Alongside the ability to balance work responsibilities and home commitments, genuinely-helpful benefits, and prioritizing remote or hybrid working models, salary is still one of the biggest career motivators.
In fact, according to Morgan McKinley’s most recent global workplace study, involving over 3,400 professionals and more than 600 employers, 40% of professionals globally consider ‘higher salary’ the most important factor when considering moving roles.
Considering the high-stakes environments that DeFi Planet readers are working in, it is perhaps surprising that many are unexpectedly timid when it comes to discussing their own market value.
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And yet, that is the case for many employees. According to this report, which surveyed 1,000 workers, over 80% of Americans feel entitled to a raise, but only 60% intend to ask for one.
The same report also asked for reasons why respondents are hesitant to ask for a raise. Top reasons were unsure how to approach (32%), followed by fear of rejection (28%), then concern over job security (22%) and fear it will damage relationships with management (20%).
Completing the top ten are concerns over the company’s financial situation (19%), recently received a raise (16%), fear it will affect work relationships (13%), satisfaction with current pay (12%), and exploring other job opportunities (12%).
These are all relatable and understandable, but though some are what they are, many others are addressable with a little preparation.
Face the fear
Even if you’re the company’s star performer, it’s unlikely that your request will result in an immediate raise.
Be prepared for nuanced responses and some back and forth, and remember, the worst they can say is no.
If a direct salary increase really isn’t possible, have some alternative compensation ideas ready to go, such as a four-day-week, additional equity, professional development budget, a list of conferences you’d like to attend (ideally in exotic locations), or more flexible working arrangements.
Salary discussions are professional conversations, not personal confrontations – even if a raise isn’t granted immediately, you’ve demonstrated self-advocacy and clarity about your professional worth.
Prepare your case
Document your achievements and quantify your contributions. How have your developments improved system efficiency? What innovative solutions have you implemented? Can you demonstrate cost savings or revenue generation resulting from your work?
Present a clear, data-driven case that demonstrates your worth. This isn’t about making demands but about articulating your professional value proposition, and technically-minded workers are often better suited to this kind of preparation.
If you have a large-enough window before your review, take a look at the skills gaps in the organization, and consider upskilling to fill this also.
Know your worth
Knowing what others make in your field, with your job title, and in your company specifically, can help you benchmark your ask.
Start by asking colleagues you feel comfortable with if they are happy to share what’s in their compensation package – nearly 25% of Americans leverage knowledge of coworker salaries to negotiate higher raises.
Next, take a look at the DeFi Planet Job Board and see what salaries on offer for similar job titles, but do consider your location. Many employers do consider ‘cost of living’, so salaries in expensive areas/countries are often higher than in other cities/towns/countries.
While it’s helpful to do some market research and see what other professionals with your job title earn, do not lead with this. Instead, use industry-average salaries to support your request, rather than be the main justification for one.
Time it well
Choosing the right moment for your salary discussion is crucial. Ideal windows include after completing a successful project, during formal performance review periods, and obviously, after a significant funding round.
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Framing your ask
Adopt a collaborative tone throughout the whole process. Frame your request as a mutual exploration of your professional growth and the company’s objectives, and see how they align.
Use language that emphasizes your commitment to the organization’s mission, talk about ‘us’ and ‘we’, rather than ‘me’ and ‘I’, and discuss present and future challenges, and how you propose meeting and exceeding them, either personally or as a company.
All this sets you up well for seeking fair compensation for your contributions, and your manager will see the ask coming. Everyone asks in a review.
A script like this one sets things up professionally and directly:
“Based on our discussion and the achievements we’ve reviewed today, I’d like to discuss my compensation.
Given my contributions to [specific project/team/company goal] and skills in [insert skills that company requires], I believe my current market value and performance warrant a salary adjustment.
Would you be open to discussing this?”
And if there really isn’t room for growth, and salary is a big motivator for you, it’s probably time to find somewhere new. If so, visit the DeFi Planet Job Board where you’ll find industry jobs updated daily.
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