How This Factora Alum Increased Her Salary By 88%
Amanda T., one of Factora’s first alum, recently shared in our Slack channel that since October, she’s raised her salary by 88%. At the same company.
The Factora practice that Amanda most attributes to her success? Writing out a money mantra and posting it on her desk.
When you join a Wealth Circle, we encourage everyone to come up with their own money mantras and to repeat them daily. She says this tiny practice helped shift her entire money mindset, which led her to realize:
1. There was no way she'd reach her wealth goals at her current salary.
2. She was worth so much more money than she was making.
3. She had the confidence to fight for more, or to leave.
Plus, she had a group of women to hold her accountable to do the damn thing.
Exactly when did you realize it was time for a raise?
AT: It had been a while, to be honest! In 2016, I started grad school at UT while working full time. My graduate education directly related to the work I was doing, so I started the conversation with my direct manager in 2016 and really escalated it in 2017 after I graduated. By the time 2018 rolled around, I still hadn't been promoted or received a raise despite the work I accomplished while doing school and my job full time.
Then, I joined a Wealth Circle…and that's when I went into turbo mode. I know it seems crazy to let it go that long, but things at my agency move slowly and I really saw the vision of what I could accomplish at this company. I was determined to give it my all, make up for my earlier money mistakes and then move on to a new position if I had to.
Walk us through the steps you took to fight for an increase (like what info did you gather, who did you meet with, etc)?
AT: First, I figured out my target number by pulling salaries from Glassdoor and The Creative Group annual salary guide (you can sign up to have this emailed to you!). Then, I met with other producers in Austin at other companies to get them talking about numbers. On top of that, I started interviewing and consulting. I had to be prepared for my company to say no and to jump ship. I was working on my network, creating other opportunities and got a true sense of what my role was worth in the industry. Then, I found out a teammate was making $20k more than I was…and I had trained this person!
When I found that out, it freed me from ANY guilt I had about throwing down my number. I also shared in my Wealth Circle that a huge goal of mine was to increase my salary. Having a group of women hold me accountable for this goal every week was HUGE for my progress.
What did you say in your meeting with your boss? Did you have a presentation prepared?
AT: You bet. I had multiple conversations with my boss and his boss, but I never wanted to sound entitled, so I did my homework before each conversation. I sat down and wrote myself a 7-page self-evaluation detailing all the project work, team hiring and training, and client goals I had met (including financial figures wherever I could).
I also got my hands on an internal management document that detailed manager goals and qualities, and I aligned my evaluation with those notes in addition to our company core values.
Then, I sent my manager three things: 1. My self-evaluation. 2. A list of 19 people who could provide feedback on my work. 3. A deadline for him to ask these people for feedback. I also let him know I was going to reach out directly to his manager to make sure he heard my voice.
Finally, I had a phone call and then an in-person meeting with the head of our department to explain why I deserved a promotion and significant raise. He was so supportive and told me I was worth it, but that the salary and title would have to come in stages. Like I said, my company moves slowly. He was true to his word and mapped out a plan to get me to my target. The pay increases came in 4 waves, but the promotion and one of the final pay bumps came through at the beginning of this month!
What did you think was the biggest key to your successful negotiation?
There were a few things that made all the difference - I did my homework, I stopped feeling shy about it, and I leaned on my advocates (including my Wealth Circle!) and went through the proper channels to keep things moving (albeit pretty aggressively to make sure it happened!). And while having advocates, mentorship, and great management is so important, I reminded myself that no one else is looking out for my career and my salary other than me, and I'm worth it.
What are you going to do with the extra cash?!
AT: First thing I did was increase my 401k contribution to try to max it out this year and then put small amounts into Betterment and Wealthfront accounts. My husband and I are also buying our first investment property (thank you, Factora, for the confidence to do this!) and we'll be using my salary bump to put that into the house and hopefully future investments. I mayyyyy have also bought myself a few items from the Nordstrom sale.
Keep Learning With Us
Get even more insights with our weekly podcast, Coffee & Coin, hosted by our Founder & CEO, Allegra Moet Brantly.
Ready to take your financial life to the next level? The Wealth Circle is our live online course and community dedicated to helping women invest confidently and reach financial freedom.