.png)
Read time: 4 mins
Hi, it's Steve.
I wanted to share another personal story that I think will help you.
I didn't come from much.
My mum worked in a factory and raised my sister and I without a lot.
That's why, when I started my career in the corporate world, I was focused on 1 thing above all else:
Making more money.
Financial success and security were incredibly important to me because I didn't have it growing up.
So, I spent A LOT of time figuring out how to make more money, and I want to share some top lessons, so you can too.
Let's get into it:
I still remember calling Lynne from a park outside my head office early in my career and telling her about the 6-figure pay increase I got.
It was a VERY cool feeling, but I'm not sharing it to brag.
I want you to know what's possible for you too, and tell you how I did it.
There were 2 reasons I got the raise - and the 2nd is the one I want to emphasise:
1. I put in the work and created heaps of value for the company, and
2. I learned the tactics of HOW to have promotion and pay raise conversations.
Now, after giving out raises to +10,000 individuals and getting a few myself, here are my top 3 lessons:
3 THINGS YOU NEED TO KNOW FOR YOUR NEXT RAISE OR PROMOTION DISCUSSION:
1. An ultimatum will NOT help you:
Demands don't often work.
And if they do, they leave a bad taste in people's mouths.
Instead, try turning your request into a problem you can solve together.
When you treat a raise or promotion as a creative problem-solving opportunity, you enable a discussion about options and ideas, which will more often come out in your favour.
After sharing your goal, try saying something like this:
"What would you suggest I need to do to achieve (goal)?"
"What information would be helpful to position me for (goal)?"
"What would be the reasons that would prevent me from achieving (goal)?"
Turn the discussion into a shared problem, and then solve it together.
2. Understand who the real decision-makers are:
This is one of the most underappreciated aspects of remuneration.
Often, your boss is NOT the decision maker.
Even if they are, they may be confined by a remuneration process, salary bands, and budgets.
To get the best outcome, make sure you educate yourself on who the decision makers really are, and what parameters they're operating within.
When you know this, you can then formulate and execute a strategy that shows the RIGHT people why there's mutual benefit for you and the company if they offer you that raise or promotion you're looking for.
Understanding the players in the game and figuring out how to influence them is GOLD.
How do you figure this out?
Start by forming relationships with people who really understand this space and can help you unlock doors with the right people.
3. Get the right information to the right advocate:
Here's the truth:
Most of the time, someone else will need to advocate on your behalf to get you what you want.
Common example:
First, you need to convince your boss you deserve a raise, but then your boss needs to have the skill and conviction to convince their boss, the CFO, the Board, etc., etc.
How do you help them advocate for you?
You write down and arm them with the most relevant information they need, including:
- Why you?
- Why that amount?
- What's the benefit if they agree to it? What are the drawbacks if they don't?
Remember that companies make decisions based on return on investment, so write these points from that perspective, not your personal desires.
The key is to get the "right" information to the "REAL" decision makers with the appropriate tone and context.
BONUS: Write down why they will say NO
Most people are biased.
They can think of the 10 reasons they deserve a raise and/or promotion.
It's harder to think about the "why NOT".
Think of all the reasons someone could say no and then write the counter-argument to position yourself even better for that raise or promotion.
What now?
This is such a BIG but CHALLENGING topic.
While it's not easy, it's essential to understand deeply to best position yourself and your family.
For the action takers:
Your network is a HUGE ingredient to your next raise and promotion.
That's why this month, we're launching a FREE networking course so you can start investing in yourself at zero cost.
It's the course I wish I had to accelerate my career and what I'm using now to build my business.
And we want to give access to all of you first!
Learn more and pre-register via our fancy new landing page.
With rising costs and a tough market, we know you are thinking about your next steps. That's why we're here publishing every week.
You got this!
Speak soon,
Lynne and Steve
TLDR
- Raises and promotions are a sensitive but important topic.
- An ultimatum won't help.
- Make sure you understand who the real decision-makers are.
- Get an advocate AND arm them with the right information.
- Pre-register for our free course to leverage your network for your next raise or promotion.