Weekly LIVE Office Hours #288: Q&A Career/Business/Finance Topics. SEE DESCRIPTION FOR CLICKABLE Q&A

Introduction

Welcome to my 288th weekly office hours webcast! Thank you for joining me today. As always, I encourage you to type your questions in the chat. Recently, I've received numerous inquiries from students about how to secure a raise, land a promotion, or negotiate a higher salary. Today, I’ll share some valuable career tips to help you increase your earnings, achieve promotions, and reduce the risk of job loss.

How to Get a Raise or Promotion

You may have noticed that your colleagues seem to be getting promoted faster than you are, and this can be frustrating, especially if you feel you’re adding more value. The secret is that most people get promoted simply because they ask. So, how do you go about asking for a raise or promotion?

• Asking Strategically: Schedule one-on-one meetings with your boss, especially when they are in a good mood after acknowledging your accomplishments. This creates a conducive environment for discussing your career.

• What to Say: When you meet, start by expressing how much you enjoy working there. Acknowledge the high cost of living in areas like the Bay Area and state that you aspire to enhance your standard of living. Then, ask what additional goals you need to achieve to be considered for a raise or promotion.

• Follow-Up: Take notes on what your boss tells you regarding your goals. In three to six months, if you’ve met those goals, ask for another meeting to discuss your progress.

• Value in Asking: Recognize that high-level managers understand this process, as they have likely asked for promotions multiple times themselves. It’s crucial to embrace the mindset that “if you ask, you shall receive.”

If you work for a large organization, check with Human Resources for promotion criteria and focus on fulfilling those requirements diligently.

When to Seek New Opportunities

If you find yourself underpaid during bonus season, it's vital to remain open-minded about exploring better opportunities elsewhere. While I don’t encourage actively job searching unless you believe you'll get a 50% pay increase, the marketplace is always changing.

If discussing salary in an interview, be sure to present your total compensation—this includes your base salary along with benefits. This approach can help maximize your potential salary during negotiations.

How to Decrease Job Loss Risk

To mitigate the chances of job loss, regularly ask your boss for feedback and express your enthusiasm for the role and team. Regular communication signals that you’re invested in your position.

Also, consider developing a relationship with your boss's assistant, who can provide insights into managerial decision-making. Networking within your company and seeking mentorship can further secure your role and help you navigate corporate culture.

Addressing Workplace Bullying

If you find yourself dealing with workplace bullying, remember that frustration can sometimes lead individuals to seek better opportunities elsewhere. Additionally, helping those being bullied can empower them to venture out and create successful careers on their own.

Q&A Session Insights

The latter part of the session included questions about the economy, real estate, and career transitions. Here are some takeaways:

• Understanding Economic Trends: With decreasing interest rates, housing prices tend to increase in the long run, making real estate a strong investment.

• Staying Informed: Utilizing resources like the Wall Street Journal or networking can keep you ahead of investment trends.

Key Takeaways

1. Promote Yourself: Don’t be shy to ask for promotions.
2. Seek Fair Compensation: Negotiate your total compensation by including benefits.
3. Constant Communication: Regularly check in with your superiors for feedback.
4. Network Widely: Build connections within and outside your organization.
5. Address Issues Promptly: Tackle office bullying and workplace challenges with professionalism.

Keywords

career advancement, negotiation, raise, promotion, workplace feedback, corporate culture, networking, real estate, investment strategy, workplace bullying.

FAQ

What is the best way to ask for a raise? Schedule a one-on-one session with your boss after receiving positive feedback and articulate your achievements and aspirations clearly.

How can I decrease the chances of being let go from my job? Regularly ask for feedback, express your commitment to the company, and build networks within your organization.

Is negotiating total compensation important? Absolutely! Presenting your total compensation, including benefits, can lead to better negotiation outcomes.

When is it appropriate to seek new job opportunities? If you feel underpaid or unsatisfied, consider looking for new opportunities, especially if you can achieve a significantly higher salary.

What are the red flags in a workplace that may indicate bullying? Keep an eye on negative workplace dynamics, excessive criticism, unwarranted blame, and isolation tactics used by colleagues.