NetWORTH: How to Talk About Salaries and Raises
These conversations aren’t just important, they’re essential. In just 30 minutes, a powerhouse panel at the WORTH Leadership Summit featuring Puneet Kochar, Jackie Ross, Catherine Dangerfield, and moderator Marion Harper Treskin shared strategies to help women take control of their financial futures.
1. When Should You Talk About Compensation in an Interview?
The sooner, the better. If your salary expectations and the company’s budget aren’t aligned, it’s better to find out early.
To help navigate this conversation, Jackie Ross suggested using a structured approach like this:
"I'm very excited about this opportunity and believe my experience and skills make me an ideal candidate. Based on my research, similar roles in this industry typically fall within the range of $X to $Y. Given my experience, accomplishments, and the value I can bring, I believe a salary at the higher end of that range is appropriate. What are your thoughts?"
This approach keeps the conversation professional and focused on your value rather than just stating a number.
What If the Offer is Lower Than Expected?
If the salary is below expectations, consider two key questions:
Is there room for negotiation? Many companies have flexibility, especially for strong candidates. If the answer is yes, keep proving your value throughout the process.
If the number is firm, what about total compensation? Look beyond salary at:
Benefits and healthcare coverage
Paid vacation and sick leave
Remote work options
Bonuses and profit-sharing
Professional development opportunities
A lower salary with strong perks and benefits might still be worth considering.
2. How to Determine a Fair Salary
With pay transparency laws in place in British Columbia, salary information is more accessible than ever. However, additional research is key to ensuring you negotiate from an informed position.
Reliable sources for salary insights:
LinkedIn Salary Insights and Glassdoor
Salary.ca and industry-specific reports
Online communities like Reddit where professionals share real salary data
ChatGPT – Use AI tools to structure a salary comparison table
Beyond online research, consider industry, location, company size, and job scope. For example, a 100-room hotel with no service in a remote area will offer a different salary than a 100-room city-center hotel with a convention center.
Negotiation Beyond Base Salary
Salary is only one piece of compensation. Other elements can significantly impact the overall value of your offer, including:
Retirement contributions (RRSP, pension plans, etc.)
Flexible work arrangements & remote work
Career development & training opportunities
Stock options & bonuses
Vacations paid
When negotiating, evaluate the full package before making a decision.
3. When Is the Right Time to Ask for a Raise?
"Remember, asking for a raise is not just about when you want one. Make sure your request aligns with operational timelines and annual budget negotiations." - Puneet Kochar
Best times to ask for a raise:
During your performance review, when salary adjustments are often discussed.
Before budgeting season, when companies plan salary increases.
After taking on additional responsibilities beyond your job description.
Following a major achievement with a measurable impact on the company.
When the company is financially strong and in a position to offer raises.
If you have a competing job offer, though, this should be handled carefully to maintain trust.
How to Ask for a Raise with Confidence
Choose the right moment. Avoid busy periods when your manager is overwhelmed.
Come prepared. Gather data on your performance, industry salary benchmarks, and contributions that justify an increase.
Frame the conversation around your value. Focus on how your work benefits the company, not just your personal financial needs.
Suggest a trial period if needed. If your employer hesitates, propose revisiting the discussion after achieving specific goals.
Be open to alternatives. If a raise isn’t possible now, negotiate for extra vacation time, professional development funding, or a title promotion.
Keep it professional and positive. Approach the conversation as a discussion, not a demand.
Final Thought: Get Comfortable Talking About Money
Many women hesitate to negotiate, but salary conversations shape financial futures. NetWORTH highlighted that these discussions aren’t just about personal earnings, they’re about closing wealth gaps and ensuring women are valued for their work.
Speaking about money openly, preparing with research, and advocating for fair compensation are essential steps toward financial empowerment.
Know your worth, and don’t be afraid to ask for it.