Now is the time!

Image by Marten Bjork

These are unprecedented times in our lifetime, and we all have been affected by COVID-19. We focus on equipping women with facts and tools to carry out effective negotiations on their own behalf, and in the last couple of weeks we have heard a number of questions related to: “Now doesn’t seem to be the time to think about a raise or promotion” or “I expected a raise in April, do I approach the management now?” 

While we agree that there is a time and place for the ask, now is the time to be sensitive to such conversations. You don’t want to come off tone-deaf in asking for a raise or a promotion while your company is struggling with cash flow and most likely in the midst of furloughing some employees. However, that doesn’t mean that the work stops because the opportunity at the current moment doesn’t present itself. 

This is the perfect occasion to figure out what you are worth and what is important to you when it comes to compensation. Not only is there no pressure as most conversations are being postponed but also because you might have a few moments to gather and analyze the information, hone in on your priorities, and craft your message. 

Not all compensation levers are created equal, because each and every one of us has a unique set of needs and wants. We have developed this Worksheet 1 to help you narrow down what is important to you when it comes to your career progression and pay. Know that absolutely everything is negotiable. And you have to know the priority of different aspects of pay in order to be able to communicate them effectively.  

Now is also the best time to figure out what you are worth! If you are in transition and will be looking for new employment opportunities in the future, you must know your value before you take the first call with your potential employer or recruiter. If you are currently employed, then the work you do now will help you revive the conversations on compensation when things normalize. Most women spend a lot of time on networking, looking over the position and ensuring that they have the answer for each requirement as well as researching the company that they don’t think about their earnings and benefits until the time gets closer to the offer. However, just about every recruiter, hiring manager or HR professional will ask you what your expected pay for the position you are interviewing for, and you need to be prepared with a range. The consequences of not understanding your value is lower pay. If you were planning on having the conversation about your raise before COVID-19 and have lost the momentum, now is the time to find out what you are worth, so when you deliver the ask you will be prepared for the question in regards to compensation, because rest assured, it will come up!

Below are a couple of rules of thumb when it comes to figuring out your worth.

Rule 1: focus on future

When you are researching the value, make sure you are looking at NOT what your current position is, but what your future position will be. For example, you might be a Director Level now with a smaller team, where the next position might still be a Director Level but with a large and international team. Such differences translate into pay. If you are not traveling now, but are expected to travel up to 50% in the next job, that translates into higher pay as well. When you are looking at the Market value for somebody with your caliber, make sure you are looking at the market value of your future position, not the current one!

Rule 2: Numbers don’t lie

Resist the urge of “I think I should get paid $x” instead head over to the tools that we have available to us and do the work on figuring out what you are worth. Informed, data-backed conclusions are hard to argue with; feelings are much easier to discount. Be prepared to defend your number, if you name a figure of what you’d like for a compensation, you might come across a few people who will ask you how you have come up with that number. That’s where data is your friend. Here is our approach to getting market data. Head over to our Worksheet 2 to complete the exercise of figure out what the market value is for the position you are looking for (geography matters!)

Rule 3: Title always comes with pay!

Some companies and managers might argue for lower pay for a manager title because it’s your first position at being a manager. While experience does matter, title comes with the pay; the only time it doesn’t is if you are not qualified for the title, and although it happens very rarely, it’s possible. If the company is willing to give you the responsibilities and will hold you to the same standard as others on that level as well as expect you to deliver to everything required of that title of the position, then you need to be compensated for it appropriately!

If you were having conversations about compensation before COVID-19, it’d be a good idea to have a check in with your manager. Primarily to reassure that you are vested in the best interest of the company, so you understand that with the current situation the conversations need to be put on hold. And that you’d like to agree that when business gets back to being predictable and more stable, you will return to your conversations! Laying out expectations is never a bad thing, be wary of the tone of the conversation, ensuring that it’s clear that company’s viability is important and you understand how strenuous the current situation is. 

The task of finding out what you are worth might seem daunting, and we hope that our worksheets and guidance help you along the road to ensure that you make what you have rightfully earned. Dedicate a few minutes each day to work on documenting the facts of what your value is, so you are equipped with information when time comes to have the conversation with your current manager or to negotiate with a hiring manager.

Reach out to us if you are looking for assistance in gathering data and clear understanding of what your worth is, and let us help you position yourself to get impressive  results when it comes to your compensation.

Worksheet 1 / Worksheet 2