Alright, pay raise now this is a little actually we did a mega session last week it was awesome
it was a couple hours i talked at length about why this is so important right now and how
the the evolution of where where we how we got to today with wage inflation and what this is
done to uh basically put a disparity between individuals who are job seeking and new hires
let's say the last nine months if you've been hired into your new job in the last nine months
probably pretty good and if if you've been with your organization longer than that there is a
possibility dare i say probability that you are likely getting paid less than somebody who
more recently came into your organization and to make matters even worse that person who came in
probably has less experience than you do or at a minimum they have less experience
than you do at that company and you're probably earning less so we want you to to make sure that
that that your employer right sizes your pay but regardless i gave you a wonderful formula
how to go through it what to collect what to say and all that good stuff because i showed
you a lesson out of a portion of a lesson out of my leadership coaching program that live stream
unfortunately is no longer available but that's okay because today i'm going to touch on a few
things just conceptually so if you saw it and you want a little reminder or if you didn't see it at
all you can do one of a couple things you could just take what i'm going to give you right now or
you can jump into my leadership coaching program and watch all the lesson as well as all the case
studies which i didn't even show you in in on my live show last week all right so there are
three things i want you to consider that i want to touch on today when you're asking for a pay raise
i want you to think about your accomplishments and remember your pay raise is about the future
and what you're going to do it is not related to past performance yes of course past performance
is an indication to your employer whether you're a good bet or not but the rate at which they're
going to pay you going forward should be for them based on the value you're going to contribute
in what the future how do you settle up in arrears it's a called a bonus or it's called a spiff
or it's a here's an extra check for being awesome and thank you for all those projects all right so
now accomplishments estimated future value going forward and then the juxtaposition i talked about
this about what it would be like to actually pay for a new resource to replace you so let's talk
about these a little bit all right accomplishments what do i want you to collect i want you to
collect your key accomplishments guess what if you have the career achievements journal this is going
to be damn easy all right and you're going to be able to think it through and do not rely or expect
your boss your management team your teammates your children or anybody to actually remember what you
accomplished don't they're busy they got their own things they're worried about accomplishing
they're not paying attention to you what it what happened as a result of what you did or
the ripple effects that will occur as a result of what you did you need to bring that to the surface
what were the immediate benefits we put the system in and all of a sudden our call center
call times went down by 50 and our customer sat rates month over month went up by 10 every month
since this was put in okay those are immediate right going uh extended benefits was there
anything else that occurred as a result of the immediate benefits those come in two forms
well in addition to the call times going down in customer set source going up guess what else
we got we had more time spent on the phones you know spent selling more stuff to our existing
customers who love us even though we did something was broken and we fixed it and then we sold them
something else so we sold them a new plan or whatever so that led into additional benefits or
guess what going forward now this is going to be really great because next year we don't have to
spend any money the call times are still going to stay down and you're still going to get the
benefits going forward those are extended benefits think about all these you need these to show value
okay and the extended benefits are it's kind of like paying your commissions on something
you sold last year for this year all right and then you got to go into estimated future value
what do i mean by this this is what you get paid for this is what the raise should cover
okay so current trajectory if i just kept doing what i'm doing
i can do it faster i can do it faster and i could do more which means less money more
money or whatever okay right because you're it's a year later you should be a year faster
you should be incrementally better okay there's an argument to be made there i deserve more money
if i'm going to help you accomplish more even if i'm still doing the same thing
new responsibilities maybe i'm a project manager i'm still a project manager
but now i have um additional responsibility or i was a team leader now i'm a project manager i'm
a project manager now i'm a portfolio manager or a program manager or whatever so i'm going up the
chain or i'm uh still the uh managing director uh just a general term but i was only managing
half the u.s now i'm managing all of the us more responsibilities or new initiatives i'm a project
manager and i'm still a project manager and i didn't get a title change or anything but the
project you have me working on is so much more visible because you trust me and i've built all
this capital and clout with everybody in the in the in the you know on the 37th floor who loves me
right kind of thing and they all trust me so you're now giving me bigger and more visible
projects i'm the sales person what was the example i used the mid-market sales person
who now has new initiatives maybe taking on larger clients something like that so you need
to collect this because this needs to be part of your your discussion and then the last thing is
the juxtaposition and this is well if i wasn't here what would it cost you to replace me now you
believe me you can flour this up in a very nice manner you're just asking them to consider this
from a frame a reference standpoint how much would that cost you in learning curve time
how much would that cost you in money is there additional exp uh expenses because you got a
recruit do you have to pay for a recruiter to do that and get somebody to replace me
does the does the corporate recruiter actually have to stop what they're doing over there
to spend more time to replace me oh there's nobody else in the company oh there's somebody
else in the company that can replace me great who's going to replace them kind of thing so
are there additional expenses from a recruitment standpoint and then kind of what i just alluded to
uh before it the relationship capital hey everybody knows me man everybody loves me
because i deliver all the time and what happens you know guess what
all y'all get this expression down trust is not transferable it isn't right oh you
referred somebody they're not you okay it doesn't make any difference right i know
employee like employee referrals that's you know kind of trust in transferring to the new person
well if i disappeared right or if i just grabbed somebody off the street and said hey uh thanks
for buying my program i'm gonna give you to so and so no trust is not transferable why do you
think i don't train people to coach you from my standpoint right same kind of thing for you right
clout capital trust all right so i want you to think about all of these things so just to
kind of recap it what were the accomplishments the benefits the extended benefits what is the
future value you're going to contribute you got to make these arguments you want more pay
right what are you going to be contributing in the future and then what's the juxtaposition
then consider it from another angle you pay me a hundred what would it cost you i showed you last
week if you were here right i gave you i gave you the data right and and and i talked about how a a
median it manager that's a job stayer earns 116k on average median really right midpoint
and then but what does what does a company have to pay right labor iq did the data 139
right if you were going to replace me why are you giving me a 5k raise when you'd have to pay 139k
kind of thing and maybe a recruitment fee on top of that kind of stuff so just make sure that
you're you're doing that and if you okay so i'm going to wrap that up so those are my hot topics
make sure you're keeping an eye on the trends and the signals make sure if you are job searching and
you're transitioning to a new employer you're asking the right questions three make sure
if you are at a current company whether it's a new company or whether you've been there for a while
make sure you're doing the right things to build your skills and become indispensable
and the other thing is make sure you're right sizing your pay by considering these things
you