How This Product Manager Learned to Ask For More Money From a Career Coach

Business

Published 29.08.2023

How This Product Manager Learned to Ask For More Money From a Career Coach

Want to make more cash at work? Of course you do. For our collection The Top Up, Canadians throughout completely different industries inform us precisely how a lot they earn—and the way they navigated each increase, promotion and job change to get it. Each month, completely different executives share their journey and their greatest recommendation for how one can higher negotiate your wage, too. This month, a Toronto-based product supervisor tells CB how she went from making $40,000 after grad college to $110,000 at a health-tech firm in 11 years.

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Current job title: Product supervisor
Industry: Health-tech
Location: Toronto

First full-time job wage: $40,000 in 2010 as a market analysis analyst at a well being care market analysis firm

I completed my grasp’s of science—I used to be a psychology main—on the finish of 2009, and did a brief analysis contract with a science and know-how group throughout the Department of National Defence, working with one of many authorities’s analysis scientists. I had a background in empirical analysis and wished to place my diploma to make use of. At the top of the contract the federal government froze its price range and couldn’t preserve me due to the lingering impacts of the recession. It was actually, actually exhausting to discover a job at the moment—I used to be keen to say sure to anybody who wished to rent me.

While I used to be job looking, I noticed an internet posting for a market analysis analyst at a Toronto well being care market analysis firm and utilized. The interview concerned a fundamental math check and an train that requested me to reply the kind of query an analyst would handle, simply to see my thought course of. I had knowledge evaluation expertise however no well being care background by any means, so once I obtained the job, I discovered all the things from the bottom up. I began within the cardiovascular analysis group and hopped round completely different analysis areas.

When I used to be employed, they supplied me $40,000. I used to be like, “perfect, done!” Jobs had been nonetheless exhausting to return by after the recession, it was my first one, and it was essentially the most amount of cash I’d seen as a grad pupil. Even although it was an entry-level place, we had been underpaid in comparison with the market common, and each time somebody left we’d hear about how a lot they had been making at their new job. I feel the corporate realized this and rolled out a program the place each quarter we had a efficiency overview and if we met sure efficiency metrics we had been eligible for a increase. By early 2011, I used to be making $41,500, and by midway by means of that yr I used to be bumped as much as $46,000.

First increase: $5,000 in 2012, bringing wage to $51,000

I had instructed my supervisor that I missed being a mentor, which was what I had executed as a instructing assistant in grad college, and she or he requested if I knew in regards to the crew lead position in one other analysis group. So I utilized and was supplied $51,000 for the position. I simply thought that was wonderful and didn’t negotiate.

I used to be a crew lead for 2 years, placing out my very own reviews and consumer work whereas main a crew of 5 individuals. I saved getting quarterly wage bumps like in my earlier position, so inside that interval my wage elevated to $53,800. People had been leaving in droves for different workplaces that had been paying much more, so the corporate knew it was a difficulty they usually needed to retain expertise.

Second increase: $6,200 in 2014, bringing wage to $60,000

In 2014 there was a gap for a supervisor place to co-manage two analysis groups. I didn’t undergo a proper software course of, I simply expressed curiosity within the job they usually okayed it. When I used to be employed, I used to be given about 20 direct reviews.

I used to be supplied $60,000 for the position, and I stated sure with out negotiating. I used to be in my late 20s and my husband was making wage, so being a dual-income family gave us the power to hire a one-bedroom apartment downtown even at that wage. I additionally didn’t know a lot about negotiating at the moment, and I used to be raised in a really conservative household the place the perspective was that you just do what you’re instructed and be pleased about what you may have. I by no means thought I’d make that a lot cash. It felt wonderful till buddies and acquaintances who had left the corporate instructed me that their beginning wage was $60,000. I couldn’t assist however really feel like if I had jumped ship I’d be making extra elsewhere.

After some time I did begin asking throughout quarterly critiques if there was any room for a further wage bump, suggesting the next proportion, however I didn’t know the methods to do it extra successfully and make the case for myself. I additionally interviewed a number of occasions over time with different firms, however I caught round as a result of the job was regular, I used to be climbing up the ladder, and since I’d all the time had good managers who helped me develop in my profession and listened to my issues. The firm additionally had a fund that paid again 100 per cent of your training prices in case you wished to study one thing that may aid you in your job, and I took benefit of that a few occasions.

I used to be a supervisor for 2 years. During that point the corporate wasn’t doing as effectively so our common wage bumps decreased from quarterly to annual, however by mid-2016 I used to be incomes slightly below $66,800.

Third increase: $9,000 in 2016, bringing wage to $75,800

In 2016, a buddy of mine who, years earlier than, had moved into the corporate’s tech product administration crew, was shifting on and urged I apply for his job as a product supervisor. That crew was liable for upgrading the corporate’s portal for analysis and consulting initiatives to a extra trendy on-line platform. It sounded a bit scary as a result of the position concerned studying tips on how to code and dealing in databases, and I had by no means touched that exterior of pc science class in grade 11. But I utilized and was supplied the position with a $75,800 wage; by that point we had been acquired by an American firm, which I feel contributed to larger raises to carry our salaries in keeping with the Americans on the crew. I used to be pleased with that supply.

The job was my first foray into tech, and I obtained quite a lot of coaching. I grew to become licensed to be a scrum venture proprietor and skilled on tips on how to work within the agile venture administration framework. After my coaching I used to be a product proprietor on that crew and found how a lot I like working with builders to construct a product.

Over 5 years I obtained common wage bumps that introduced me as much as $86,600, I additionally took two maternity leaves, and whereas I used to be on depart the corporate nonetheless gave me raises and a efficiency bonus. It additionally topped up my pay to 100 per cent for the primary 17 weeks each occasions. I felt very fortunate that I had that.

When I got here again from my first mat depart I used to be feeling a little bit bit misplaced. I wasn’t sad, however I wasn’t as excited in regards to the work anymore. I had joined a Facebook group for mothers at work as a result of I’d had some nerves about returning to work, and it was run by a profession coach. So I reached out to her and signed up for a profession teaching package deal. She helped me establish my strengths, taught me about negotiation and inspired me to make use of networking as a technique to discover my subsequent job. I began going to networking occasions simply to start out constructing that muscle—after which the pandemic hit. So I put that on maintain and caught it out in my job. But once I got here again from my second mat depart in 2021 I made a decision to choose it again up once more.

Second job wage: $110,000 with a $10,000 signing bonus in 2021 as a product supervisor at a Toronto health-tech firm

In 2021, somebody in my working mothers Facebook group posted to say her buddy was hiring a product supervisor. I reached out to introduce myself. I stated I wasn’t job looking however hoped to speak in regards to the position and what the corporate was like, as a result of my skilled world had been so small for the previous 11 years. She replied inviting me to fulfill the remainder of the crew, and it ended up being a job interview moderately than an informational interview, which is what I had initially thought. They requested me to use and gave me a ability check to finish, after which supplied me the job with a $90,000 wage.

I assumed that wasn’t a foul supply, it was almost $5,000 greater than my present wage. But I used to be speaking with my profession coach at each step of the interview course of. She inspired me to analysis the market common wage for product managers on Glassdoor, LinkedIn and inside my working mothers community and it was within the six figures. I used to be terrified—I’d by no means in my life imagined incomes that a lot cash and had been raised to be pleased about what I used to be supplied. My profession coach stated she understood the place I used to be coming from, however instructed me I did must ask for extra. She stated I ought to take into consideration what I used to be actually hoping for, and counsel a spread with my goal wage within the center. So I countered their supply, asking for someplace between $100,000 and $120,000. They met me proper within the center at $110,000 with a $10,000 signing bonus on the finish of the yr. I’d constructed up 4 weeks of trip at my earlier firm, and my present employer matched that.

I’m a little bit greater than a yr and a half into the job now and my wage continues to be the identical, however I’m content material with that. It’s as a result of I’m in a little bit of an odd spot—once I was interviewing I used to be up entrance that I met most of their job necessities however had no expertise with others. They stated it was no downside and I’d have the chance to study on the job. But as a result of the crew was so small and start-up-like once I joined, I spent my first yr simply placing formal processes in place, and there hasn’t been the chance for studying these different job tasks.

There’s additionally been a little bit of a restructuring, and my boss is dealing with a few of the work I used to be speculated to be studying tips on how to do. As effectively, I’ve two younger youngsters and I’m in a really demanding part of the working father or mother life. So I do know that my profession coach would say I ought to nonetheless be asking for extra, or on the lookout for alternatives to advance my profession and construct my expertise and tenure, however I’m completely happy to coast proper now as a result of I don’t have the capability to tackle extra.

Best negotiating tip: Give a spread

The recommendation that each my profession coach and a high-earning buddy of mine gave me that’s caught with me is that when negotiating you need to be strategic in regards to the wage quantity you talk about. When you counter, give a spread and place your very best wage proper within the center moderately on the highest finish, as a result of the employer is extra more likely to meet you within the center.