is to know your worth and to make it work for you. So my suggestion is to have three different options prepared going in. One, just a money increase. One, a money and

perks increase. And one, a perks increase. Depending on how the conversation goes, if your boss simply says there is no more cash in this company and pulls the pandemic card, whether it's true or not, you can move over to the next option, which would be a little bit of cash and some more perks. And if that doesn't go well, then you also have the perks option that you can fall back on. John, I promise I have tried every tip and trick in the book, within reason, to get a raise. And these five tips are your best bet for getting a raise you deserve without costing you your job. And any other money rehabbers who are listening,

if you are considering a raise, please DM us at moneyrehabshow on Instagram, and we'll talk strategy. For today's tip, you can take straight to the bank. Make a one-sheet recapping the raise you're asking for, your industry research on salary ranges, and some highlights from your time at the company. You have put together decks and one-sheets for all sorts of areas in your business. So you should do one for number one. That's you. Once you've talked to your boss, give him or her that one sheet to keep and print it out. You could put it in a folder. You make it pink and scented. You do you. But if your boss is going to bat for you with HR, it's going to be really helpful for them to have

something physical to reference. And let's face it, jog their memory if they don't entirely remember all the killer points you made in your meeting. Remember, they have a job too. And they're probably thinking of asking for a raise themselves. Because everybody, everybody does have a boss. It's true. Money Rehab is a production of iHeartMedia. I'm your host, Nicole Lappin. Our producers are Morgan Lavoie and Catherine Law.

Money Rehab is edited and engineered by Brandon Dickert with help from Josh Fisher. Executive producers are Mangesh Hatikader and Will Pearson. Huge thanks to the OG Money Rehab supervising producer, Michelle Lanz, for her pre-production and development work. And as always, thanks to you for finally investing in yourself so that you can get it together and get it all. You spend my money, money You spend my money, money, money You spend my money, money, money