Annie:
Welcome to The Whole Assistant Podcast. I'm your host, Annie Croner. I'm a former assistant who's passionate about our profession, and I'm also a certified coach who's invested in your success. You've come to the right place if you want to know what it looks like to stand in your power and achieve success as an assistant from overwhelm and burnout. Now, onto today's episode. Welcome to another episode, everyone. I am really, really excited about recording this podc. I have also just decided that recording podcast episodes is one of my favorite things I do because it actually causes me to slow down and to articulate the things that I kind of intrinsically or intuitively know.
Annie:
And I love that. I love that I'm able to bring you guys my perspective, my thought leadership on different things. And today we are talking about how to ask for more money. Last week, I went into how to have an amazing, stellar review, and I totally could have wrapped up this episode in last week's episode, but I did want to highlight the money piece, and I really wanted to take my time with it. And talking about money and helping you make more money is one of my favorite things to do. It's one of my favorite things to walk my clients through. And it's also one of my favorite things to talk about to anyone, really, because I think a lot of us struggle with actually being able to articulate our value, and we actually struggle with the negotiation pie, at least I have in the past. So I'm really excited to talk to you about how to ask for more money in today's episode.
Annie:
And if you missed last week's episode on how to have a stellar review, please go back and listen. I'm going to reference that podcast episode today in this podcast episode. And so you may need to go hear that podcast episode at some point if what I'm sharing with you does not make sense or if you want to fill in the gaps with this episode. All right, guys, so let's get down to it. So there are several barriers to success when it comes to asking for more money. And the reason why there are several different barriers for success are generally centered around some sort of fear. So the first fear that we're going to talk about today is a fear of hearing no or perhaps upsetting someone. And I realize that this may be somewhat of an irrational fear.
Annie:
Maybe not for some of us. Some of us, there may be a real threat if you ask for more money, but for most part, we conflate things in our head right we have this fear of negotiation. Generally speaking, most executive assistants are socialized as women. So we, that means we are also socialized to not upset the apple cart, to not rock the boat, to just take what we're given and to not negotiate. And I think the kind of underlying fear of all of it is I don't want anybody to think I'm being selfish, right? I've had this fear in the past, and I do think that it's one hurdle that we can move past in order to actually be able to negotiate, in order to be able to actually get the conversation flowing and to get it started. And I also think that sometimes it can be really, really sneaky too. I think a lot of us also have this underlying belief that if we are going to get a pay increase, that we're going to have to work harder, we're going to have to work longer, we're going to have to take on more work. But I don't think that's necessarily the truth.
Annie:
I think that we can ask for a pay increase based on the current value proposition that we are providing to our executives and organizations without having to work harder, longer hours. And I'm also a big fan of asking yourself the question, how can I get more done in less time and with less effort or energy? It's one of my favorite questions that I ask. And I actually trained this last week at Administrative Professionals Conference here in Denver. I was lucky enough to have it in the place where I live. So for those of you who are new to me, I live here in Denver, Colorado, and we just had this amazing, massive conference of Administrative professionals here in Denver, and there were 2,500 admins here and I gave a presentation on time and energy saving productivity hacks. And also like this underlying belief that we're going to have to work harder, longer, we're going to have to exert more efforts. And I do think that that also applies when it comes to asking for a raise. A lot of us have the underlying belief that if we want to earn more money, we're just going to have to work our fingers to the bone and we're just going to have to put in even more hours.
Annie:
And for many of us, we legitimately cannot put in more hours. And for many of us, we're kind of already teetering on burnout. So one question I like to ask that I also asked in my presentation last week or in the training that I held last week, was how can you get more done in less time and with less effort or energy and Also, how can you increase your value proposition at the same time without actually having to work harder, longer hours? And so I'm all about working smarter and not, not harder. And even when it comes to asking for a pay increase, I think even separating those two things out, how is what you are doing super valuable to your executive and organization? And also going through the exercise of being able to articulate that that's where last week's episode comes into play. We actually have to come prepared with our value propositions whenever we ask for more money, the value we bring to our executive and organizations, and a lot of us have not slowed down long enough to consider what the full value proposition is. So please listen to last week's episode where I dive into how to actually pull all the things together regarding your value proposition so that you can have a stellar annual review, because that will also apply to asking for a pay increase as well. I also think that a lot of us have this barrier, especially if we just had a recent promotion or we recently got a raise or a salary increase and we have this underlying belief that I got a raise last year or when I was promoted, I got paid more. And so we don't think that we're going to qualify for a salary or pay increase.
Annie:
But here's the deal. You don't make any of the shots that you don't take. And by not actually asking, not actually coming to the table with your value proposition and putting it out there and asking for a payer salary increase, we won't actually know. Right? So I do think that it's always good to just put yourself out there as an exercise. There again, I think, especially for those of us who are not used to negotiating, I think that putting ourselves in situations where a negotiation will be required is a great way A, to strengthen that muscle and B, to know that you aren't leaving any money on the table moving forward. So even though you got a raise last year, even though you got promoted, I would highly encourage you to just ask for a bump because you never know, they may come back and be like, you're right, good job. You actually articulated your value proposition. We're going to go ahead and give you a promotion or we're going to go ahead and give you a salary increase, rather.
Annie:
Right? So there again, I don't think you have to work harder, longer, more rigorously in order to ask for more money. You can just ask for more money. And I a firm believer that actually being able to articulate your value proposition and actually being able to come to the table and sit down and negotiate and to deal with the internal discomfort of doing both of those things is a great growth opportunity for a lot of us and also a great way to be able to move forward and to move up in our careers. Okay. I think also self doubt can kind of play a part in this whole discussion as well. I've dealt with clients in the past. Very recently actually, it got brought up on a call when we were talking about annual reviews where a client of mine said I don't affect the bottom dollar. Which could not be further from the truth.
Annie:
But because this person didn't believe that she affected the bottom dollar, she didn't feel like she could ask for a salary increase. But that is absolutely not true. You do affect the bottom dollar. You affect it very directly because if you aren't efficient in your role and your exec, then your executive is going to be efficient in his or hers or theirs. And so really, you do affect the bottom dollar because you are a force multiplier. Halle Warner, she wrote this book along with her executive called the Founder and the Force Multiplier. So if you ever have any doubt about how you affect the bottom dollar, read that book. Because you absolutely affect the bottom dollar.
Annie:
Even though you are support, you absolutely do. And I will say, even in my own business, I have a very fractional executive assistant. I call her V. Her name is Vanessa. And you better believe she affects the bottom dollar because she frees up my time to meet with potential clients to record podcast episodes like this to reach you all. She absolutely affects my bottom dollar 1000%. And I don't want you guys believing that you don't affect the bottom dollar because you 1000% do. Another kind of thought that I hear a lot of people say, and a reason why they're not going to ask for a salary bump or a salary increase is because the economy is bad.
Annie:
Right? The economy isn't where it needs to be. I'm not going to ask for professional development funds because I know my executive is going to say no. But there again, we don't know. We don't know. Your executive may come up in full support of you, like pursuing whatever it is you want to pursue or even getting a salary bump. But there again, you don't make any of the shots that you don' so you're failing in advance by believing that the economy is bad and using that as a reason not to ask for a salary bump. Because you may very well be leaving money on the table, but you'll never Know that unless you actually have that conversation. And look, guys, I'd rather hear a no and know that there's no chance then to wonder, to have that nagging thing in the back of my head that's saying, annie, you should ask.
Annie:
You should ask. And not actually taking that shot, right? I think a lot of us think too, that because of our lack of knowledge that we also don't deserve a salary bump or salary increase. So one thing that I hear a lot is, well, I'm new to my industry and I don't know a lot about it, so I'm not going to ask for a raise this year because, like, I don't know that much. But you do know good administration. You do know what you're really good at, and you do know that you are offering value to your organization. And look, guys, I've never been one to let any industry I've worked in stop me, right? Like, I was kind of surprised when I first started coaching assistants and they would come to me with like, well, I've never worked in private wealth, I've never worked in finance, I've never worked in startup environments. I don't know how to do these things. But you know what you're good at.
Annie:
You know how to organize, you know how to manage someone's calendar, you know how to manage someone's life, you know how to manage someone's inbox, you know how to do all the things. And the language will come later. And I never let my lack of knowledge regarding a certain language or a certain industry stop me at all. It was never even a thought to me to do that. And I gotta tell you that that has served me well, especially when it comes to asking for a salary increase. So just watch for those, those ways of thinking that maybe keeping you from actually going to the table with a negotiation and actually asking for more money. Because a lot of those thoughts may be made up or they may not be. We don't know.
Annie:
And you won't know until you actually bring this up to your executive, until you actually sit down and until you actually go through the exercise of outlining and articulating your value proposition, the value you bring into your executive and organization and outlining it well and even doing it visually. And there again, listen to last week's episode where I talk about having a stellar annual review, because that will outline exactly what I'm talking about when I say value proposition. I'm going to walk you through that exact process that I would go through if I were going to be either having an annual review or asking for a pay increase. Okay. So then the question actually becomes, how do I ask for a raise? So there again, we're going to come prepared with your value proposition. Listen to last week's episode if you'd like to know how to do this. And then also come prepared with other data. I've dealt with clients in the past who have brought similar job descriptions to their executives.
Annie:
They have. That were perhaps in a higher salary band. Also, Robert Half has a salary calculator. Robert Half, what Robert Half is, it's a. It's a recruitment agency, and they recruit a lot of support roles. And they're also really basic, so know that you're probably offering way more value. So we want to take both our. Both our value proposition and the salary calculator into account.
Annie:
But just know that that's a good place to start as a starting point. And then you also want to kind of stack your value proposition on top of Robert Haft's number. And Robert Half is spelled Robert R O B E R T. Half is spelled Hal F with an F. So you can Google Robert Half salary calculator and it will pop up for you. And then you can kind of see your salary bands and then also ask others, you know, about what they make. I know this is discouraged in some companies, but it would be a really good idea for you to do so you can get an idea of what others in your industry, what others in similar roles are making, and maybe even what others in your company are making. So I'm going to share with you guys now my story of asking for a raise in my last role.
Annie:
I'd been in my company for a year, and I was going to ask for a really substantial raise. I think I asked for, let's see, $25,000 bump. But I had in my mind that I was only. My goal was to make $15,000 more than what I was making. Okay? And I didn't know because I had never worked in venture capital before, what people in VC were making. And so I asked around and I asked some of my colleagues who I knew were working in VC at the time, not in my company, but in venture capital or in private wealth management, what they were making. And I also knew because I sat outside my executive's office for so long, and we at the time had glass walls, so I could hear everything coming from his office. I knew exactly what he was saying in there.
Annie:
And my executive loved to negotiate because my executive loved to have a deal, as we all do, right? And I just got so used to him negotiating, I'm like, oh, my gosh, this guy loves to negotiate. So I knew going into this request for a salary bump, request for. And then also an annual review at the same time that I was going to have to come in higher than I expected to make, because I knew that he was going to try and negotiate me down. Right? So I just had in the back of my mind how I was going to frame this, because I just know who he is as a person. And I also know that if I really wanted to make that $15,000 more, that I was going to have to ask for $25,000 more. Now, $25,000 is not a small sum of money by anybody's standards, right? And so what I did is I came prepared with data. I came prepared with my value proposition. I came prepared with my original job description.
Annie:
And then my value proposition had outlined on it, like, everything exactly. That I did for my executive. And if I were going to do this today, I would also do this in a visual way. I'd probably prepare a CANVA presentation of all my value proposition. But I also came prepared with data because I knew he was going to want to see this. And at the time, Robert Half had a printable downloadable version of their salary calculator. And so I downloaded that, and then I highlighted all the value that I did aside from executive assistant work. I was also a personal assistant to my executive, and I also managed his finances.
Annie:
There was so much that I handled. There was so much that I touched. And so I came prepared with those numbers. I also came prepared with what others. Others colleagues made. And I told him, hey, so and so makes this. So and so makes this. He knew exactly who I was talking about because we had regular interactions with these people.
Annie:
And I also came with a very specific number in my head, and I actually asked for that number. So we're sitting in his office, I asked for the number, and, you guys, I literally sat on my hands and bit my tongue because I put the number out there. And, like, I would like to make this much more. And he actually looked at me and. And did say a word for a few minutes. And what was my inclination was to backpedal, right? Because if there's an awkward silence at all, we typically try to fill that awkward silence and make it better for everyone. So I put the number out there. He got really quiet for a minute, and I just decided to let the number land.
Annie:
Let it land. Let your executive process or whoever, your hiring manager or whoever your manager is just let it process for a minute. And then he looked up at me, and he said, okay, great. I'll talk with our cfo, and I'll see what we can do for you. And that was, like, the best ever. Now, they were not able to give me the full $25,000, but they did meet my $15,000 goal without even realizing they were doing it. And because they couldn't meet me fully at the $25,000 bump that I had requested, they added another $5,000 onto my bonus for the year. Just as a way of saying, hey, we're really sorry.
Annie:
We can't do this every year. We can't give you the full $25,000, but we're going to give you an extra $5,000 on top of your bonus this year. And what I loved about that was that I knew I wasn't leaving money on the table. So that's what we want, guys. We want to give a very clear and specific number. I also know that some in our industry are saying, like, don't actually ask for a number. If you're asking for a raise, ask them if they can do better. But the problem with that is they don't know what you're expecting to make.
Annie:
And then what ends up happening is they're going to lowball you, and then you're going to feel disappointed because you didn't actually ask for the number you wanted. And your executive is going to feel proud of himself because they're going to think that they gave you what you wanted when it's not actually what you wanted in the first place. Right. And so I'm a big fan of asking for more than you expect to get so that you aren't leaving money on the table. Like, you don't want anybody to come back and be like, great, I'm happy to do that. I'll give you that. I'll give you the full amount. Here you go.
Annie:
I would rather come in high and have them counter or have them say, hey, you know what? We can't do that, but we can do this. You don't want to leave any money on the table. So if they're really, really eager to give you your raise or they're really, really eager to give you that amount of money, you probably could have asked for more. And I do think, though, that it can be really unsettling. And I think that for a lot of us, what's going to come up whenever we do that is like, oh, my gosh, they're going to think I'M selfish. My executive's going to think I'm a terrible human. They're going to think that I'm pretty hot to trot or that I think I'm too big for my britches. All that type of thought, all those thoughts are going to pop up for you.
Annie:
And that's okay. This is part of the negotiation process. But I will also tell you that if your executive is anything like mine, they are used to negotiating. They're very, very used to it, and they won't take it personally. That's been my experience anyway. So I'm sorry if some of you have had executives who've taken it really personally in the past. But my honestly, my experience in coaching, executive assistance in coaching strategic business partners, and also my personal experience has been that most executives know how to negotiate. And most executives will never, ever fault you for negotiating and for asking for a very specific number.
Annie:
I have had clients who've come to me in the past and who have taken perhaps someone else's advice and they have asked for a bump. And then their executive's like, well, how much do you want? And they're like, well, just better. And they're like, but that's not a number. And they get super frustrated. And then that's what causes the rift between executive and nea. Right. So I do think that it's a good idea to come with very clear numbers for what you want, come with a very clear ask, and also come with data to back it up. And also ask for at least 10 to 15% more than what you expect to get.
Annie:
Just so you know, you are not leaving any money on the table. So those are my strategies for asking for more money. I hope you found it helpful. And also keep in mind, too, like, even if you're negotiating into a new role in a new job, you can use these strategies as well. In the business world, people are very, very used to people negotiating, and we have to become okay with that in ourselves. And the only way we're going to do that is if we give it a shot. So there again, we're going to ask for the number 10 to 15% more than you expect to get. We're going to sit on our hands, we're going to bite our tongue until the person opens their mouth, and then we're going to take the conversation forward from there.
Annie:
Okay, so that is what I have for you guys today. I hope you found it helpful. Be intentional. Be whole. That is all for now. I help assistants apply the concepts I share on this podcast. If you're ready to take your growth deeper, and you're curious whether working with me in a coaching capacity is right for you, please email me at [email protected] to schedule your complimentary discovery call.
