Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
NSOR: Anyone ever had to negotiate salary/ask for a raise?
I've got a meeting scheduled with the CFO of my firm for next week. I'm going to propose an increase in my compensation. I will be asking for more, in hopes that I'll get somewhere in the middle (opening it up for negotiation).
In the past year my client load has almost doubled and the number of meetings I've been in (we meet with all of our clients once a year) has more than doubled. I was promoted in the spring and received a small raise at that time but my accountabilities have increased drastically since then.
I've also taken a much more active role in business development and networking. I'm meeting with potential clients and local CPAs/centers of influence to discuss possible new business. I'm also attending at least one social function on my own time outside of work a month.
I am sitting for my CFP exam in July. When I become a CFP it will be a huge thing for the company because we really only have two practicing CFPs and one is retiring next year (leaving just the president who has this credential).
Anyways, I was wondering if anyone else here had to do something like this, and what was the response you received? I am pretty nervous just because it's outside of my comfort zone but I got some good advice from our professional coach.
Re: NSOR: Anyone ever had to negotiate salary/ask for a raise?
I think if you tell your CFO everything you just said here you should be golden. Seriously, asking for a raise sucks, but you clearly deserve it and like they say you never know until you try.
In fact, I'm also due to ask for a raise and I'm totally dreading it.
I think you have your basis covered and your increased role documented which should be more than sufficient when asking for a raise.
I had asked for a raise and even had my highly praised performance reviews from the last several years to back me up, I was rejected the pay raise. I was dissapointed.
I am rooting for you! Sending you pay raise vibes your way. From what you have done, you totally deserve a nice pay raise.
I think the most important thing is to link you're efforts back to the financial gains of the company. For example:
-I've taken on x number of new clients resulting in x number of additional billed hours over last year.
-As a result of my new business efforts I generate x number of leads, secured x number of new clients which resulted in x number of additional fees for the firm.
-Because of my superior work with x client, I've increased their billings to the firm by x number of dollars.
-Overall, my additional work to the firm has contributed to x additional dollars as such I think I deserve to be compensated with a raise of y.
I've found that just saying I'm working harder, doesn't get you very far, you have to really demonstrate your worth in dollars.
I asked, and I received
Document everything you said in the OP but also include NUMBERS (percentages, including the % of increase you are looking for)
Be concise (I used a bullet point format)
Recognize recent your promotion/increase but add everything you've done since then
Research your field so that you arent asking blind
Do you expect an increase when you pass the CFP?
If you want, I can dig around to see if I still have my paperwork. It's been sooo long ago.
GL!
I actually just did this yesterday. I was offered a promotion out of the blue but not a heck of a lot more money to go with it.
I talked to my dad b/c he was a director of a dept for many years and I wanted his opinion. He told me it doesn't hurt to ask b/c the worst that will happen is they say no. He also told me to have concrete reasons why it was fair to ask for the money, have # in mind and ask for more than what you are looking for (within reason) so you are likely to come out with what you are satisfied with.
I went home and crunched numbers and figured out what I thought these extra responsibilities would be worth and when I met with my director I told her that as really appreciated this opportunity and was very honored but I was wondering if there was a possibility to increase the salary by a little bit. I had all my #s written down and I presented my argument in a clear professional manner. In the end she agreed.
My manager actually told me this morning that both she and my director were impressed with how I presented my case and how thorough I had been. I told her I had been nervous as hell to ask for more $ because I knew it was a long shot.
Good luck!