Salary Negotiation with Sara B
2024 will be filled with lots of excitement on my end, personally and professionally, but it will also mark the end of Martinis and your Money in October after 10 years of podcasting. The good news is that the year is just beginning, and I still have 10 months of amazing new content to share with you. Over the next 10 months, I’ll be delivering the best of the best to you. The best of what I’ve learned over the past 9 years of podcasting, the best guests, the best topics, and so much more. Each month will have a new theme, and the theme for January is jobs and salaries.
January is typically a time for change when companies are more likely to lay people off, and employees are more open to change and making a change, so I hope you’ll find this content helpful no matter what stage you find yourself in. This is an episode along with its episode notes that you are going to want to bookmark, save, share, and re-listen to because it’s a great one! Joining me today is Sara Belhouari, our Trainer Management Lead at Financial Gym, to discuss how she’s coached clients through layoffs, job hunting, salary negotiation, and everything in between. I am sure everyone will find important takeaways from this episode.
What are we drinking?
Sara B - Moscow Mule(ish) made with Vodka and Gingerale Olipop
Shannon - Gin and Tonic
Podcast Notes
What to do When You Lose a Job
Most people won’t have the same job for their entire career. At some point, you’ll either decide to leave or be asked to. Trainers often see clients being laid off from work in January, but it is also when people are reflective and open to change. Sara and Shannon believe that being laid off can be an incredible gift.
This is not to say losing a job is not challenging or stressful, but it is the universe’s way of telling you’re meant to be doing something even better. When clients are let go from their jobs, Trainers help unpack what happened and get them excited about the next thing.
The relationship with your job is similar to a romantic one because you spend most of your time at your job. Why would you want to stay with a job if they don’t value you or want to continue the relationship? Being laid off can feel personal, but it’s just business. If a company has to cut costs, it’s just numbers.
The hard part is when you don’t feel like you have a choice or something has been taken. You don’t have to wait until you’re laid off to keep your connections alive and network. It hurts less when you’re more prepared, and your resume is already ready to go.
What to do in between Jobs
Building an emergency fund is one of the first goals all clients at The Financial Gym work toward, exactly for situations like this. If you lose your job, being able to pay your bills and feed your family takes some stress out of the equation. You may have to make different decisions if you don’t feel safe or financially secure.
Take the time you need to feel your feelings and mourn what you thought your life would look like in this job. Then, start preparing for the next steps and getting excited. Dust off your resume, research companies that excite you, and let your network know you’re looking for a new job.
If you don’t have an emergency fund, that’s okay. There are ways you can be strategic. Everything you do financially is fixable; we can take care of it once we get through.
Your new job might look different from your previous role; be creative and stay open. Talking to a career coach can help you understand your skillset and how you can use it to find what’s next for you.
The job search and interview process can be a drag, but it is important. The market is competitive, so be open to rejection and redirection. Each conversation is a connection and learning experience, so try to stay positive, even if you aren’t hired right away.
If you find a role that excites you, research the company, mention their mission, the work they do, or even their Instagram page; it shows you’re excited to be there.
After the interview, an email to the people you spoke with saying, ‘Thank you for your time’ can really go a long way.
Salary Negotiation
You don’t have to say yes immediately if you receive an offer. Thank them and ask for 24 hours to review it and make a decision. Companies expect you to negotiate, and their first offer is not usually their best and final.
Do your research before the conversation and be prepared. Research the average salary for your role in the area and look into the company. Are they a big corporation with a budget or a smaller start-up? Some companies may be unable to pay what you’re hoping for but can negotiate other benefits or perks.
Be clear about the value you provide. If they can’t match your offer, ask if there is a path to get to the number you want or if you can meet again in 6-12 months to reevaluate. If you are getting an offer, the company wants to hire you and will work to get you on the team. Say exactly what you want, and then be quiet and let them respond.
If a company reacts negatively to your request or refuses to listen, that is a red flag. Negotiation is part of the process; if they treat you that way early, you do not want to go down that road.
Have the courage to walk away. Don’t settle because you’re scared another offer won’t come. You can walk away if it is not a good fit or you don’t see a path forward. There will be more offers and opportunities.
Confidence is key in negotiation. Write down your skills and accomplishments, and hype yourself up. Keep reading that list every time you go into an interview. If you’re intimidated by this process, a coach can help.
Takeaway: My biggest takeaway is that your relationship with your employer is like any other relationship in your life. It should be filled with mutual understanding, support, growth and respect. If you’re not receiving these things, I guarantee you, just like in a personal relationship, someone or some company will want to give that to you so don’t settle.
Random Three Questions
You are given 20k for travel, what are you going to do?
If you had to only eat one food for the rest of your life, what would it be?
What is your biggest goal for 2024?
Resources Mentioned in the episode:
Career Changes with Colleen Gray
Switching Careers and Job Hunting with Colleen and Joy
Ready for a Career Switch with Erika and Genar
Glassdoor
Salary.com
Payscale
Connect with Sara B
Meet Sara B, Certified Financial Trainer
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook Page, and let me know what you want to hear.
In addition to hosting this show, I’m the founder and CEO of The Financial Gym. We are celebrating 10 years of this journey, and now, more than ever, I see the importance of the work we do every day. Rising inflation, the return of student loan debt, high interest rates on mortgages, and volatile stock markets make it a time when you need a best financial friend to help you make the best choices.
At Financial Gym, you get paired with a Certified Financial Trainer, who we call your BFF. Our team has coached clients through every financial season, whether they were living paycheck to paycheck or headed into Financial Independence and retirement. As a reminder, we work with individuals, couples or business owners.
And the exciting news of 2024 is that Financial Gym now has a sister company, FG Advisory Services that’s available for people who are looking for more traditional financial advisory services like asset management delivered by a team that looks and behaves nothing like a traditional financial advisory services company.
We literally have a solution for you no matter where you’re starting from. So what are you waiting for? Head over to financialgym.com to get started today. Our warm-up calls are free of cost and judgment.