As a long-standing executive in business and finance, SoFi CEO Anthony Noto knows what it's like to negotiate your salary at work.
Prior to joining the personal-finance company in 2018, Noto worked as the chief operating officer at Twitter, the co-head of telecommunications, media and technology investment banking at Goldman Sachs and the executive vice president and chief financial officer for the National Football League.
Throughout his professional journey, he says he's learned one key thing about asking for a raise that he thinks all young people should follow.
"My advice is to understand what the standard is for the job," he tells CNBC Make It at SoFi's recent "Get That Raise" event. "What is the average compensation for that position? What's the above average compensation for that position, and establish with your employer where you are."
Noto explains that knowing the standard for how much you should earn based on your performance is a key component to negotiating the raise you deserve. "Having this framework and understanding that this is a principle-based conversation and not a demand is critical to the [negotiation] process," he says, while emphasizing that the discussion should always be a "two-way street" between you and your employer.
In addition to setting a standard for appropriate pay, Noto says you should also set a reasonable time frame for when you will go in and ask for your raise.
"Being on the job for three months is probably not the right time because you haven't built a track record," he says. "But as you get your annual reviews and accomplish something really meaningful, you'll then be ready to receive a promotion and a corresponding piece of compensation."
New York Times bestselling author and award-winning journalist Elaine Welteroth agrees with Noto. She tells CNBC Make It that after researching their market value, candidates should always go into the negotiation process with a standard idea of the salary they'd like to make.
"Know your floor and know your ceiling," says the former Teen Vogue editor-in-chief. "Go in at your ceiling and do not drop below your floor, because it will only lead to dissatisfaction."
Welteroth adds that if the first salary offered is below your satisfactory level, then you should not be afraid to ask for more time to consider the offer.
"There are so many tactics that employers often use to intimidate you and make you feel as though you need to give an answer in the moment, but you actually do not," she says. "I think the most powerful thing can sometimes be to just take your time."
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