Fall Into More Funds: Why October Is The Perfect Month To Negotiate A Raise – Essence

Let’s talk money, ladies. Not just any money – your money.

I remember my first salary negotiation like it was yesterday. I was a couple of years out of law school, and already had one two media gigs under my belt (and if you know the media industry, working on-staff — not freelancing — for two media entities is a big deal). I was ready to leave my company, and interviewing with several others when I got two offers.

Both, amazing opportunities, but only one would keep me in the media industry, and continuing to do the job I knew and loved.

Of course, the other was a large finance company, and they were paying me everything I wanted and more. But of course, I really wanted the other gig. So, what did I do? I put my negotiation hat on.

I had never asked — or demanded — I get paid my worth, but thank God for my mama’s voice in my head, reminding me of this. I asked for the media company to match everything the financial services company offered me, and you know what? I got it.

That one experience single-handedly changed the trajectory of my work experiences, because it taught me how to negotiate and advocate for myself. And now, it’s almost second nature. You know why? Because what is the worst they can say?

So while many of us are planning our fall getaways or choosing the perfect Halloween costume, we all need to be getting in the mindset of strategizing our next professional move. This month isn’t just about pumpkin patches and apple cider – it’s prime time to advocate for your worth in the workplace.

October offers a golden moment to negotiate a raise, and I’m here to guide you through why this month could be your financial turning point and how to make it happen.

First things first: timing is everything. October sits in that sweet spot where companies are planning their budgets for the next year but haven’t finalized them yet. According to a survey by Robert Half, 43% of companies conduct performance reviews and salary negotiations in the fourth quarter. This means you’ve got a window of opportunity before those budgets are set in stone.

Now, let’s talk numbers, because they don’t lie. A study by PayScale revealed that only 37% of workers have ever asked for a raise in their current field. But here’s the kicker – when people do ask, they get it 70% of the time. Let that sink in. We’re leaving money on the table, ladies, and it’s time to change that narrative.

For Black women, this conversation takes on even more significance. The latest data from the U.S. Bureau of Labor Statistics shows that Black women earn just 63 cents for every dollar earned by white, non-Hispanic men. This isn’t just a statistic; it’s a call to action. Every time we advocate for ourselves, we’re not just changing our own financial trajectory – we’re chipping away at a system of inequality.

So, how do we seize this October opportunity? Let me break it down for you:

Know your worth. 

Before you step into any negotiation, arm yourself with knowledge. Research is your secret weapon. Use sites like Glassdoor or PayScale to understand industry standards for your position. But don’t just settle for average. Look at what top performers in your field are making. You’re not aiming for mediocre; you’re aiming for excellence.

Build your case. 

Start a ‘brag folder’ if you haven’t already. This isn’t about ego; it’s about evidence. Document every win, big or small. Did you bring in a new client? Streamline a process? Save the company money? Write it down. Numbers speak volumes, so quantify your achievements wherever possible. When you walk into that negotiation, you’re not just asking for a raise – you’re showing why you’ve earned it.

Practice makes perfect. 

Your negotiation pitch should feel as natural as your favorite lip gloss application. Practice in front of the mirror, with a friend, or with a mentor. Role-play different scenarios. What if they say no? What’s your counter-offer? Preparation eliminates fear, and confidence is your best accessory in that meeting.

Now, let’s talk strategy. Here’s a script I’ve used (and trust me, it works):

“I’ve been reflecting on my contributions to the team, and I believe my compensation should reflect the value I bring. In the past year, I’ve [insert your wins here], which has resulted in [quantifiable impact]. Based on my research and performance, I’m asking for a raise of X%. How can we work together to make this happen?”

Remember, you’re not asking for a favor – you’re proposing a business decision that benefits everyone.

Choose your moment. 

Timing isn’t just about the month; it’s about the day and even the hour. Has your team just closed a big deal? Finished a successful project? That’s your green light. And here’s a pro tip: Fridays can be golden for these conversations. People are generally in better spirits as the weekend approaches.

Be ready for the ‘no.’ 

Not every conversation will end in a ‘yes,’ and that’s okay. It’s not a dead end; it’s a detour. Be ready with alternatives. If a direct raise isn’t possible, what about performance-based bonuses? Additional PTO? Budget for professional development? Sometimes, creativity opens doors that seem closed.

Follow through. 

The conversation doesn’t end when you leave that office or Zoom call. Send a follow-up email summarizing what was discussed and outlining next steps. This creates a paper trail and showcases your professionalism. It also keeps the ball rolling if decisions are still pending.

Remember, asking for a raise isn’t just about padding your bank account (although, let’s be real, that’s a beautiful thing). It’s about recognizing your worth and demanding that others do the same. You’re not just negotiating a salary — you’re claiming your space in rooms that weren’t built for us but can’t thrive without us.

This October, while the world is focused on changing leaves, let’s focus on changing our financial narratives. You’ve planted the seeds with your hard work; now it’s time to reap the rewards.