February 4, 2023 • 23 mins
In this episode, I discuss how to review your annual pay raise and work towards a mid-year raise by goal-setting for the year.
1) What are the different components of an annual pay raise
2) What is a good number for a pay raise
3) How to determine your 3-year plan
4) How to decide top 2-3 goals for 2023 & align with your boss
5) How to plan for the goal-setting conversation
6) How to prepare and negotiate for a mid-year or annual raise
Take a listen, this episode is filled with little nuggets, I suggest you take out a pen & paper or an electronic device to take notes.
#AnnualRaise #MidyearRaise #goalsetting #3yearplan #oneonone #meetingwithboss #managermeeting
**********************************************************************************************
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I'm a former tech executive, a podcast host and an entrepreneur. I work with Universities on Organizations to transition students to the corporate world and building successful leadership pipelines ensuring a healthy financial future.
If you're interested in coordinating or working with me on keynotes, workshops, or on a one on one basis, you can go to my website www.sirishakuchimanchi.com
Check out my other podcast "Women, Career & Life" where I share stories and practical advice to achieve your career & life goals as you strive towards financial independence.
All: https://solo.to/sirishak
Instagram: womencareerandlife
LinkedIn: https://www.linkedin.com/in/sirishakuchimanchi/
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Hello everyone and welcome toLive Beeps with Cerisha on Radio
Caravan.
This is 1 0 4 0.1 FM and 700 amThank you for joining me on this
lovely Saturday at five 30.
It's been a pretty cold week andit's so gorgeous outside.
I'm hoping you're enjoying the.
So as if you have been followingthis show, this is a talk show
(00:22):
where I talk about variousthings, mostly around carrier,
how we are dealing with life andeverything else.
I'm a former tech executive, apodcast host, and a working mom.
I host a podcast, women Careerand Life, where I share stories
and advice to achieve yourcareer and life goals.
(00:42):
And I realize that every time Isay this, you're probably
wondering what does she talkabout on the podcast.
So some of the topics that Italk about are how do you
negotiate for your salary or forthe position that you're looking
for at work?
How do.
Use your voice in meetings.
How do you speak up in meetings?
So there's various topics thatI'm talking about that are
(01:05):
adjacent to some of thediscussions on this radio show.
Please do check it out.
You'll find it on any of thepodcast platforms including
Spotify, apple, or Google.
It's spelled w o m e n c a r e rn live and is in the top 30% of
Spotify.
So on today's conversation, ifyou've been following, we've
(01:27):
talked about in the last fewweeks how to do your financial
health check.
Last week was a littledifferent.
We talked about kidstransitioning in school,
basically elementary to middleschool and middle school to high
school.
Today's topic is how to evaluateyour annual raise.
And goal set for 2023.
And there's a reason I pickedthis topic of conversation for
(01:49):
today.
A lot of companies do annualreviews and do this pay cycle,
pay rate cycle either in thebeginning of the year, January,
February, timeframe.
and then a lot of them also endup doing it in summer around
June, July.
So depending on which cycle youare in, these both these topics
(02:10):
apply to you.
One might apply today and onemight be applied a few months
later.
So if you wanna jot down notes,grab a pen and paper or an
electronic device and takenotes, and you can then mull
over it some and decide how youwant to proceed, because
there'll be.
Ideas that I'll give you, youmay wanna tackle in the next
two, three weeks and think aboutit for yourself and in a
(02:32):
conversation with your manageron how you wanna process this.
So if you have just gone througha pace raise cycle where maybe
you've already gotten your whitesheet, or whatever you might
call it.
Most people end up calling itthe white sheet because it is
white and it has all the numberson it.
And if you've just gotten thewhite sheet from your manager,
(02:54):
now you've looked at thenumbers.
I don't know how you feelsometimes it's scary going
through this process, right?
Because you don't quite knowwhat the numbers are gonna look
like.
I hope you're very happy withwhat you got.
And if you are not completelysatisfied, what can you do?
get more the next time.
And how can you increase youropportunity to enable that?
(03:14):
So if you're thinking about it,I just wanna first walk through
what might be on a white sheet.
Some of you might be new to acorporate career, some of you
might have been working for manyyears, but whichever stage you
are in, this probably applies toyou.
So obviously there's your salaryand there's a percentage
increase, usually listed in awhite sheet.
Some of you may be getting.
(03:36):
maybe your company has a profitsharing policy or some other
bonus payout that they give toall employees for the company's
performance.
There's also sometimes some ofyou might be getting bonuses or
commissions.
There's stock options you couldget or you might get like
restricted stock and so manyother ways that you would see
(03:58):
this compensation beyond justyour salary.
So essentially it's yourcompensation sheet.
You obviously got yourcompensation when you joined the
organization over the yearsyou've been getting, and this is
just one more cycle where youhave just got the compensation
and if you look at the numbersand you've done really well,
congratulations.
That's fantastic.
On average.
(04:18):
Usually it depends year to yearon a company's performance, how
the market is doing.
Obviously with the economy andhow companies are performing and
going to layoffs it probablyaffects a lot of organizations.
But on average, I guess lookingup numbers online and
everything, it says it's around,three to percent for percent.
A pretty good number.
And then beyond that is alsodependent on your performance,
(04:39):
but it really depends on yourown company and organization.
But that seems to be thestatistic done.
And you know when they've doneresearch and looked at it.
So if you're starting to say youwant to get a higher raise, or
you wanna get stock options orbonuses, or you want to increase
the opportunity to get those inthe coming year, how do we go
(05:01):
about that?
Because there are actions we cantake.
On conversations we should behaving with our managers to
enable that.
So I wanted to spend some timetalking about that.
You've already, we've justtalked about, a quick breakdown
of how to think about yourannual race.
What does that look like?
and how do you actually find outif you got a good rate?
(05:22):
That's always the question manyof us might have.
Sometimes people can ask theircolleagues.
I do not know.
I remember talking to this HRfriend of mine once, and she was
saying in her organization itwas not actually something
people could share.
But I don't think, I don't knowif that's the case or not, but
anyways, it's sometimes hard toask your colleagues or maybe
there's a policy whichever way,if you, you, if you're able to
(05:44):
gather that information.
Great.
If not, how do you figure out ifyou have been compensated
correctly rather than hear itfrom someone else or hearsay?
The best way is to ask yourmanager, so how do you have this
conversation with your manager?
Obviously, if you haven't gottenthe white sheet and you are
anticipating in that in the nextfew weeks or next few months,
(06:04):
it's probably a good time tohave the conversation when you
get the.
And if you have time to preparefor it, think about some of the
things I'm going to talk abouttoday and note down and see how
you wanna have thisconversation, because it is a
very critical conversations.
There's this book called CrucialConversations.
If you haven't ever read it orlistened to it, it might be
something you wanna pick up.
It is a really good read.
(06:25):
It's very done in such a niceanecdotal way, so it doesn't
feel like a nonfiction book, butit's done with.
and having this kind of payraise negotiation conversation
is a very crucial conversation.
So how do you prepare for it?
Because you have to prepare forit so you can put your best foot
forward and make the most of it.
(06:46):
So if you're thinking about itfrom asking your manager, if
you're sitting in this room withhim in his office or her office,
you could ask them saying, okay,I see my numbers, how did I
perform with respect to how the.
Performances and where do Istand?
And they would give you an idea.
And frankly, the pay shouldnever be a surprise because you
(07:08):
should be having one-on-oneconversations with your manager
regularly, and also figuring outan understanding how you're
performing.
You should be.
Pretty much consistent feedbackfrom your management on how your
performance is, and if you feellike you're not getting that, it
is a conversation and this isperfect, right?
(07:30):
We're still in the beginning ofthe year for you to set those
meetings up and think about howyou wanna have those
conversations because they areimportant.
A consistent cadence of meetingsreally sets you up for success
because you know how you areperforming, you're able to
share.
work, what you have been doingreally well and where you may be
(07:50):
struggling or you need help orsupport from them.
And then they're able to be,check how you are doing with
respect to what yourdeliverables are, what the
projects look like, and all ofthat.
So that's what you do.
And this certifi, I've gottapivot now, the goal setting for
2023, because already thenumbers are decided.
So you're not going to changethose numbers now.
(08:12):
Best time for you to intersectthis conversation to have, the
last point of intersection ifyou wanna have an impact is like
a few months, maybe two, threemonths before you actually get
your sheet, because that's whenorganizations are usually
starting to jot down and dotheir, maybe their rankings or
how are their evaluations aredone, and start deciding what
that looks like, what thatpayout is going to be for each
(08:34):
of their employees.
So you need to say your companydoes it in the June cycle, then
probably.
Think like March, maybe Aprillatest.
You should be already having thediscussion saying, I think this
is my performance and I want tomake sure I'm, compensated
adequately.
And there are books, and I'lltalk about it later on, how you
have this negotiationconversation with your manager.
(08:56):
But that is the time ofinterception.
You should be doing this.
So think about how you want tohave it.
So if you are, so now it comesback to say you've got the white
sheet already for this.
there is an opportunity in themid-year for you to look to see
if you can get a pay raise.
So if you've got it in Februarymid-year is probably July,
(09:18):
August if I'm doing the math sixplus two.
So how can you target that cycleand waiting a whole year to get
that raise if you are justtuning in.
This is Live Beats with Cerishaon Radio.
Carine, welcome to a beautifulsunny Saturday.
I am talking about how toevaluate your annual raise and
(09:40):
goal set for 2023.
I'm a former tech executive anda podcast host.
I host the podcast, womenCarrier and Life.
It's spelled W O m E N C A R ER, and life where you can find
ideas on how to negotiate for arace, how to find a mentor, how.
(10:01):
Look for a board position ifyou're a very senior leader.
So there's various topics Itackle on the podcast.
You can check it out on any ofyour favorite podcast platforms,
including Spotify, apple, andGoogle.
It was actually a top 30percents pod five podcast in
2022.
So thank you for joining us.
So as we are stepping into thesecond part of the conversation,
(10:24):
we are talking about how to goalset for 2020.
So when you're thinking about2023, if you've got your white
sheet, or maybe you are going toget it in six months, because
that's usually the cycle, youhave the opportunity to either
target your annual race cycle oryour mid-year cycle in about,
say, six months.
(10:45):
So that's where the goal settingbecomes very critical for you to
have this conversation.
So I'm gonna first think about,and I'm gonna give you a case.
So say I'm an individualcontributor, meaning I work as
having nobody reporting to me.
I've been working in thistechnical role, and I want to
(11:05):
grow into, say, a programmanager role because I enjoy
managing projects, seeing wherethe strategy is, pulling people
together and delivering theseresults so that we have
wonderful products and servicesat the end of it.
Now, how do you change fromindividual contributed program
managers?
So first of all, think aboutthree years down the road.
(11:28):
I think beyond that, it might bea bit of a long stretch.
Think of where you wanna bethree years from there, because
I think it's best to workbackwards.
So take a sheet or whatever, doa mine map.
Put all these things saying,where do you wanna go three
years from now?
And so in this case I'm talkingabout I wanna be a PM in three
years.
So if I wanna be a programmanager in three years, I my.
(11:49):
Probably prefers people to havethe program management
certification, a PMP in thiscase.
So if that's what they're askingfor, I need to be able to take
that exam and be able to passit, study for it, do all of that
work, but even to take the examand actually take it from what I
recollect, you need certaincredentials, certain hours,
(12:11):
certain kind of experience andexpertise to be able to even
sign up for the.
So there's some prep work to bedone to do this, and it's a
pretty, quite a tough exam totake as well.
It's, and in, I know a lot ofpeople who do it, and it is very
important for how they look attheir career going forward.
(12:32):
And if you are thinking aboutthis, think about what do you
need to do?
PMP certificate.
Maybe you need to have certainkind of leadership experience.
A leadership experience does notneed to be that you have to
manage people so much as you areleading a team or you're leading
a project, or you're doingsomething that is very critical
(12:52):
for someone to move forward orsome item to move forward, or
some deliverable that is veryimportant for the organization.
And when you are looking at itfrom that standpoint, how do you
get ready for it?
So in this.
one of them is thecertification.
So that gives you, so I'm gonnatalk about going back to this
financial compensation we weretalking about in the beginning.
(13:16):
One thing you could do is onceyou have decided where you want
to go and say, this is the pmp,you're broken down and said,
okay, I have this particularexperience as a technical
person.
I do not have really leadershipexperience as yourself,
evaluating yourself and yourealize that's what I really
need to get to the next step toeven apply for the exam.
(13:37):
And then there's the studying,and the writing and all of that
part.
So based on this and other goalsyou might have at work, write
down what your goals are, right?
No more than two or three,because I think it becomes
incredibly overwhelming more.
Two, three high level goals thatyou wanna do in 2023, and think
of some with obviouslydeliverables that will hit
(13:57):
before that mid-year cycle.
So it's with, in between atleast quarterly, you break it
down into small goals so thatyou can show deliverable.
And then once you have donethat, go back and take a look
at.
having maybe another two orthree smaller goals.
So there's the big projects,like two, three big ones, and
(14:18):
then maybe some two, threesmaller ones and see what
actually is the right fit foryou.
This is just an example.
Once you've done that, you listthis, you have your p t
certification, you want, so whatyou can do there is you need,
one of your goals is probably, Iwant to be leading a team or
doing a critical project and.
(14:40):
So that should probably be oneof your goals, and there'll be
other things that you'll have aspart of your job, and you wanna
get the PMP certification.
Then your boss probably also hassome ideas of what they would
like you to do, whatdeliverables they have, what are
the key projects the companyhas, what is it hit its bottom
line.
They're probably releasing a newproduct of some sort.
(15:02):
What do they, what do you needto do that?
you would bring these twopieces.
So that's when the connect, themeetings become very critical.
You need to have a goalalignment meeting with your
manager.
You sit, you talk about what youare thinking.
You ask them what goals they areinterested for you to complete
for this year, and you mesh themtogether.
(15:23):
And of course, you should stillthink about those two, three.
It shouldn't exceed those.
So when you mesh it together,see where it goes.
And maybe if there's somethingon your plate that you really
wanna do, but they don't.
ask them if you can do that goaland if it becomes too much,
maybe you negotiate somethingand take one of the ones out.
That will be something you'llhave to decide how you're gonna
approach this conversation.
(15:45):
So once you've done this piece,the pmp, and this is where I
wanted to talk about thefinancial compensation part of
it, you could see if yourcompany will sponsor you for.
Certification because you haveto go probably for some
training.
Maybe they will send you fortraining, maybe they pay you for
these hours that you need tocollect and for the examination
as well.
So instead, coming out of yourpocket, is there an opportunity
(16:07):
for them to pay you?
So when you're thinking aboutfinancial compensation beyond
the white sheet and I justtalked about, your pay raise,
your bonuses, your profitsharing stocks, what, whatever
else they may be or commissionsthat the company might give,
think of other ways you.
add on to this to make the mostbenefit for you to further your
career and your education sothat you can continue to grow.
(16:30):
So they could be, you could askthem to pay for this.
And I think in a lot oforganizations, if they think
that you're going to bring valueto by having this dig, this
program, the certification, thisdegree, they're usually very
supportive of it.
So ask that.
See if there's a tuitionreimbursement policy in your.
They pay, maybe they pay apercentage of it.
(16:50):
You have to have a certain gradelevel, all of those, so many
years of service.
So see if you can use all ofthat to further your education
and your career.
So once you've done that, so youput that piece on the table for
negotiation, that's a, so that'sa small negotiate, but it's
still a big win for you to beable to get them to sign up for
it because you have, theyunderstand that it's important
(17:12):
to you.
They will understand that it'sgoing to take time for.
So there might be some leeway onthat.
And of course there's also thesort of the financial piece of
it that you will get, you knowthem to support you and pay for
this.
And once you have sat with yourmanager and looked at the goals
that you have and they have, nowyou've listed it out, every time
you do this goal listing andyou've aligned on your goals,
(17:34):
you need to send an email out.
On this alignment to yourmanager, either they send it to
you if they have not, you needto send it.
You need I would say a writtenproof of an a track sheet to
keep all of this together.
For one thing it's good for youbecause you know what your
commitments were so that whenyou come back for this
negotiation discussion furtherdown the line it's down there.
(17:54):
And secondly, at the, as theyear progresses, it's very hard
to remember what you've agreedto and so many things will
happen.
So it's just a good.
A lot of companies will probablyhave online documentation in
their HR systems that you needto upload.
So make sure once you'vealigned, you've put it into the
system and it's right there withyour future goal saying, Hey, I
wanna be a program manager inthree years.
This is what you've agreed tosupport all of that official
(18:17):
documentation.
It's all uploaded and down thereso that everyone can see it.
Just bottom me, I'm gonna take acup of water.
So once you've done that, nowhow you break it down is how do
you keep track of these goals?
So you've decided on the goalsand it's very important to what
I was saying before, haveone-on-one meetings with your
(18:40):
manager at least once in twoweeks, so that they know what
you're working on.
So I have a friend of mine whotold me this great tip.
I thought that really was agreat way to look at this goal
setting.
So once you've set your goalsand set it up, what she does is
she.
a traffic stop light way oflooking at it.
Red, yellow, green.
So you have decided not justyour projects or your
(19:02):
deliverables or what you own,you have decided on the dates
that these things will be done.
And every time you meet, youdon't have to do this obviously
at every one-on-one, but maybeonce a month or whatever cadence
you think is right, you can,your boss can negotiate it out
as well.
You go with this traffic light.
Quick picture, one slide or onething which says, here are my
(19:25):
top three projects.
My, maybe my two, three smallones, red, yellow, green.
How are they tracking to this?
Three?
Obviously you want more greensand maybe some yellows.
Preferably no reds, but theremay be reasons that there's
things exist.
So that is a quick snapshot, andthen you talk about what work
you're doing.
And one of the things I wannasay is if you have a piece of
(19:46):
work that you're working on, andthat is a deadline coming up,
say February 28th.
This is not a leave here, so no,29th.
So February 28th, there's adeadline coming up.
Do not go on the 26th and the27th, or even on the 28th and
tell somebody.
You cannot deliver it,especially if you already knew
beforehand.
(20:07):
So take think.
As soon as you find out andyou've given everything your
best shot, go and tell them thatyou know you.
This has been a challenge, andyou need their support to either
move the deadline, support theproject, cancel the project,
whatever that looks like.
So make sure you're gettingsupport for doing whatever needs
to be done.
Do not do last minute thingsbecause it raises a lot of
(20:30):
tension.
Doesn't work out in your bestfavor.
And you should be handling thispiece, so make sure that you're
constantly communicating.
That's why I keep talking aboutthese one-on-one.
If you're doing projects andyou're leading teams, you should
be having these conversations orthese check-ins with all the
stakeholders, with the keymanagers who are interested in
this project so that they knowwhat you're doing.
(20:51):
Because in the end, whenperformance review is happening,
and raises are being decided ina room, your manager is not the
only person speaking for you.
All these.
Peers or supervisors or theirmanagement is also speaking on
your behalf.
So the more people know you, themore visibility you have the
more that they know what you'reimpacting, the better for you.
(21:13):
So it's important for you to setup those conversations with all
of these other people so thatthey can speak on your behalf.
So now that you have set yourgoals for 2020, go back and
think about it.
So what I would say is, we arecoming up, we are gonna wrap up
in a few minutes.
So if you have had time to thinkabout it, couple of things for
(21:35):
you to take away.
If you haven't, if you'vealready got your raises, then
think about how you're going togoal set for 2023 with a
potential to have a conversationin mid-year to ask for another
raise if you haven't got it andit's a few months.
Think about having thatconversation, that crucial
conversation with your managersoon.
(21:56):
But prepare for this.
I cannot tell you how importantit is to prepare for these
conversations.
Write out your script.
And what you need to write downis not about why you should get,
but what you have done, likewhat your accomplishments were,
what you delivered, where youexceeded expectations.
Very crisp, clear things thatare, there's no dispute around
(22:18):
it.
once you've done that.
Practice.
I always say, practice aloud infront of the mirror.
Read your record yourself,because now of course with
smartphones and everything, it'svery easy to see how you sound,
how you come across, what isyour tone of voice?
What are your hand gestures?
What is your facial expression?
A lot of communication isnon-verbal, not verbal.
(22:40):
Most communication is actuallythrough, not words, but
everything else.
So practice it and then godeliver.
And I'm wishing you all the bestbecause I think it's very
important to do this and I'msure you'll do it really well.
I would love to hear how thishas worked for you.
Maybe you have stories to shareon, something that worked out
(23:01):
positively or something thatyou're struggling with, or has
it been a challenge?
You can email me.
My email is Life Beats 1 0 4 0.1gmail.com.
It's L I F E B E a Ts 1 0 4 0.1gmail.com.
This is your host, Risha Puchi.
I am a former tech executive anda podcast host.
(23:24):
You can check out my podcast,women Carrier and live on
Spotify, apple or Google.
It's spelled w o m e n c a r eR, and.
I hope you are going to have agreat weekend, and wishing
everyone all the best and hopeyou set up this crucial
(23:45):
conversation with your managersaround goal setting and pay
raises.
Wish you the best
Hello everyone and welcome toLive Beeps with Cerisha on Radio
Caravan.
This is 1 0 4 0.1 FM and 700 amThank you for joining me on this
lovely Saturday at five 30.
It's been a pretty cold week andit's so gorgeous outside.
I'm hoping you're enjoying the.
So as if you have been followingthis show, this is a talk show
(00:22):
where I talk about variousthings, mostly around carrier,
how we are dealing with life andeverything else.
I'm a former tech executive, apodcast host, and a working mom.
I host a podcast, women Careerand Life, where I share stories
and advice to achieve yourcareer and life goals.
(00:42):
And I realize that every time Isay this, you're probably
wondering what does she talkabout on the podcast.
So some of the topics that Italk about are how do you
negotiate for your salary or forthe position that you're looking
for at work?
How do.
Use your voice in meetings.
How do you speak up in meetings?
So there's various topics thatI'm talking about that are
(01:05):
adjacent to some of thediscussions on this radio show.
Please do check it out.
You'll find it on any of thepodcast platforms including
Spotify, apple, or Google.
It's spelled w o m e n c a r e rn live and is in the top 30% of
Spotify.
So on today's conversation, ifyou've been following, we've
(01:27):
talked about in the last fewweeks how to do your financial
health check.
Last week was a littledifferent.
We talked about kidstransitioning in school,
basically elementary to middleschool and middle school to high
school.
Today's topic is how to evaluateyour annual raise.
And goal set for 2023.
And there's a reason I pickedthis topic of conversation for
(01:49):
today.
A lot of companies do annualreviews and do this pay cycle,
pay rate cycle either in thebeginning of the year, January,
February, timeframe.
and then a lot of them also endup doing it in summer around
June, July.
So depending on which cycle youare in, these both these topics
(02:10):
apply to you.
One might apply today and onemight be applied a few months
later.
So if you wanna jot down notes,grab a pen and paper or an
electronic device and takenotes, and you can then mull
over it some and decide how youwant to proceed, because
there'll be.
Ideas that I'll give you, youmay wanna tackle in the next
two, three weeks and think aboutit for yourself and in a
(02:32):
conversation with your manageron how you wanna process this.
So if you have just gone througha pace raise cycle where maybe
you've already gotten your whitesheet, or whatever you might
call it.
Most people end up calling itthe white sheet because it is
white and it has all the numberson it.
And if you've just gotten thewhite sheet from your manager,
(02:54):
now you've looked at thenumbers.
I don't know how you feelsometimes it's scary going
through this process, right?
Because you don't quite knowwhat the numbers are gonna look
like.
I hope you're very happy withwhat you got.
And if you are not completelysatisfied, what can you do?
get more the next time.
And how can you increase youropportunity to enable that?
(03:14):
So if you're thinking about it,I just wanna first walk through
what might be on a white sheet.
Some of you might be new to acorporate career, some of you
might have been working for manyyears, but whichever stage you
are in, this probably applies toyou.
So obviously there's your salaryand there's a percentage
increase, usually listed in awhite sheet.
Some of you may be getting.
(03:36):
maybe your company has a profitsharing policy or some other
bonus payout that they give toall employees for the company's
performance.
There's also sometimes some ofyou might be getting bonuses or
commissions.
There's stock options you couldget or you might get like
restricted stock and so manyother ways that you would see
(03:58):
this compensation beyond justyour salary.
So essentially it's yourcompensation sheet.
You obviously got yourcompensation when you joined the
organization over the yearsyou've been getting, and this is
just one more cycle where youhave just got the compensation
and if you look at the numbersand you've done really well,
congratulations.
That's fantastic.
On average.
(04:18):
Usually it depends year to yearon a company's performance, how
the market is doing.
Obviously with the economy andhow companies are performing and
going to layoffs it probablyaffects a lot of organizations.
But on average, I guess lookingup numbers online and
everything, it says it's around,three to percent for percent.
A pretty good number.
And then beyond that is alsodependent on your performance,
(04:39):
but it really depends on yourown company and organization.
But that seems to be thestatistic done.
And you know when they've doneresearch and looked at it.
So if you're starting to say youwant to get a higher raise, or
you wanna get stock options orbonuses, or you want to increase
the opportunity to get those inthe coming year, how do we go
(05:01):
about that?
Because there are actions we cantake.
On conversations we should behaving with our managers to
enable that.
So I wanted to spend some timetalking about that.
You've already, we've justtalked about, a quick breakdown
of how to think about yourannual race.
What does that look like?
and how do you actually find outif you got a good rate?
(05:22):
That's always the question manyof us might have.
Sometimes people can ask theircolleagues.
I do not know.
I remember talking to this HRfriend of mine once, and she was
saying in her organization itwas not actually something
people could share.
But I don't think, I don't knowif that's the case or not, but
anyways, it's sometimes hard toask your colleagues or maybe
there's a policy whichever way,if you, you, if you're able to
(05:44):
gather that information.
Great.
If not, how do you figure out ifyou have been compensated
correctly rather than hear itfrom someone else or hearsay?
The best way is to ask yourmanager, so how do you have this
conversation with your manager?
Obviously, if you haven't gottenthe white sheet and you are
anticipating in that in the nextfew weeks or next few months,
(06:04):
it's probably a good time tohave the conversation when you
get the.
And if you have time to preparefor it, think about some of the
things I'm going to talk abouttoday and note down and see how
you wanna have thisconversation, because it is a
very critical conversations.
There's this book called CrucialConversations.
If you haven't ever read it orlistened to it, it might be
something you wanna pick up.
It is a really good read.
(06:25):
It's very done in such a niceanecdotal way, so it doesn't
feel like a nonfiction book, butit's done with.
and having this kind of payraise negotiation conversation
is a very crucial conversation.
So how do you prepare for it?
Because you have to prepare forit so you can put your best foot
forward and make the most of it.
(06:46):
So if you're thinking about itfrom asking your manager, if
you're sitting in this room withhim in his office or her office,
you could ask them saying, okay,I see my numbers, how did I
perform with respect to how the.
Performances and where do Istand?
And they would give you an idea.
And frankly, the pay shouldnever be a surprise because you
(07:08):
should be having one-on-oneconversations with your manager
regularly, and also figuring outan understanding how you're
performing.
You should be.
Pretty much consistent feedbackfrom your management on how your
performance is, and if you feellike you're not getting that, it
is a conversation and this isperfect, right?
(07:30):
We're still in the beginning ofthe year for you to set those
meetings up and think about howyou wanna have those
conversations because they areimportant.
A consistent cadence of meetingsreally sets you up for success
because you know how you areperforming, you're able to
share.
work, what you have been doingreally well and where you may be
(07:50):
struggling or you need help orsupport from them.
And then they're able to be,check how you are doing with
respect to what yourdeliverables are, what the
projects look like, and all ofthat.
So that's what you do.
And this certifi, I've gottapivot now, the goal setting for
2023, because already thenumbers are decided.
So you're not going to changethose numbers now.
(08:12):
Best time for you to intersectthis conversation to have, the
last point of intersection ifyou wanna have an impact is like
a few months, maybe two, threemonths before you actually get
your sheet, because that's whenorganizations are usually
starting to jot down and dotheir, maybe their rankings or
how are their evaluations aredone, and start deciding what
that looks like, what thatpayout is going to be for each
(08:34):
of their employees.
So you need to say your companydoes it in the June cycle, then
probably.
Think like March, maybe Aprillatest.
You should be already having thediscussion saying, I think this
is my performance and I want tomake sure I'm, compensated
adequately.
And there are books, and I'lltalk about it later on, how you
have this negotiationconversation with your manager.
(08:56):
But that is the time ofinterception.
You should be doing this.
So think about how you want tohave it.
So if you are, so now it comesback to say you've got the white
sheet already for this.
there is an opportunity in themid-year for you to look to see
if you can get a pay raise.
So if you've got it in Februarymid-year is probably July,
(09:18):
August if I'm doing the math sixplus two.
So how can you target that cycleand waiting a whole year to get
that raise if you are justtuning in.
This is Live Beats with Cerishaon Radio.
Carine, welcome to a beautifulsunny Saturday.
I am talking about how toevaluate your annual raise and
(09:40):
goal set for 2023.
I'm a former tech executive anda podcast host.
I host the podcast, womenCarrier and Life.
It's spelled W O m E N C A R ER, and life where you can find
ideas on how to negotiate for arace, how to find a mentor, how.
(10:01):
Look for a board position ifyou're a very senior leader.
So there's various topics Itackle on the podcast.
You can check it out on any ofyour favorite podcast platforms,
including Spotify, apple, andGoogle.
It was actually a top 30percents pod five podcast in
2022.
So thank you for joining us.
So as we are stepping into thesecond part of the conversation,
(10:24):
we are talking about how to goalset for 2020.
So when you're thinking about2023, if you've got your white
sheet, or maybe you are going toget it in six months, because
that's usually the cycle, youhave the opportunity to either
target your annual race cycle oryour mid-year cycle in about,
say, six months.
(10:45):
So that's where the goal settingbecomes very critical for you to
have this conversation.
So I'm gonna first think about,and I'm gonna give you a case.
So say I'm an individualcontributor, meaning I work as
having nobody reporting to me.
I've been working in thistechnical role, and I want to
(11:05):
grow into, say, a programmanager role because I enjoy
managing projects, seeing wherethe strategy is, pulling people
together and delivering theseresults so that we have
wonderful products and servicesat the end of it.
Now, how do you change fromindividual contributed program
managers?
So first of all, think aboutthree years down the road.
(11:28):
I think beyond that, it might bea bit of a long stretch.
Think of where you wanna bethree years from there, because
I think it's best to workbackwards.
So take a sheet or whatever, doa mine map.
Put all these things saying,where do you wanna go three
years from now?
And so in this case I'm talkingabout I wanna be a PM in three
years.
So if I wanna be a programmanager in three years, I my.
(11:49):
Probably prefers people to havethe program management
certification, a PMP in thiscase.
So if that's what they're askingfor, I need to be able to take
that exam and be able to passit, study for it, do all of that
work, but even to take the examand actually take it from what I
recollect, you need certaincredentials, certain hours,
(12:11):
certain kind of experience andexpertise to be able to even
sign up for the.
So there's some prep work to bedone to do this, and it's a
pretty, quite a tough exam totake as well.
It's, and in, I know a lot ofpeople who do it, and it is very
important for how they look attheir career going forward.
(12:32):
And if you are thinking aboutthis, think about what do you
need to do?
PMP certificate.
Maybe you need to have certainkind of leadership experience.
A leadership experience does notneed to be that you have to
manage people so much as you areleading a team or you're leading
a project, or you're doingsomething that is very critical
(12:52):
for someone to move forward orsome item to move forward, or
some deliverable that is veryimportant for the organization.
And when you are looking at itfrom that standpoint, how do you
get ready for it?
So in this.
one of them is thecertification.
So that gives you, so I'm gonnatalk about going back to this
financial compensation we weretalking about in the beginning.
(13:16):
One thing you could do is onceyou have decided where you want
to go and say, this is the pmp,you're broken down and said,
okay, I have this particularexperience as a technical
person.
I do not have really leadershipexperience as yourself,
evaluating yourself and yourealize that's what I really
need to get to the next step toeven apply for the exam.
(13:37):
And then there's the studying,and the writing and all of that
part.
So based on this and other goalsyou might have at work, write
down what your goals are, right?
No more than two or three,because I think it becomes
incredibly overwhelming more.
Two, three high level goals thatyou wanna do in 2023, and think
of some with obviouslydeliverables that will hit
(13:57):
before that mid-year cycle.
So it's with, in between atleast quarterly, you break it
down into small goals so thatyou can show deliverable.
And then once you have donethat, go back and take a look
at.
having maybe another two orthree smaller goals.
So there's the big projects,like two, three big ones, and
(14:18):
then maybe some two, threesmaller ones and see what
actually is the right fit foryou.
This is just an example.
Once you've done that, you listthis, you have your p t
certification, you want, so whatyou can do there is you need,
one of your goals is probably, Iwant to be leading a team or
doing a critical project and.
(14:40):
So that should probably be oneof your goals, and there'll be
other things that you'll have aspart of your job, and you wanna
get the PMP certification.
Then your boss probably also hassome ideas of what they would
like you to do, whatdeliverables they have, what are
the key projects the companyhas, what is it hit its bottom
line.
They're probably releasing a newproduct of some sort.
(15:02):
What do they, what do you needto do that?
you would bring these twopieces.
So that's when the connect, themeetings become very critical.
You need to have a goalalignment meeting with your
manager.
You sit, you talk about what youare thinking.
You ask them what goals they areinterested for you to complete
for this year, and you mesh themtogether.
(15:23):
And of course, you should stillthink about those two, three.
It shouldn't exceed those.
So when you mesh it together,see where it goes.
And maybe if there's somethingon your plate that you really
wanna do, but they don't.
ask them if you can do that goaland if it becomes too much,
maybe you negotiate somethingand take one of the ones out.
That will be something you'llhave to decide how you're gonna
approach this conversation.
(15:45):
So once you've done this piece,the pmp, and this is where I
wanted to talk about thefinancial compensation part of
it, you could see if yourcompany will sponsor you for.
Certification because you haveto go probably for some
training.
Maybe they will send you fortraining, maybe they pay you for
these hours that you need tocollect and for the examination
as well.
So instead, coming out of yourpocket, is there an opportunity
(16:07):
for them to pay you?
So when you're thinking aboutfinancial compensation beyond
the white sheet and I justtalked about, your pay raise,
your bonuses, your profitsharing stocks, what, whatever
else they may be or commissionsthat the company might give,
think of other ways you.
add on to this to make the mostbenefit for you to further your
career and your education sothat you can continue to grow.
(16:30):
So they could be, you could askthem to pay for this.
And I think in a lot oforganizations, if they think
that you're going to bring valueto by having this dig, this
program, the certification, thisdegree, they're usually very
supportive of it.
So ask that.
See if there's a tuitionreimbursement policy in your.
They pay, maybe they pay apercentage of it.
(16:50):
You have to have a certain gradelevel, all of those, so many
years of service.
So see if you can use all ofthat to further your education
and your career.
So once you've done that, so youput that piece on the table for
negotiation, that's a, so that'sa small negotiate, but it's
still a big win for you to beable to get them to sign up for
it because you have, theyunderstand that it's important
(17:12):
to you.
They will understand that it'sgoing to take time for.
So there might be some leeway onthat.
And of course there's also thesort of the financial piece of
it that you will get, you knowthem to support you and pay for
this.
And once you have sat with yourmanager and looked at the goals
that you have and they have, nowyou've listed it out, every time
you do this goal listing andyou've aligned on your goals,
(17:34):
you need to send an email out.
On this alignment to yourmanager, either they send it to
you if they have not, you needto send it.
You need I would say a writtenproof of an a track sheet to
keep all of this together.
For one thing it's good for youbecause you know what your
commitments were so that whenyou come back for this
negotiation discussion furtherdown the line it's down there.
(17:54):
And secondly, at the, as theyear progresses, it's very hard
to remember what you've agreedto and so many things will
happen.
So it's just a good.
A lot of companies will probablyhave online documentation in
their HR systems that you needto upload.
So make sure once you'vealigned, you've put it into the
system and it's right there withyour future goal saying, Hey, I
wanna be a program manager inthree years.
This is what you've agreed tosupport all of that official
(18:17):
documentation.
It's all uploaded and down thereso that everyone can see it.
Just bottom me, I'm gonna take acup of water.
So once you've done that, nowhow you break it down is how do
you keep track of these goals?
So you've decided on the goalsand it's very important to what
I was saying before, haveone-on-one meetings with your
(18:40):
manager at least once in twoweeks, so that they know what
you're working on.
So I have a friend of mine whotold me this great tip.
I thought that really was agreat way to look at this goal
setting.
So once you've set your goalsand set it up, what she does is
she.
a traffic stop light way oflooking at it.
Red, yellow, green.
So you have decided not justyour projects or your
(19:02):
deliverables or what you own,you have decided on the dates
that these things will be done.
And every time you meet, youdon't have to do this obviously
at every one-on-one, but maybeonce a month or whatever cadence
you think is right, you can,your boss can negotiate it out
as well.
You go with this traffic light.
Quick picture, one slide or onething which says, here are my
(19:25):
top three projects.
My, maybe my two, three smallones, red, yellow, green.
How are they tracking to this?
Three?
Obviously you want more greensand maybe some yellows.
Preferably no reds, but theremay be reasons that there's
things exist.
So that is a quick snapshot, andthen you talk about what work
you're doing.
And one of the things I wannasay is if you have a piece of
(19:46):
work that you're working on, andthat is a deadline coming up,
say February 28th.
This is not a leave here, so no,29th.
So February 28th, there's adeadline coming up.
Do not go on the 26th and the27th, or even on the 28th and
tell somebody.
You cannot deliver it,especially if you already knew
beforehand.
(20:07):
So take think.
As soon as you find out andyou've given everything your
best shot, go and tell them thatyou know you.
This has been a challenge, andyou need their support to either
move the deadline, support theproject, cancel the project,
whatever that looks like.
So make sure you're gettingsupport for doing whatever needs
to be done.
Do not do last minute thingsbecause it raises a lot of
(20:30):
tension.
Doesn't work out in your bestfavor.
And you should be handling thispiece, so make sure that you're
constantly communicating.
That's why I keep talking aboutthese one-on-one.
If you're doing projects andyou're leading teams, you should
be having these conversations orthese check-ins with all the
stakeholders, with the keymanagers who are interested in
this project so that they knowwhat you're doing.
(20:51):
Because in the end, whenperformance review is happening,
and raises are being decided ina room, your manager is not the
only person speaking for you.
All these.
Peers or supervisors or theirmanagement is also speaking on
your behalf.
So the more people know you, themore visibility you have the
more that they know what you'reimpacting, the better for you.
(21:13):
So it's important for you to setup those conversations with all
of these other people so thatthey can speak on your behalf.
So now that you have set yourgoals for 2020, go back and
think about it.
So what I would say is, we arecoming up, we are gonna wrap up
in a few minutes.
So if you have had time to thinkabout it, couple of things for
(21:35):
you to take away.
If you haven't, if you'vealready got your raises, then
think about how you're going togoal set for 2023 with a
potential to have a conversationin mid-year to ask for another
raise if you haven't got it andit's a few months.
Think about having thatconversation, that crucial
conversation with your managersoon.
(21:56):
But prepare for this.
I cannot tell you how importantit is to prepare for these
conversations.
Write out your script.
And what you need to write downis not about why you should get,
but what you have done, likewhat your accomplishments were,
what you delivered, where youexceeded expectations.
Very crisp, clear things thatare, there's no dispute around
(22:18):
it.
once you've done that.
Practice.
I always say, practice aloud infront of the mirror.
Read your record yourself,because now of course with
smartphones and everything, it'svery easy to see how you sound,
how you come across, what isyour tone of voice?
What are your hand gestures?
What is your facial expression?
A lot of communication isnon-verbal, not verbal.
(22:40):
Most communication is actuallythrough, not words, but
everything else.
So practice it and then godeliver.
And I'm wishing you all the bestbecause I think it's very
important to do this and I'msure you'll do it really well.
I would love to hear how thishas worked for you.
Maybe you have stories to shareon, something that worked out
(23:01):
positively or something thatyou're struggling with, or has
it been a challenge?
You can email me.
My email is Life Beats 1 0 4 0.1gmail.com.
It's L I F E B E a Ts 1 0 4 0.1gmail.com.
This is your host, Risha Puchi.
I am a former tech executive anda podcast host.
(23:24):
You can check out my podcast,women Carrier and live on
Spotify, apple or Google.
It's spelled w o m e n c a r eR, and.
I hope you are going to have agreat weekend, and wishing
everyone all the best and hopeyou set up this crucial
(23:45):
conversation with your managersaround goal setting and pay
raises.
Wish you the best
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