According to a new survey by Edubirdie—an all-in-one website for students—60% of Gen Z are unhappy with their current salaries. And it’s no wonder: the cost of living crisis has swept the globe, overturning livelihoods and financial stability since the pandemic, leaving many with their savings depleted.
After the average American borrows approximately $29,000 on graduate education, they are already set back with a load of debt that they must carry for the majority of their professional lives. Additionally, approximately 72% of Gen Zers admit that the education system has left them ill-equipped for how to negotiate a salary bump and manage personal money, leading to a serious deficit in financial skills.
As stated by Bankrate, one of the biggest financial challenges for Gen Z is lack of emergency savings, mostly due to soaring college costs and cost of living, combined with working at entry-level roles. Hence, it makes perfect sense to seek ways to bolster one’s current salary, including side hustles, negotiating a pay raise or promotion, and holding multiple jobs where possible and in line with employer policies.
Avery Morgan, CCO at EduBirdie, shares five tips for negotiating a raise:
1. Find Your Fair Value
Knowledge is power. Conduct some research into your current market rate, and armed with this information, you will be better equipped to make a reasonable request for adjustment.
“Is your current salary in line with the market’s going rate? Take a look at websites such as Indeed, Glassdoor, and LinkedIn to figure out what other companies are offering for your level of expertise,” Morgan advises. “If your pay is below the average, you now have a fair figure to aim for. But don’t expect a yes right away — especially if the timing isn’t right. When starting your career, promotions come every 2-3 years on average, while the pace of progression slows the higher up the corporate ladder you climb.”
2. Use Data To Your Advantage
Go the extra mile and prepare a visual for your manager that showcases your impact in your role thus far and solidifies the business case for why you deserve that promotion or pay bump. You may find that your manager will respond better to a visual representation of your work. “Prepare a short deck that outlines the responsibilities you’ve taken on, the deals you’ve closed, and the profits you’ve generated. That way, you’re not just asking for a raise, you’re showing why you’re worth investing in,” Morgan continues.
3. Sell Your Strengths
If this is your first negotiation, and especially if you’re a Gen Zer or young millennial, you may not have tons of experience to back your request. So what do you do in this context? Rely on—and sell—your strengths!
Morgan suggests, “Are you a problem solver or a creative mind? Can you learn your way around new technology quickly—a skill that employees more experienced than you struggle with? These abilities are invaluable to employers, so make it clear what you excel at and where you’re hoping to improve,” she says.
To sell your strengths effectively, try using the STAR (Situation, Task, Action, Result) method to craft compelling and persuasive stories about your career achievements thus far, just like you would at a job interview.
4. Don’t Stop Learning
Morgan believes that every ability you add to your resume will strengthen your odds in the job market and increase your value at the negotiating table. “Seek out under-served roles, research the skills required, and then get to work in acquiring these skills,” she says. “The more that you offer and the more competition there is for your skill set, the greater your value to your employer.”
For example, you may find that learning AI-related technology or boosting your skills through learning a new language might increase your perceived value in the job market.
5. Stay Active On The Market
Keep a steady finger on the pulse of job boards and your LinkedIn profile. It’s time to reactivate your job market presence and make your strengths available on display. Even if you have no intention of handing in your notice, start scrolling job boards again to have a feel for what is required and to remain relevant. “Interviews offer great practice ahead of salary negotiations and, if you happen to land an offer, chances are your employer will be more willing to meet your demands. After all, replacing you will cost them six to nine months’ worth of salary,” Morgan says.
Now, before you start implementing the tips mentioned above, here’s a word of warning: there are some behaviors that will earn you an absolute no. These include:
- Expecting an immediate answer: Your manager will need to evaluate their budget and seek approval from higher up — so give them some time to think it over.
- Handing an ultimatum: If they call your bluff, you might find yourself without a salary entirely.
- Complaining and raising disturbance: A positive, yet self-assured attitude will get you far further than raised voices and complaints.
What If My Request Is Rejected?
“If your request is turned down, perhaps there’s another way your employer can make you feel valued,” Morgan recommends. “Would training in a new skill make you stick around or perhaps a more flexible work schedule?” Perhaps this training could go a long way towards upskilling you for a pay raise later on, whether internally or externally through another employer. “Regardless of the outcome, don’t let your productivity slip; undoubtedly, your hard work will eventually be rewarded.”
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