Money Rehab with Nicole Lapin - How to Get the Raise You Deserve, Without Costing You Your Job (2022 Vision)

Episode Date: December 29, 2021

Is 2022 the year you get that freakin’ raise? We say: Heck! Yes! Tune in to find out how. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

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money is working as hard as you do. So why overcomplicate your money? Keep it simple with Bank of America, your one-stop shop for everything you need today and the goals you're working toward tomorrow. To get started, visit bofa.com slash newprosmedia. That's b-o-f-a dot com slash n-e-w pros p-r-o-s media. bfa.com slash newprosmedia. It's the week after Christmas and you can't find a flow. It's Tuesday. It's Wednesday. Who the hell knows? Who the hell knows? You brew up some coffee and sit down to work. But your boyfriend is off.

And it drives you berserk. You're working your butt off, which none could deny. But the rest of your team is on auto-reply. While everyone snoozes, you're working these days. Sounds to me like it's time to ask for that raise. Is 2022 the year you get a freaking raise? I say hell yes. To help you get there, here's Money Rehab episode 56, how to get the raise you deserve without costing you your job.

Hey guys, are you ready for some money rehab? Wall Street has been completely upended by an unlikely player. GameStop. And should I have a 401k? You don't do it? No, I never have. You think the whole world revolves around you and your money. Well, it doesn't.

Charge for wasting our time. I will take a 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, moneyrehabatnicolalapin.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 going to 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 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. 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 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. 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 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. You can print it out. You can put it in a folder. You can 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.