Top tips to help you get that raise

Shannon McClay, CEO of the Financial Gym, joins TheStreet to share her top tips that can help you get a raise.

Transcript

00:00I want to know from you, what are your tips in asking and getting, because you can ask,

00:07the trick is getting a raise. Yes, so number one, you got to know your worth.

00:12We always say that all the time, know your worth and know, understand what your career,

00:17your profession, what you are capable of making in that profession. So do your research, look at

00:22companies like Payscale or Glassdoor, see what other in your region and your type of job is

00:28earning and compare your pay to that is number one. Because if you're in a job that averages

00:34$50,000 a year and you go and ask your boss for $100,000, you just, you don't look smart, right?

00:39And so when you're going to negotiate for what you're worth, you want to come in being very

00:43prepared and educated on what you can expect. So look at what the industry is paying, talk to,

00:49I encourage people to talk to coworkers. They are allowed to, a company can't fire you for

00:55talking about pay. So ask around, ask people in the profession. Then you start having

01:01conversations with your immediate boss and start putting feelers out there. The way I like to say

01:08it is, I think as a boss, and I've been the boss and the employee, I say, it starts with a

01:13conversation and you say, bring the evidence to your boss and say, here's where I'm thinking,

01:18is there a path for me to get there? I think that's a better way of approaching it instead

01:23of saying, I need to be making 75,000 now, or I need to be making a hundred thousand dollars now.

01:27Yes, you do, but you don't need to tell your boss that. What you need to say to your boss is,

01:31I, the industry pays this, I'm making this, I'm curious if there's a path for me to make that.

01:37And then also in these conversations, I advise clients, be prepared for what your boss is going

01:42to say, right? So they may say, you're not producing, you're not delivering at a higher

01:47level, or you might need to do X, Y, and Z to improve, or the company just might not be in

01:52a good financial position to pay you what you want. And then you have to take that,

01:56and then make your own decision from there.