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Money matters 2023

10 tips and tricks to climbing the pay ladder

ByDeanna Cuadra
July 20, 2023 5:30 AM
Colleagues shake hands at a conference table.
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Asking for more money from one's current or prospective employer can be uncomfortable, if not terrifying, to the point that some workers rather not ask at all. But with the right strategies and mindsets, workers can find the confidence they need to climb the pay ladder.

Employee Benefit News asked business leaders across several industries, ranging from recruitment and career coaching to retail, for their advice for negotiating salaries, and how they worked toward better pay themselves. 

"If you're preparing for a performance review or planning a negotiation, find out how your company measures performance," says Eva Chan, senior career coach at resume builder platform Resume Genius. "Back up your self-assessment with hard numbers, tangible results, and positive peer reviews." 

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While it takes effort, employees are still in a favorable position when it comes to taking advantage of the market and reevaluating their worth in their industry and in their workplace. The unemployment rate is low, at just 3.7%, suggesting that the labor market is still tight and employers are still looking for fresh talent while working to retain the talent they have. 

Here are 10 tips and strategies that can help anyone questioning their value at work come to the negotiation table ready and empowered. 

Track your success

"Pinpoint the areas you need to demonstrate your success in, and list all of your relevant projects and achievements according to these metrics. You should ideally be able to provide several examples. Understanding exactly how well you're performing according to your company's criteria and having the evidence to show it will give you the confidence you need to successfully master a pay increase negotiation."

- Eva Chan, senior career coach at resume builder platform Resume Genius

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Be vocal about your accomplishments

"When I was a young graduate working in the recruitment industry, I was told that a big part of getting ahead was making sure that my boss knew what I was doing. So I made it my goal to always let my boss know when something new happened at work. If someone sent me an email or had an idea for improving something we were doing, I would tell her right away so she could incorporate it into our strategy for moving forward." 

- Jenny Palmer, founder of career advice platform Eggcellent Work

Never stop learning

"Invest in your personal and professional growth by acquiring new skills and knowledge. Stay updated with industry trends, attend workshops, take courses, and seek opportunities for professional certifications. Actively seek feedback from supervisors, colleagues, and mentors to identify areas for improvement. The more you enhance your expertise, the more valuable you become to employers."

- Eric Jones, CEO of online retailer Couture Candy

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Do your research

"My biggest successes in negotiating higher compensation packages have come from knowing the market value of my role. This lets the company know, in a non-threatening way, that it's possible you could leave to go elsewhere if you're being paid below what the market dictates. When you present metrics and numbers for your employer, it also lets them know you've done your research and your request is based on precedent."

- Erin Thames, founder of small business consulting firm A Climate of Change

Choose your timing

"Be tactical about when you make your request. Unless there's a good reason not to, my recommendation would be to wait until an end-of-year or mid-year appraisal, rather than just putting a manager on the spot — nobody likes to be caught unaware! Additionally, be cognizant of any hardships the company might be going through, as you may risk appearing tone deaf." 

- Amy Laiker, head of the New York office for recruitment agency Tiger Recruitment

Actually ask

"Ask, ask, ask. So many people just wait around for their annual review and hope that they will get a raise. However, I suggest being proactive and requesting a sit-down meeting with your boss to discuss your current salary and the raise you would like."

- Ray Blakney, owner of consulting firm Kairos Venture Studios

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Don’t say a number too fast

"If the employer asks you how much money you're looking to make, ask what the budget for the position is. Always wait for the employer to mention a number first, whenever possible. You can always make a counteroffer if the number isn't quite what you had in mind."

- Saad Alam, co-founder and CEO of men's wellness platform Hone Health

Practice making your pitch

"For women in particular, they need to practice naming numbers. Generally, women are more unwilling to say numbers in negotiations, even when salary ranges are explicit. When I do this exercise with my clients, they usually struggle the first three times. Then you see them start to straighten up and become more confident. This exercise builds conviction."

- Samantha Ghanie, senior program design manager of career readiness at career support organization COOP Careers

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Get another offer

"Apply for another job. Getting a competing offer can always help get a bump internally. Hiring is an expensive process and a company would rather retain you than go through the hassle again. Be careful though — the company could very well ask you to go ahead and take the other offer."

- Elisha Gada, a marketing manager at Meta, Facebook's parent company

Know your worth

"It's crucial to confidently articulate your worth and negotiate for competitive pay. Remember, you have the power to shape your career and financial future. Don't be afraid to advocate for yourself and your worth." 

- Jonathan Berenson, owner of pet accessories retailer Two Tails Pet Company
Deanna Cuadra
Senior Reporter, Employee Benefit News
Money matters 2023 Compensation Financial wellness
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