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Your Fear of Negotiation is Hurting Your Retirement, Part 3: How to Ensure You Receive a Raise in the Upcoming Year

December 15, 2019

In part 3 of my series on negotiation and retirement savings, Elizabeth Suárez and I discuss setting up the necessary goals to help ensure you receive a raise in the upcoming year. If you missed part 1 and 2 of my conversation with the national speaker, coach, and the author of “The Art of Getting Everything” you can find them here: https://tinyurl.com/yxjr4tyl and here: https://tinyurl.com/y2c2sude.

Liz Windisch, CFP®: Previously you and I discussed asking for a higher salary when given a job offer. But what about increasing your salary in the job you have? Since we’re heading into the new year, how do you let your supervisor know that you want to do what it takes to achieve a raise or promotion next year?

Before you address the topic of a raise or promotion with your boss, it is imperative to take some time to evaluate how your work has impacted your team/division/company. Many professionals believe they deserve a raise because they are working long days. However, raises and promotions are directly linked to how your work transforms the desired team/division/organization outcomes. I recommend keeping a log of your work and accomplishments on a weekly basis. Before meeting with your boss, review your log and identify your top five accomplishments. Share them by illustrating the positive effect they have had toward the company. Follow up it up with the ask. An example of the ask is: “Based on the accomplishments I have shared, I wanted to discuss a plan on how to improve my compensation to match my performance in this company.”

LW: What is a good communication strategy to “check in” as the year progresses?

One of the biggest mistakes is waiting until performance evaluation time to check in with your boss on how you are doing measured against your objectives. I highly recommend that in every one-on-one meeting with your boss you set aside ten minutes to discuss your performance and identify ways that you can continue to improve. If you do this, there should be no surprises at evaluation time. Quite the opposite - you will feel confident and in charge of your future in the company.

LW: Thank you so much for your insight on this topic!

Next month: You’re making more money! How to put it to work for your retirement.

Liz Windisch, CFP® has guided women toward overcoming their money fears and mastering their finances for over 15 years. She believes women will not be socially equal until they are financially equal. For more information, please visit www.lizwindisch.com or contact her at ewindisch@aspenwealthinc.com.

Elizabeth Suárez is an author, speaker and coach dedicated to helping professionals unleash their potential by transforming them into skilled negotiators and decision makers. For more information, please visit https://www.negotiationunleashed.com/ or contact Elizabeth at elizabeth@negotiationunleashed.com.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice offered through GPS Wealth Strategies Group, LLC, a registered investment advisor. GPS Wealth Strategies Group, LLC and Aspen Wealth Management are separate entities from LPL Financial.

Elizabeth Suarez is not affiliated with LPL Financial and Aspen Wealth Management.

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Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through GPS Wealth Strategies Group LLC, a registered investment advisor. GPS Wealth Strategies Group LLC and Aspen Wealth Management are separate entities from LPL Financial.

The LPL Financial registered representative associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
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