Show me the money

Are you getting get paid what you’re worth?

One of the biggest complaints I hear from clients is that they believe they are not getting compensated enough for the value they deliver.
 
And while most women tell me their career fulfillment comes from having opportunities to learn and grow, lead others and do great work, let’s face it we all want to be renumerated fairly for our contributions.

Yet we often devalue ourselves by not pushing hard enough for what we deserve.

This has to STOP.

The truth is that our career is our biggest asset and, the same way we should not accept low returns on our investments, we should not accept making lower returns on our hard work.

I know we hate talking about compensation. It’s uncomfortable. Some of us may even feel greedy asking for more money.

We would prefer it to be handed to us as recognition for a job well done.

But this almost NEVER happens.

Yet, we wait. And while we’re waiting, we’re losing ground and our asset is not growing.

In fact, when we believe we are underpaid, we don’t feel valued. This in turn can impact our sense of self-worth, our self-confidence and our ability to be seen as a next-level leader…where we will make more money. It’s a vicious cycle.

And when we accept less than we know we are worth, this also sends the wrong message to our boss – that we don’t value ourselves enough to fight for what we deserve.

Bottom line: money matters.

Here are some steps you can take toward protecting and building your biggest asset:

Don’t let fear determine your worth
I read a great quote the other day from Rich Litvin (a coach I follow): “Everything you want right now is on the other side of an uncomfortable conversation.” Many fears can hold us back from asking for more money – the fear of getting a no, of being seen as too aggressive or even unreasonable, or that if we ask for more, we’ll have to work even harder than we already are. But being afraid of doing something that makes us feel uncomfortable simply means we are human. Doing hard things can be scary. I offer three simple steps on how to change your relationship with fear here.

Make sure you are in the right role for you
A big part of my work with senior women is about helping them do the inner work needed to reconnect with what they care about, what they are really good at and what kind of environment they need to be successful. This is important because when we align our values, purpose and strengths with the right role and organization, we can truly excel and be the leader we are meant to be. And this is what helps us to gain the confidence we need to ask for the money we deserve. We know when we are knocking it out of the park and this is the time to negotiate.

Spend time on ‘project you’
I have had several clients who have been passed over for promotions or denied raises not because they weren’t doing great work but because they were not actively promoting their value. We get so caught up in our day-to-day responsibilities that we forget to take the time to invest in our own career growth and development. Being a top performer is not enough if our impact is not visible with the right people. Ask yourself: how can I prune my calendar of non-essential appointments and low-priority requests? And then spend that time building strategic allies who can help support your advancement and compensation goals.

Make the ask
If you believe you are being underpaid for the value you are delivering (and you have a good sense of your market value), you do not need to wait until your performance review to ask for a raise. Ask your boss for a separate meeting and be honest about the fact that you are looking to discuss your career trajectory. Use the meeting to share your career goals and the impact you are bringing to the organization and be direct about the fact that you believe you deserve a pay raise. Also, be ready to put a number on the table (hint: go higher than the number you want!).

If you don’t get what you want right away, ask your boss to agree to a timeline that you can work towards to get to a yes. And then set up monthly or bi-monthly meetings to check in and hold your boss accountable.

Your career is your asset to protect and grow. It’s up to you to make sure you’re maximizing the return on your investment.

Because you're worth it!