Performance reviews can feel like a dentist appointment: necessary, sometimes a little painful, but ultimately good for your long-term health (financial health, in this case!). This article’s for you if you're navigating the mid-career maze, especially if you're a woman juggling multiple responsibilities. We’ll explore how to make those reviews work for you, not against you.
The Mid-Career Money Mountain
Mid-career is a fascinating financial landscape. You're likely juggling a lot: family, possibly aging parents, and a career that hopefully brings satisfaction (and a decent paycheck!). But many women at this stage feel the pressure to “catch up” financially. Maybe you took time off for childcare or opted for part-time work earlier in your career. That's totally understandable – and it's not a failure. But it does mean strategically navigating this next phase of your financial journey. This is also a prime time to think about retirement savings, potential career pivots, and seriously upskilling your money-making abilities.
Document Your Wins (and Learn to Brag a Little!)
This isn't about being boastful; it's about being strategic. Start tracking everything you've accomplished professionally. We're talking quantifiable results: projects completed, deadlines met, problems solved, positive feedback from clients or colleagues. Did you improve efficiency, mentor a junior team member, or exceed expectations in a specific area? Write it down!
- Create a “brag sheet”: Keep a running document that's separate from your official performance notes.
- Gather evidence: Save emails, presentations, project reports – anything that demonstrates your value.
- Use the STAR method: When describing accomplishments, use the STAR method (Situation, Task, Action, Result) to clearly showcase your contributions. For example, instead of saying "I worked hard," say, "I streamlined the X process, reducing errors by 15% and saving the company $5,000 annually."
Create a brag sheet, a running document that’s separate from your official performance notes.
Asking for What You Deserve (and Getting It!)
The annual review is your chance to advocate for yourself. Don't assume your boss will automatically recognize your worth; it's up to you to articulate it clearly and confidently.
- Research industry benchmarks: Know your market value. Websites like Glassdoor and Salary.com provide salary data, helping you understand what you could be earning.
- Quantify your impact: Use your "brag sheet" to back up your request with concrete examples. Remember that invisible labor? If you’ve taken on extra duties or responsibilities, make sure they're acknowledged.
- Practice your pitch: Role-play with a friend or mentor. It’ll ease your nerves and help you confidently present your case.
- Prepare for negotiation: Know your ideal salary, but also your walk-away point. Be prepared to negotiate but also be prepared to be assertive and confident.
Remember the Big Picture
Mid-career is about more than just the next raise. It's about long-term financial security: planning for retirement, potentially investing in property or other assets, and even thinking about the kind of legacy you'd like to leave behind for future generations. This might involve exploring different investment strategies (beyond just retirement funds!) and building generational wealth.
Don't be afraid to seek guidance if you need it – a financial advisor can help you navigate these complexities and create a personalized financial plan.
Actionable Steps:
Strengthen your financial foundation with a thorough self-audit.
- Review Your Total Compensation: Go beyond your base salary. Include bonuses, stock options, profit sharing, and any other benefits to get a complete picture of your earnings.
- Conduct a Financial Self-Audit: Review your budget, emergency fund, and debt levels. Ensure your financial foundation is strong before pursuing salary negotiations.
- Quantify Your Accomplishments: Connect your performance to the bottom line. Use the STAR method (Situation, Task, Action, Result) to translate your accomplishments into dollar figures. For example: “I streamlined the X process, saving the company $5,000 annually.” Or “By implementing Y strategy, we increased sales by 10%, generating an additional $20,000 in revenue.”
- Start Your Brag Sheet (This Week!): Jot down even one significant achievement to build your case for a salary increase. Continue to add to this list as you remember other accomplishments.
Source Notes: This article provides general guidance. For personalized financial advice, consult a certified financial advisor. References to third-party books or resources are provided for informational purposes only. The views expressed in these works are those of the individual authors and do not necessarily represent the views or endorsements of FourLeaf Federal Credit Union.