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Time To Make More Money Fashionistas!

By admins | October 27, 2008

So you’ve been working your butt off for a couple of years and your salary is pitiful. What should you do? There are a couple of options available depending on your specific situation and your tolerance for risk. However, in the current economy, it may be most prudent to be satisfied with just having a job (we know not what you wanted to here). The following are the top three ways to increase your salary in the fashion biz.

Ask your boss for a raise - When asking for a raise focus on the value you bring to the company by pointing out your strengths and how they increase the company’s profitability. If others have left and you are pulling up the slack, it’s a great time to approach your boss and request a pay raise for the increase in workload. But be prepared to hear “No” and have a plan B ready, as well as, be aware that many companies cap pay raises at only 3% – 5%.
Find a new job - As most of you are aware a new job is fashion’s #1 salary increasing tool. A change in company will often yield a far greater pay increase. This is also the chance for a title change and it’s not uncommon to literally double your salary in the process. The point at which your salary is determined during negotiations is key. You must keep in mind raises, promotions and benefits are slim to none in our industry (for those new to the NYC fashion business unlike other industries your salary and basic health benefits are often the total package. So do not hold your breath for bonuses, matching 401k’s, pensions, family leave, expense accounts, paid maternity, and extra vacation days). Your best bet is to seek out a position with one of your current company’s competitors. Go for the highest level position in which you are qualified, and do not be afraid to request a high salary as negotiations will inevitably drop from there.
Threaten to quit - This is a combination of the first and second options and it is definitely the riskiest. As many garment center businesses are smaller private companies, who don’t have set pay scales or bonus structures, what they pay is entirely subjective. When asking for a raise you will often be met with, “we don’t have the budget for that now” or “we don’t pay that much for your position” or you’ll be told to wait for a “review” that never seems to happen. You should calmly explain that your current salary is not sufficient so you are giving your notice and moving to a more lucrative job. You will be surprised that suddenly the money will appear as they decide to match your competing offer. Keep in mind this only works if you are a valuable employee who they indeed want to keep. Where the risk comes is they may just call your bluff and say don’t let the door hit you on the way out!