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How to Ask for a Pay Raise and Totally Get It

Leave a Comment / Ask An Expert, Blog, Set Yourself Up For Success

How should you ask for a raise in such a way that you actually get it? You’ve worked hard, you see your value to the company, now how do you convince your superiors of this and actually get the raise you deserve?

The Industry is Heating Up

The economy is doing well, and the commercial real estate sector is thriving right now. Whether you are an executive assistant, analyst, project manager, or some other position within the CRE space, chances are you’ve seen the industry consistently growing and wondered if you will see a piece of it.

According to PayScale, wages for the commercial real estate sector have grown 2.4% in the last year and 14.4% since 2006. More businesses are opening and expanding, and they need commercial space. The American consumer is spending more, which translates into higher demand for CRE professionals and their services.

This means there are more opportunities for growth and expansion for current operations. And a study by Deloitte shows CRE investors are planning in increasing capital investment in US markets 13% in the coming year and a half. This begs the question:

Have you experienced this kind of growth in your personal paycheck?

The First Step to Asking for a Pay Raise

Perhaps you’ve considered asking for a raise for a few months but just don’t know how. You might think that if you ask for a pay raise, you might be seen as money motivated or even put your job at risk. But getting paid what your worth is a fundamental part of being a professional. If you’re making your company money, you are entitled to a portion of that pay.

So what’s the trick? How do you ask for a pay raise and successfully get it?

First, ask yourself a few questions. Timing is everything. Is your company profitable? Or are they a startup? We’ve already seen that the CRE industry is growing, and investors are increasing their capital outlays. But what about your firm?

If so, then ask yourself if you truly deserve this raise. Whether you need it or not is irrelevant to your manager. What matters is that you have truly excelled in your job. Have you met all your responsibilities and then some?

Then ask yourself what other professionals in your profession and at your level are making. Before you ask for a pay raise, check Glassdoor.com to get a feel for what you should be paid for the value you provide. CEL Associates also produced a 2018 survey regarding compensation ranges in the industry. Building Careers summarized this data as well.

Lastly, ask yourself if you’re truly happy at this job. Perhaps you would rather explore new options. But maybe you do enjoy working here and simply want to feel compensated for what you bring to the table.

The Ask

So you’ve asked these crucial questions and determined now is the time to ask. You have your number in mind, and the meeting has been scheduled. Before you step into your superior’s office, here’s what managers and the experts say is the best way to execute the ask.

  1. Practice Before the meeting, practice your key points, and anticipate questions or counterpoints. Be confident and know what you want to say.
  2. Explain Your Goals Your manager understands you have an existence outside the company. Sure, you’re here to do your job, but you also want to grow in your career. Explain your goals frankly to your supervisor and how your job fits into those long-term plans. Then ask for feedback.
  3. Provide Numbers Explain the value you have contributed to the company. Use specific numbers to prove you are making a difference and truly profiting the business. Numbers are very convincing.

4. Prove Achievements and Successes

Examine your current responsibilities versus what you were hired for. Are you taking on

additional responsibilities or going above and beyond on your current ones? Be able to demonstrate

and articulate this. Referencing your original job description is a good starting point.

5. Discuss Your Future Value

Show loyalty to the company and interest in achieving more for the team. In doing so, you are

reminding your manager that it is a candidate’s market, and you are choosing to stay with this

company. You don’t have to be here. 6. Ask Specifically Use a specific number when you ask for a pay raise. You’re not just whining about getting paid too

little. You have a specific amount you believe you are worth and that the company can afford to pay

you. Ask for it. And if you receive any pushback, don’t hesitate to ask for more responsibilities by

name. Specificity shows this is a very real value proposition, and not just a theoretical.

As a professional in the CRE industry, understand your place in the business and just what you contribute. Expect to receive value for the value you contribute. And communicate this expectation clearly at the right time and in the right context. You can ask for a pay raise in such a way that giving it to you is simply good business.

Sources:

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The 3 Things Employees Really Want: Career, Community, Cause

Leave a Comment / Blog, Employers

These are the 3 things that employees really want, but most companies are only built around one.

Career – a position that allows you to problem solve, grow, and aligns with your strengths

Community – feeling valued and acknowledged by others and creating connected relationships

Cause – making a difference and being driven by a purpose to make the world a better place

Interestingly, all age groups seem to share these motivators, but cause seems to become more relevant to the over 55 demographic.

Focusing on these important pillars allows for companies to better recruit, retain, and satisfy employees.

Published in Harvard Business Review by Lori Goler, Janelle Gale, Brynn Harrington, and Adam Grant on February 20, 2018

The 3 Things Employees Really Want: Career, Community, Cause

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Is It a Good Idea to Accept a Counteroffer?

Leave a Comment / Blog, Job Search

Changing jobs is difficult, and whether or not to accept a counteroffer can be one of the most difficult parts of the process. Career changes are common in CRE, and they mean making difficult decisions.

But it’s worth thinking through the various facets of this question to determine what is right for you, your family, and your career. This can be an emotional and nerve-wracking ordeal, so let’s step back and break the matter down, piece by piece.

Why You Receive a Counteroffer

When you submit your resignation letter, your supervisor has real motivation to keep you on. That’s why approximately half of employers will respond with a counteroffer. Think about it from their perspective. You may have felt underappreciated or stunted or bored or underpaid – but the moment you resign, this is what your boss is feeling:

  • “This is horrible timing.”
  • “Perhaps I can keep him on until I can find a replacement.”
  • “What will this mean for morale?”
  • “Finding a replacement is going to be expensive.”
  • “How can he do this after all the training we have invested in him?”
  • “This had better not mess up my upcoming vacation plans.”

The people you work under have a vested interest to keep their company, department, and projects running smoothly. They are under a lot of pressure to maintain control of the situation and keep their superiors or stockholders happy. Your career is relatively low on their priority list.

And your resignation can be a wakeup call for them to do whatever it takes to solve this problem they now have. Chances are the concerns that caused you to initially explore the job market in the first place will not magically go away if you accept a counteroffer. You may even be viewed with suspicion if you accept the counteroffer and stay on.

According to Jim Stroud of the Bernard Hodes Group, your employer is thinking that “paying a little extra now is worth it in terms of keeping the train moving, versus the potential delays and issues that would arise from an empty cubicle seat.”

But this could be dangerous for your career.

Will Your Problems Be Solved If You Accept a Counteroffer?

When considering whether to accept a counteroffer, remind yourself why you chose to accept a new role to begin with.

  • Perhaps you were underappreciated and couldn’t get adequate compensation for your value.
  • Perhaps you wanted to work closer to home.
  • Perhaps you were bored or wanted a real challenge.
  • Perhaps you didn’t get along with your co-workers or boss.
  • Perhaps the company lacked culture or direction that aligned with your values.

Would a little more money really solve any of these and give you the fulfillment you seek? Are you just kicking the can down the road by staying? Or even worse, will you be laid off as soon as they find a suitable replacement?

Studies show employees who accept a counteroffer typically stay with their employer less than a year, according to Christopher Elmes of the Capital H Group, a human-capital consulting firm. They’re either laid off, or they continue to feel the same frustrations that drove them to leave in the first place. Elmes goes on to state:

“No matter what the offer or counteroffer is, if the underlying job dissatisfaction issues aren’t addressed, then it doesn’t make a difference…The sense of affiliation between the employer and the employee will be severed, and the employee may never be trusted again…Once you take the counteroffer, your relationship is now almost entirely predicated on cash, and that is not a healthy criteria.”

Stay the Course

If you were convinced about the new job, remember your reason for accepting, and stay the course. Politely inform your current employer that your decision was made carefully and based on many different factors. It is best for where you want to take your career. Consider avoiding disclosing details of your new offer in the first place (i.e. the new company name, how you found the role, or your new compensation details), when you give notice to eliminate the awkward position of a counteroffer. Be polite and professional, but firmly state that your decision is final.

Thank your employer your experience there first and foremost and also for their counter if it comes. Don’t burn any bridges. You never know what the future holds. But realize that reneging on your verbal agreement with your new employer can give you a negative reputation of not valuing integrity. In the end, the hazards of changing course after accepting a new job offer usually outweigh the perceived benefits.

The best response to a counter offer is usually a polite “No, thank-you.”

Sources:

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How Taking Paid Vacation Time Benefits Employees and Employers

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With the 4th of July holiday occurring mid-week this year, it seems like more employees are taking advantage of their vacation time, which will ultimately benefit employers.

Some employer benefits include:

  • Cross-training other employees
  • Evaluating employee performance
  • Identifying areas for process improvement
  • Operating with more relaxed and focused employees
Vacation Time | PTO | Work Week | 4th of July

Read on to learn more about employer and employee benefits of paid vacation time. How Taking Paid Vacation Time Benefits Employees and Employers

Published on thebalancecareers.com by Suzanne Lucas and updated on April 29, 2018.

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San Diego Developers Wonder When Boom Time Will End

Leave a Comment / Blog, Industry Insights

San Diego development is still booming with exciting opportunities to bring more tech companies into the region. Last week’s panel emphasized how San Diego is still relatively cheaper than the rest of the West Coast and access to capital is plentiful.

Read the full panel recap here: San Diego developers wonder when boom time will end

Published in the San Diego Tribune by Phillip Molnar on June 19, 2019

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Summertime is the Best Time to be Hired

Leave a Comment / Blog, Job Search

In Select Leaders‘ most recent newsletter, they detailed why your odds of being hired increase in the summer. Read on for more of their insight.

Why successful candidates preferred to job search in the summer:

  1. More flexible start dates
  2. Less competition (Data shows that June is one of the best months to apply to a job and get hired, while December is at the bottom)
  3. Access to hiring managers (in the summer months, hiring managers and recruiters might have a tad more free time to engage with candidates that make that extra effort)
  4. Networking (slower months for getting business done, means more availability for lunches, dinners, and happy hours with your network)
  5. Ability to interview, without sounding the alarm with your boss.

Good luck landing those jobs this season!

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7 Tips to Employee Motivation This Summer

Leave a Comment / Blog, Set Yourself Up For Success

With summer finally hitting us (anyone else feel like it has been a longer than normal winter?), we are all looking forward to vacations and long weekends. Since we aren’t in school anymore, however, we still have to give some attention to our full time jobs. How can we make it through these beautifully sunny and warm months while still feeling accomplished at work? Read the article below for some tips on staying motivated at work this summer. My favorite ones are putting down your phone and rocking out to your favorite artist. Summer here we come!

7 Tips to Employee Motivation This Summer

Published by Cara Lutz at SSPR Public Relations Agency

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These Top 5 Interview Questions Really Work

Leave a Comment / Blog, Building Careers, Employers

Companies that are hiring in the commercial real estate space have a lot at stake in asking interview questions. The cost of hiring the wrong professional in such a high-stakes industry is significant. Botch the interview, and you may not know if you’re hiring a top performer or a serious liability.

So what’s the silver bullet? How can you get a candidate to open up about their experience and find out if they’re really right for your unique needs?

The Wrong Way to Interview

Too many interviewers ask superficial or irrelevant interview questions that don’t really work. Superficial interviewing is common because it’s easy. It follows in the footsteps of established norms, not considering whether or not the system even works. Some of these shallow interviewing questions that fail to deliver might include:

  • Tell us about yourself.
  • Where do you see yourself in five years?
  • Are you a team player?
  • Why did you apply for this position?

These and many other interview questions simply don’t work – especially in the commercial real estate industry. They fail to get past the superficial façade and determine if the potential hire is a real fit or not. These interview questions are great for gauging how well someone memorized canned responses or how good they are at interviewing. But they don’t actually answer the number one question you need to nail down an answer to.

Are they right for this job?

The Right Interview Questions

There is no silver bullet – no one, single interview question you can ask to get a candidate to open up their soul and show you all their potential, strong points, weaknesses, and value. And this is why you’ve no doubt had candidates that aced an interview go on to bomb as an employee and vice versa.

But there are key questions that can address the primary components of your task.

So what makes the difference? What is the right way to approach interview questions? What are some really powerful questions to ask candidates to identify the right people for your team?

  1. Can you provide a specific example of a situation in which you took initiative and went above and beyond? Initiative is a key trait for success, and this interview question gets right to the heart of the matter to determine if your potential hire has it.
  2. Can you share a specific example of a task you completed by overcoming significant hurdles? This question works, because it shows you just how much skill and determination your potential hire has in execution – another key trait for success.
  3. Can you discuss a specific opportunity you had to lead in a team setting to achieve a particular goal or outcome? Leadership and teamwork are crucial success traits, and this strategic interview question gives you the opportunity to understand your interviewee’s abilities beyond themselves in leading and working with others.
  4. In this particular role, ____ is crucial to success; would you please share with us a specific situation in which you demonstrated this success factor? This interview question works, but it requires you to do a little thinking beforehand. What is one of the most important factors or skills your new hire must have to excel in this position? Find a creative way to ask about their experience with this trait, and you will gain insights directly corresponding to the role.
  5. How would you translate this success factor from your previous job into this role? This is a powerful interview question that reveals proactive and creative aptitude in changing circumstances. Your company culture and requirements are unique, and this question opens up for you whether or not this potential hire will excel there and benefit your mission.

Make sure to shape your interview questions around the mission and values of the company as well to ensure employees are living your brand. Also, there are numerous other questions you might ask specific to technical skills in the role. But orient your interview questions around identifying these five core strengths (or weaknesses), and you will have a powerfully accurate understanding of the professional sitting at the other end of the interview table.

Sources:

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