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How to Get the Raise You Deserve with Claire Wasserman

By Money News Network

In this episode of Money Rehab with Nicole Lapin, Claire Wasserman, co-founder of Ladies Get Paid, offers strategies for women to negotiate fair pay. She emphasizes using data-driven research on market rates and quantifying your impact to support pay raise requests. Wasserman also advises adopting an entrepreneurial mindset, positioning yourself as a business partner who generates value for the organization.

The discussion explores overcoming psychological barriers to salary negotiations. Wasserman encourages cultivating confidence by challenging negative self-talk and reframing negotiations as growth opportunities. She also recommends examining financial avoidance patterns rooted in family history and embracing an abundance mindset.

How to Get the Raise You Deserve with Claire Wasserman

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How to Get the Raise You Deserve with Claire Wasserman

1-Page Summary

Strategies for Negotiating Fair Pay

Claire Wasserman, co-founder of Ladies Get Paid, provides strategies for women to negotiate fair pay. Key approaches include:

Using Research and Data

  • Look at market data on pay ranges and competitor salaries for similar roles. Wasserman recommends reaching out to male peers for this information.
  • Quantify your impact on the company's bottom line as evidence to support a raise.

Adopting an Entrepreneurial Mindset

  • See yourself as a business the employer invests in, not just an employee. Wasserman says to demonstrate how your growth benefits the organization.
  • Propose performance-based compensation goals and suggest leaving if needs aren't met.

Leveraging Relationships for Info

  • Connect with people inside the company like HR to gather intel on budgets and timelines.
  • Use LinkedIn to get salary details from others in your industry.
  • Share your own salary to promote transparency and shift power to employees.

Overcoming Psychological Barriers

Cultivating Confidence

  • Challenge negative self-talk undermining your worth, says Wasserman.
  • View negotiations as growth opportunities, not confrontations.

Addressing Financial Avoidance Patterns

  • Reflect on family history with money to identify unhelpful beliefs.
  • Shift from a scarcity mindset to one of abundance.
  • Recognize the importance of financial independence for future generations.

Making the Case Using Data and an Entrepreneurial Approach

Support Requests with Evidence

  • Research confirms offer fairness based on data, explains Wasserman.
  • Quantify contributions to company profits.
  • Show how your skills are increasingly valuable.

Take an Entrepreneurial Stance

  • Position yourself as a business partner, not just an employee.
  • Emphasize how your success benefits the organization.
  • Be prepared to exit if compensation needs aren't met, advises Wasserman.

1-Page Summary

Additional Materials

Counterarguments

  • While reaching out to male peers for salary information can be useful, it may not always be appropriate or comfortable for all parties involved, and there could be legal or company policy considerations regarding sharing such information.
  • Quantifying your impact on the company's bottom line is important, but not all roles have easily quantifiable impacts, and this approach may not work for every type of job.
  • Adopting an entrepreneurial mindset is beneficial, but not all employers may view or treat employees as business partners, and this perspective might not align with all corporate cultures or job roles.
  • Proposing performance-based compensation goals assumes that all aspects of job performance can be measured accurately and fairly, which is not always the case.
  • Leveraging relationships for salary information can be helpful, but it might also lead to the spread of misinformation if the data gathered is not accurate or representative.
  • Sharing one's own salary to promote transparency can be empowering, but it also risks potential privacy concerns and workplace tension if not handled delicately.
  • Cultivating confidence and viewing negotiations as growth opportunities are positive, but they may not address systemic issues that can affect fair pay, such as gender bias or discrimination.
  • Reflecting on family history with money to identify unhelpful beliefs is insightful, but personal reflection alone may not be sufficient to overcome deep-seated financial avoidance patterns without additional support or counseling.
  • Shifting from a scarcity mindset to one of abundance is a positive step, but it may not be realistic for individuals in precarious financial situations or those facing economic hardship.
  • Being prepared to exit if compensation needs aren't met is a strong stance, but it may not be feasible for everyone, especially those who have fewer job opportunities or who are in less in-demand fields.

Actionables

- Create a personal "Value Portfolio" that includes testimonials, thank-you emails, and records of successful projects to present during negotiations, showcasing the tangible benefits you've brought to the company.

  • By compiling a physical or digital folder of accolades and evidence of your work, you create a compelling narrative of your contributions. For instance, if you led a project that increased sales, include the project outline, the sales reports before and after the project, and any recognition you received for your work. This portfolio can be a powerful visual aid in discussions about your value to the company.
  • Develop a "Future Value Forecast" where you outline upcoming projects or skills you're developing that will benefit the company, to demonstrate your ongoing potential during salary discussions.
  • This can be a simple document or presentation that details your current learning endeavors, such as taking a course in a high-demand skill relevant to your industry, and how this will translate into future benefits for the company. For example, if you're learning data analysis, show how this skill can help optimize operations or increase market insights, thus contributing to the company's growth.
  • Engage in role-play negotiations with a trusted friend or mentor to build confidence and refine your approach, ensuring you're ready to articulate your value effectively when the time comes.
  • Practice scenarios where you negotiate your salary, using your Value Portfolio and Future Value Forecast as the basis for your arguments. Your friend or mentor can provide feedback on your delivery, body language, and the strength of your arguments, helping you to improve and feel more confident in a real negotiation setting.

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How to Get the Raise You Deserve with Claire Wasserman

Women's Strategies For Negotiating Fair Pay

Claire Wasserman, co-founder of Ladies Get Paid, has provided a host of strategies for women to negotiate for fair pay in their careers, emphasizing the importance of data, an entrepreneurial mindset, and leveraging relationships.

Use Market Research and Data to Support Salary Demands

Wasserman recommends doing market research to understand salary ranges and what similar roles pay at competitor companies. She suggests reaching out to white men at comparable companies via LinkedIn for salary information and questioning an employer's method for determining offered salary ranges. To negotiate effectively, women should always cite the highest number in their market research and back it up with solid evidence. It's all about framing the salary request as an investment in the company’s success rather than as a personal reward.

Research Pay Ranges and Competitor Salaries for Similar Roles

To understand what the market pays, Wasserman advises looking at companies of similar size, location, and revenue, and talking to about six people to get a sense of commensurate compensation. It’s also crucial to track any changes in job responsibilities and assess whether your skills have become more desirable or if market rates for those skills have changed.

Evidence of Your Impact on the Bottom Line

When making salary demands, it's effective to provide quantified evidence of the impact you've had on the company's bottom line and highlight your progress. Discussing how investing in you results in a return on investment for the company can be a persuasive strategy.

Adopt an Entrepreneurial Mindset and Negotiation Approach

Wasserman encourages women to see themselves as a business that the employer is investing in. By showing how your growth aligns with the company's success, you're making the case that investing in you benefits the organization.

See Yourself As a Business the Employer Invests In, Not Just an Employee Seeking a Raise

Consider yourself a business asking for investment. When negotiating, it’s not just about doing a job; it's about how you can bring extra to the role, like good client relationships or access to vendors.

Demonstrate how Your Growth Will Benefit the Organization

Explain how your role and performance directly benefit the company's bottom line, aligning your personal growth with the organization's success. Propose performance-based compensation goals, suggesting that if compensation needs aren’t met, you may need to consider leaving.

Leverage Relationships and Connections to Gather Inside Information

Building relationships with people inside the company, like HR ...

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Women's Strategies For Negotiating Fair Pay

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Counterarguments

  • Reaching out to white men for salary information could be seen as perpetuating a focus on a demographic that is often already in a privileged position, rather than encouraging a more inclusive approach to salary research.
  • Citing the highest number in market research might not always be realistic or appropriate, depending on the individual's experience, the company's budget, or the industry standard.
  • The assumption that personal growth always aligns with company success may not hold true in all cases, especially in situations where the company's direction changes or if there are differing visions of success.
  • Proposing performance-based compensation goals assumes that all contributions can be quantified, which may not be the case for certain roles or industries where impact is harder to measure.
  • Building relationships primarily for the purpose of gaining salary insights could be seen as transactional and might not contribute to genuine professional relationships.
  • The strategy of leveraging relationships and connections might not be feasible for everyone, especially for those who are new to an industry or lack a strong network.
  • Advocating for transparency and sharing salary information is a double-edged sword; while it can empower employees, it can also ...

Actionables

  • Create a personal "salary growth chart" to visualize your career trajectory and desired salary progression. Start by plotting your current salary and responsibilities on a graph. Then, research the desired salary for your next career step and plot this as your target. Update this chart regularly with any new skills or responsibilities you acquire, and use it as a visual aid during salary negotiations to demonstrate your growth and justify your salary expectations.
  • Develop a "salary negotiation playbook" that includes scripts and scenarios for different negotiation outcomes. Write down potential responses to common objections you might face when asking for a higher salary. For example, if an employer says the budget doesn't allow for your requested salary, have a prepared response that suggests alternative compensation options like additional vacation days or a signing bonus.
  • Organize a peer "salary swap" meetup where you and your colleagues f ...

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How to Get the Raise You Deserve with Claire Wasserman

Overcoming Emotional and Psychological Barriers To Requesting Higher Compensation

Cultivate Self-Confidence and Overcome Imposter Syndrome

Challenge the Critic Undermining Your Worth

Claire Wasserman focuses on helping women confront their inner critic that undermines their self-worth. Through her structured coaching program, she emphasizes the importance of accountability in silencing this critic in order to build self-confidence, which is essential when requesting higher compensation.

Quieting Negative Self-Talk and Embracing True Value

Wasserman asserts that having a personal practice to reflect on self-worth is key to unlocking one's desires in life, including fair compensation. She advocates for being transparent about personal challenges, as doing so is a step towards overcoming the shame associated with these struggles.

View Salary Negotiation as Growth, Not Confrontation

Her podcast, "Ladies Get Paid," aims to coach women on self-worth and salary negotiation, encouraging them to view these negotiations as opportunities for growth rather than confrontational situations.

Recognize and Address Generational Patterns of Financial Avoidance

Explore Family History and Relationship With Money to Understand Beliefs

Wasserman had a memory of being paid $20 as a child and immediately wanting to give it away, which signifies a deeper financial psychology issue connected to her past. She suggests reflecting on one's family history with money to uncover inherited beliefs and attitudes.

Overcoming Scarcity Mindsets and Self-Advocacy ...

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Overcoming Emotional and Psychological Barriers To Requesting Higher Compensation

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Counterarguments

  • While self-confidence is important, it's not the only factor in successful salary negotiations; market rates, job performance, and negotiation skills also play critical roles.
  • Reflecting on self-worth can be beneficial, but it should be balanced with an objective assessment of one's professional value and contributions to avoid overestimating one's worth.
  • Transparency about personal challenges can be empowering, but it may not always be appropriate or strategic in a professional setting, where boundaries are necessary.
  • Viewing salary negotiation as growth is positive, but it's also important to prepare for the possibility of confrontation and to have strategies in place for handling it effectively.
  • Family history can influence financial beliefs, but individuals also have the agency to form their own attitudes and behaviors ...

Actionables

  • Create a "Compensation Vision Board" to visualize and affirm your worth. Gather images, quotes, and symbols that represent the value you bring to your work and the compensation you aspire to achieve. Place it somewhere you'll see daily to reinforce your self-worth and goals.
  • Start a "Money Biography" journal to explore your family's financial history. Write down stories, patterns, and attitudes about money you observed growing up. Reflect on how these have shaped your views and identify which beliefs you want to retain or change to support your financial empowerment.
  • Organize a "Growth Circle" with ...

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How to Get the Raise You Deserve with Claire Wasserman

Making a Case for Higher Pay Using Research, Data, and an Entrepreneurial Mindset

In an episode, Claire Wasserman shares practical advice for effectively negotiating higher pay using a combination of research, data, and an entrepreneurial outlook on salary discussions.

Support Your Compensation Request With Data and Evidence

Research Industry Pay Ranges and Competitor Salaries

Wasserman emphasizes that negotiations should be based on solid market research. This entails talking to peers at competitor companies and researching industry pay ranges to ensure an offer is fair. She suggests verifying one's offer against others and explaining the proposed salary's basis on market research. Nicole Lapin also underlines the importance of sticking to data when negotiating for better pay.

Measure Impact on Organizational Bottom Line and Key Metrics

Justifying the request for a raise is crucial, and Wasserman suggests leveraging a recent success that positively impacted the company's bottom line. By providing quantified examples of contributions to the business's financial ecosystem, one demonstrates the direct linkage between work performed and the organization's profitability.

Demonstrate how Your Skills and Contributions Are Growing

Though no specific details are provided, Wasserman indicates the importance of discussing salary growth, how market conditions around one's skillset have evolved, and showing how one plans to contribute to the business's success.

Adopt an Entrepreneurial Approach to Salary Negotiations

Be a Business Partner, Not Just an Employee

Wasserman advises taking the stance of a business partner in negotiations. This includes tackling broader compensation discussions, focusing on how a proposed salary impacts the organization, showing alignment with the company's success, and addressing upfront any concerns an employer might have — for example, how one's contributions will continue despite significant personal life changes.

Emphasize how Your Success Benefits the Organization

Highlighting one's unique benefits and proposing performance-based incremental raises can position oneself as a business entity whose growth alig ...

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Making a Case for Higher Pay Using Research, Data, and an Entrepreneurial Mindset

Additional Materials

Counterarguments

  • Researching industry pay ranges and competitor salaries may not always provide a complete picture due to variations in job responsibilities, regional cost of living, and company-specific financial health.
  • Data can support compensation requests, but personal negotiation skills and the ability to communicate one's value can be equally important.
  • Demonstrating impact on the bottom line is valuable, but not all roles have easily quantifiable contributions, and this approach may overlook the importance of non-financial contributions.
  • Discussing future contributions assumes a level of predictability in both the market and one's career trajectory that may not be realistic.
  • Taking a business partner approach may not resonate with all employers, especially in traditional or hierarchical organizations.
  • The success of the individual does not always directly translate to organizational benefits, particularly in complex or team-oriented environments.
  • Performance-based raises can be effective but may also lead to a narro ...

Actionables

  • Create a personal impact ledger to track your contributions and their outcomes. Start a simple spreadsheet or journal where you document every significant project you work on, including the results and how it benefited your company. This can be a powerful tool during salary negotiations to visually present your value to the organization.
  • Develop a "Plan B" career roadmap. Even if you're not planning to leave your current job, research and outline potential career moves or advancements within your field. This keeps you informed about the market and ensures you're ready to pivot if your compensation needs aren't met.
  • Simulate negotiat ...

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