Let’s talk about something that most of us shy away from—asking for a raise. It’s not just about the money; it’s about valuing yourself and ensuring your compensation reflects the work you put in. So, why is October the perfect time to negotiate? Well, the stars (and corporate budgets) align in your favor this month, making it an ideal moment to have that important conversation. Here’s why and how to approach it with confidence.
Why October Is the Golden Month for Raises
October falls in that sweet spot when companies are prepping their budgets for the coming year, but most haven’t locked in final numbers yet. According to a survey by Robert Half, 43% of companies conduct performance reviews and salary negotiations in the fourth quarter. This gives you an opportunity to get ahead of the curve before the budget is set in stone.
Plus, think about it: after a year of hard work, now is the time when companies are assessing the value employees bring. If you wait until next year, you might miss out on available budget allocations.
The Numbers Don’t Lie
Now, let’s get into some stats. Did you know that only 37% of workers ever ask for a raise, even though 70% of those who do ask get it? That’s right. You’re leaving money on the table if you don’t advocate for yourself. For Black women, this becomes even more pressing, given the wage gap. According to the U.S. Bureau of Labor Statistics, Black women earn just 63 cents for every dollar earned by white, non-Hispanic men. This isn’t just a paycheck issue; it’s a long-term financial disparity. By asking for a raise, you’re not just improving your situation but also working toward closing that gap.
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How to Prepare for the Raise Conversation
- Know Your Worth
The first step to negotiating a raise is knowing your value. Do your research! Use platforms like Glassdoor and PayScale to understand the salary range for your role and experience level. But don’t just stop at the average. Find out what top performers are making because that’s where you should aim. Knowing your worth means you’re not settling for less than you deserve. - Build Your Case
Start keeping a “brag folder.” This isn’t about being boastful—it’s about having a concrete list of your achievements to back up your ask. Whether you brought in new clients, streamlined a process, or saved the company money, document these wins. Use numbers to quantify your success. When you sit down for the negotiation, you’re not just asking for more money—you’re showing exactly why you’ve earned it. - Practice Makes Perfect
Practice your pitch until it feels natural. Role-play with a friend, mentor, or even in front of a mirror. Be ready for different outcomes: What if they say yes immediately? What if they say no? Having a plan for these scenarios gives you the confidence to stay calm and composed in the meeting.
Timing Is Everything
It’s not just about the month you choose—it’s about the exact moment you ask. Did your team just wrap up a successful project? Has your company hit a significant milestone? These are perfect times to bring up compensation because the positive vibes are flowing. And here’s a pro tip: Fridays are great for these conversations. People are generally in a better mood heading into the weekend.
Be Prepared for a ‘No’
Let’s be real: not every conversation will end with a “yes.” But that doesn’t mean you’ve hit a dead end. Think about alternative options, like performance-based bonuses, more vacation days, or a budget for professional development. Sometimes, it’s not just about the money—it’s about the total value of what you can negotiate.
Follow Up Like a Pro
The negotiation doesn’t end once you leave the room or sign off the Zoom call. Always send a follow-up email summarizing the conversation and outlining any next steps. This creates a paper trail and keeps the conversation going if the decision is still pending.
Script for Success
Here’s a tried-and-tested script to help you navigate the conversation:
“I’ve been reflecting on my contributions to the team, and I believe my compensation should reflect the value I bring. Over the past year, I’ve [insert key achievements], resulting in [quantifiable impact]. Based on my performance and market research, I’m asking for a raise of X%. How can we work together to make this happen?”
This approach frames the conversation as a business decision, which benefits not only you but the company as well.
Why This Matters More for Black Women
For Black women, negotiating a raise isn’t just about personal financial growth—it’s about breaking down systemic barriers. Every time you advocate for yourself, you’re challenging a wage gap that has long been skewed against women of color. You’re not just raising your paycheck—you’re raising the bar for future generations.
Conclusion: Claim What’s Yours This October
October is more than just the start of fall—it’s the time to take control of your career and your compensation. As companies finalize their budgets, this is your chance to position yourself for success in the upcoming year. You’ve worked hard, and you’ve earned this. So, while the leaves are changing colors, it’s time to change your financial future, too. The question isn’t whether you should ask for a raise—it’s when. And that time is now.
So go ahead, prepare your pitch, and advocate for what you’re worth. After all, the worst they can say is no—but the best they can say is yes.
