Show Me The Money! with Renee Joy Frey: An EOFire Classic from 2021

0:01Boom! Shake the room, Fire Nation. JLD here and welcome to Entrepreneurs on Fire. are brought to you by the HubSpot Podcast Network, the audio destination for business professionals with great shows like The Product Boss. Today, we're pulling a timeless EO Fire episode from the archives, so the giveaway may not be active, and we'll be breaking down Show Me the Money. To drop these value bombs, I have brought Renee Frey into EO Fire Studios. Renee is the founder of TalentQ, a company that gives people pay raises and promotions. She's the author of I Hate Mondays, a guide to landing a job that makes you jump out of bed and the host of the podcast, Careers and Cocktails.

0:43And today, Fire Nation will talk about you determining what you genuinely want and asking for it. You hold the power to your happiness. Never stop looking until you find it and so much more. And a big thank you for sponsoring today's episode goes to Renee and our sponsors. Online Marketing Made Easy podcast, hosted by Amy Porterfield is brought to you by the HubSpot Podcast Network, the audio destination for business professionals with a focus on online business, including digital courses, list building content, and more. Online Marketing Made Easy breaks down big ideas and strategies into actionable step-by-step processes.

1:18A recent episode that will help you get more results with a whole lot less stress is on four ways to avoid burnout. Listen to Online Marketing Made Easy wherever you get your podcasts. Leveraging fractional staffing might just be the key to unlocking growth for you and your business. Get started today with an exclusive offer from Belay. Download their latest resource, The Power of Productivity, for free. Just text FIRE to 55123. That's F-I-R-E to 55123 to get started. Renee, say what's up to Fire Nation and share something interesting about yourself that most people don't know. Hey, Fire Nation.

1:58I'm so thrilled to be here. Thank you so much, JLD. one thing that most people don't know about me is that I'm a CODA. And I'm sure you're wondering what a CODA is. CODA means child of deaf adult. So I was raised by a single mom who is deaf, and I learned American Sign Language before I learned how to talk. And ASL is a heavily nonverbal communication language. So you betcha I'm over here doing huge hand gestures because that's my nature. And if you can't tell from my accent, I'm from the Midwest, born and raised in Minnesota. And the past 14 years, we've been just across the border living in Wisconsin.

2:39And even though I'm from the Midwest, I confuse a lot of people. So many people have asked me if I'm from the East Coast. They ask me that because my communication is pretty direct. The reason why I think I'm direct in my communication is because of my upbringing with ASL. American Sign Language is a very direct language since it's a visual, primarily nonverbal language. For example, when you're describing someone, you describe what they look like. It's not to be judgmental. It's so you can imagine visually what they look like and paint an accurate picture. And being direct and having this accent throws a lot of people off because I don't fit into the passive demeanor that us Midwesterners are known for.

3:25And that's why I'm here today, to light a fire in those who are frustrated in their jobs, to light a fire in those who dread going to work on Monday mornings, and light a fire in all the hiring leaders who are struggling to find talent. Well, I'm excited for today for a lot of reasons. We've got some great data, we've got some great content. So Fire Nation, get ready. Honestly, Renee, as soon as you said, you betcha, I was pretty much on board with you being from the Midwest because when I grew up in Maine, our neighbor at our lake house always came for the summers from Wisconsin. So it was a very much a you betcha summer all the time.

4:01And I was like, Mom, what do they mean when they say that? And she's like, Listen, this is what it means. And I was like, Okay, now I totally get it. And I can just be like, Oh, I know about the region you're from when I hear those words. So definitely cool stuff going on here at Fire Nation. And also Renee did share that they're about to get six inches of snow in October. So it doesn't make me rethink my decision to move down to Puerto Rico. I can promise you that. But Rene, I want to dive into this because listen, this topic is really appealing to a lot of people. I mean, hello, show me the money.

4:33And we're talking just very recently, May of 2020, there was a US poll by Gallup that actually revealed that over 130 million full-time workers were talked to and 63 % of them are disengaged with their careers. What the heck does that mean and why is this the case? Yeah, I think people are disengaged because they feel undervalued and underpaid for what they're worth. Personally, I think a lot of the American workforce lacks the confidence to ask for what they really want. If I had a superpower, I would give everyone more confidence to ask for what they want so they can live their best lives. If people just asked for what they wanted, I think they'd be really surprised at the outcomes.

5:20And, you know, I've actually been disengaged in the past with my career, too. I was so frustrated at one point. I started seeking out resources for inspiration and actually came across EO Fire and listened to your podcast nonstop. And I'm shocked at how life has come full circle. And now I'm here on your show. So let's get back to when I was disengaged. When I worked in corporate America, I used to joke that I was going to buy a shirt that said, I hate Mondays, wear it under my blazer, open my blazer and flash people so they could see my shirt and the message. And ironically, my book editor pulled this story out of me.

6:01And that's the title of my book that I published. So who knew a story from years ago would lead me to my book title? Totally crazy. But when I was in corporate America, my leaders told me which teams I should move to. They told me who would mentor me. Basically, someone else was in the driver's seat of my career. Now, I was doing all the work and had great results, but someone else was in charge of my destiny. And I moved to different departments about every two years. And once I had my second daughter, I came back from maternity leave, which is so much easier the second time, knowing what to expect.

6:39Plus, she was sleeping through the night, which I was so lucky. But when I went back to work after having her, it was annual review time. And I was super stoked because I thought for sure a promotion was on the horizon waiting for me. And up until that point, I'd done everything my leaders had asked of me. I moved to the teams they suggested, took on stretch assignments with open arms to give me more knowledge and visibility, took on extra work, and basically worked my butt off. Well, I walked into my review with my manager and there was no promotion. Instead, she gave me a bonus. The bonus was great, but I was pissed.

7:16I had smoke coming out of my ears, JLD. I wanted to know why I didn't get promoted. So I left her office, took a walk to cool down, came back and approached her and said, you know what? I've done everything Target's ever asked of me. I had phenomenal results the year prior. I've received phenomenal reviews. I was liked by my peers. And then I said, people are getting promoted around me and I need to know why. What are they doing that I'm not? I wasn't getting promoted and she needed to talk me off the ledge. Then I shut up. I stopped talking. I did not say a word. She started talking in circles, never told me why.

7:56Eventually, our conversation was over, so I went back to work. Well, ironically, the next day, she raced over to my desk and said there was an opportunity for a promotion on another team. Yeah, and that team was called the SWAT team. No, they didn't have weapons and bulletproof vests, but this was the exact team I actually wanted to be on. This was where the elite recruiters at Target Corporation. They would jump in and out of different departments recruiting while mentoring recruiters in those areas. And that was my ideal team because I loved learning about different departments. I loved bouncing around new areas and learning difficult profiles because I was an expert recruiter and I could provide the most value to the org using my talents.

8:39So I ended up interviewing. I got the promotion. I was thrilled. But it was kind of funny because I still had to interview for the promotion, even though I knew the entire interview team really well. But you know, that's corporate America for you. Well, after being disengaged and experiencing so much corporate BS, I knew that I was destined for more. And I knew I had the chops to be an entrepreneur because I had a fire in my belly. My passion was recruiting. So naturally, it made sense for me to open my own recruiting firm, which would allow me to be innovative without dealing with red tape. allow me to fly without limits.

9:18And that's when I started formulating my business plan. I had it all written out, ready to go two years before I actually left. And that may seem like overkill, but that was the plan that worked for my husband and me. And don't let the two years intimidate you. Your timeline might be three months. I've strategized with my coaching clients on a variety of deadlines and everyone's timeline may be different. So one thing that I want to circle back on right now, Fire Nation, is you need to ask for what you want. Don't expect your bosses to be mind readers. Don't expect them to be sitting around just thinking about you and your career all day long.

9:54They've got a million things on their plate. You are in control. You are the person that needs to be taking control of that conversation. And believe me, I've experienced this as well. Employers, they don't want to rehire. They don't want to retrain. They don't want to take a risk on unknown quantities. When you're great at what you do, when you're doing all the right things, you are a valuable asset. And that doesn't stop the reality that there are a lot of frustrated workers out there, Renee. So let's talk specifics. How can frustrated workers get what they want? To get what you want and increase your engagement, I created a very simple formula and you can do this in three steps.

10:34I call it ICE. That's an acronym for identify, create, and evaluate. So step one, identify. Identify everything you dislike about your job and write it down. Is it your commute? Does your boss micromanage you? Is there too much red tape to actually get any work done? Whatever comes to mind, write it down. Step two is create. Create a list of what you want. Write down everything you can think of. Maybe it's you want to manage a team. You want a supportive boss. Maybe you want an autonomy. Nothing is off limits. Write it all down. Then step three is evaluate. So you're going to evaluate your list from step two and cross off what you can live without.

11:23And you're going to keep doing this, going through the list over and over, crossing items off, narrowing your list down until you have three to five things left. These should be the items that are most important to you. Circle those ones because now these have become your non-negotiables. So for example, maybe it's flexibility to work from home. Maybe it's health insurance benefits if you're the sole provider for your family. When you are job searching, don't waver on what's most important to you. Kind of like when you buy a house, you have a list of must-haves. So if you say, I'm looking for a house that has two bathrooms, walkout basement, three-car garage, I'm not going to waste my time looking at houses with a single-car garage or any that don't meet my requirements.

12:10Now, to make sure the company will fulfill your job musts or your non-negotiables, you need to ask very specific questions during your interview to identify and uncover if they're going to be able to meet your needs. And the reality is interviewing is like dating. We need to redefine the process as a two-way street. You're interviewing the company just as much as they're interviewing you. Total two-way street. And lastly, if you're disengaged, you need to ask for what you want at your company or find a company that's going to give you what you want. This takes tremendous courage, but I know it's within you.

12:52You have the courage inside of you. Okay, Fire Nation, in review, number one, identify. Number two, create. Number three, evaluate. I love those three specific steps. I know you can implement those in your current situation. And I love that one phrase that Renee used, interviewing is like dating. This is a two-sided equation, Fire Nation. Never forget that. So Renee, let's get to the crux of the situation right here. How does a person get more money? How do they actually get paid what they are worth? To shout, show me the money. Like Tom Cruise and Jerry McGuire. You need the confidence to do so first.

13:36I analyzed all the ways people can get more money and I wrote an ebook called Pay Raise and Promotion Black Book. This ebook details out 39 different ways to get paid more money. And I'll share the top two ways with everyone now. So if you like where you work, you can stay grounded and ask for a raise or promotion at your current company. That sounds much simpler than it is, but it can be done. When I was at Target Corp, I negotiated a raise that took me one year to get. I did this by sitting down with my boss, communicating with her on how I felt, presented all my accomplishments, brought all of my supporting data, and my manager was phenomenal.

14:18She was super supportive and kept me informed of the progression she was making on my raise. And one year later, it happened. I got a raise and she had shared with me that the SVP needed to approve it. We're talking the senior vice president of human resources, the highest level leader in human resources at a Fortune 30 company had to approve my raise, she probably didn't even know who the heck Renee Fry was. Now, the other way to earn more money is to fly the coop and switch employers. When you switch employers, you can expect roughly a 10 % pay increase or more for changing jobs. Employers want to attract people to quit their job and come work for them, and they need to make that enticing.

15:07This is why companies offer significant pay raises to get people to join their organizations. After all, you're taking a risk by joining a new company. You have to learn all the new processes, new people to build relationships with. You'll have to figure out how to get work done. In exchange for you taking the risk, they're compensating you money for that risk. Fire Nation, a lot of takeaways here. I just want to circle back to the theme of everything we've been talking about here today, you're in control of this process. You are in control of your career. Don't expect other people to be your cheerleader just for cheerleader's sake.

15:44Like if you encourage them to, you will have people that will support you like Renee's had in the past, and they will be your cheerleaders to certain levels. But listen, they have their own careers. They have their own business. They have their own lives. They're focusing on you focus on you. And we have so much more value coming up, Fire Nation, when we get back from thanking our sponsors. If you're anything like me, then you're looking forward to a lot of outdoor time this summer. I'm talking about hitting the pool, going on epic hikes, and maybe even getting in a few pickleball matches. But in order to do all that, you and your team need to work smarter, not harder.

16:19That's why we're so excited about HubSpot's integrated AI tech. It's helping teams automate the more tedious parts of running a business. With AI-powered tools built into HubSpot's CRM, you can do research, pull reports, and write copy in a flash. In fact, recent research shows that marketers are already slicing time spent on manual administrative tasks in half thanks to AI from five hours to 2.5 hours a day, which amounts to almost four weeks of saved time per year. And with four weeks of your time back, you could be enjoying a lot more pool time, hiking, and pickleball. So what are you waiting for?

16:54Learn more and get started today at HubSpot.com. Successful entrepreneurs are always looking for ways to maximize efficiency and increase productivity, especially in a startup environment. Maybe you've taken a few steps towards this goal by automating tasks with AI or finally nailing down a morning routine that gives you energy to crush your day. While these things definitely help, the best way to increase efficiency and productivity is to work on what you're best at and delegate the rest. Belay has been helping entrepreneurs increase productivity and scale their businesses for over a decade. Leveraging fractional staffing might just be the key to unlocking growth for you and your business.

17:28Belay has the help you need in so many areas, including virtual assistants, bookkeepers, social media managers, and more. Stop wasting time on tedious tasks that are better done by someone else. Delegate with Belay and watch your productivity soar. To help get you started, Belay is exclusively offering Fire Nation their latest resource, The Power of Productivity for free. It's full of practical tips and tools to help you increase your productivity and make the most of your time to grow your business. text fire to 55123. That's F-I-R-E to 55123 to get started. So Renee, you've hired for the big dogs.

18:04I'm talking big dogs, Amazon, Target, the three Ms of the world. These are some of the most coveted employers on the planet. So you know some secrets, break it down for us. What are some of those secrets that you can share with us about getting hired at a company like this? Yes, I have hired for the big dogs and I'm so honored to have hired for these giants. Some people only focus their energy on getting in with those big companies. They're bright and shiny, have huge budgets for employment branding to attract candidates. But if you're only focused on the big dogs, you really could be missing out on thousands of opportunities or the perfect opportunity by not considering other companies.

18:49Everyone has an environmental preference. an environment in which they can thrive in. For example, I started college at the University of Minnesota in the Twin Cities. I sat in auditoriums with over 400 people in one class. That was like my whole high school graduating class in one room. I couldn't stand being in a number, not knowing my professors. I actually was miserable, so I ended up transferring to a much smaller university. I transferred to the University of Wisconsin River Falls, where the class sizes were around 20 students. All the professors knew my name, and I thrived in that environment.

19:30Figuring out what environment jives with you takes experiencing them, because you may think one thing like I did. Oh, I'll love a huge university in the big city. And I didn't. I should have listened to my mom. She said, the U of M is too big for you, Renee. And she was totally right. But my juicy secret to get hired at any company, large or small, is to become an employee referral. Referrals are the leading source of great candidates for 88 % of employers. When people vouch for you, that is huge. No one's going to recommend a dud. That would reflect poorly on them. They will refer great people who they want to work with, too.

20:12Another behind-the-scenes secret is employee referrals go to the top of the candidate pool list. The internal recruiters have to review all employee referrals and actually look at their resumes in a certain number of days. So you're guaranteed to have your resume looked at. Aside from that, when you apply to the black hole, there's no guarantees that your resume is even being looked at. So become an employee referral. And for those of you who may not know what I mean by the black hole, it's when you apply to a job online and you never hear back. You've applied to the black hole. Another way to get hired is to have a standout resume.

20:53Do you know recruiters and hiring leaders only look at the top quarter of a resume and in seven seconds they determine if they're going to read the resume or put you in the recycle bin? Seven seconds. A resume is a short commercial about you, so keep it succinct. Only have your achievements on there highlighting where you've made the company money, saved the company money, or significantly improved processes, and make sure you show all those great results with data. I see so many job seekers write statements on their resume that are all subjective, basically pure fluff. You need to have statements that are objective to show your results with data.

21:36That's Powell. There's a lot of things. I hope you're taken away from this, Fire Nation. A couple of things I want to circle back on. Become an employee referral. That was really fascinating and a big reveal for me. I didn't even know that kind of world existed. And number two, the seven seconds that you have to prove that your resume is worth being read. I mean, you have to utilize that tiny real estate correctly, which Renee is sharing how to do just that. And so, Renee LinkedIn, they've awarded you top career coach and resume writer. so you know how to grab people's attention in seven seconds for sure, because you've been recognized for your expertise in that area.

22:10What are some common themes that you've now been seeing when you're working with current job seekers? I'm so grateful for LinkedIn's recognition. I'm truly honored. First of all, some common themes that I see are so many of the job seekers I work with are really emotional and shed tears in the first few minutes of our conversation. They feel incredibly stuck and can't see the forest through the trees, which absolutely breaks my heart because I've been there. I've been right there with them. What I do is I guide them to see beyond their current situation to a future ideal state. It's really a self-discovery where I'm asking questions and they're doing all the work.

22:55Another theme I see is around their mindset. Many of them are beat down by their current situation. They have a lot of negative self-talk and limiting beliefs going on. They don't believe in themselves anymore. I'm able to highlight all of their tremendous accomplishments that they've made and recognize them for taking the first step to take action to better themselves. A lot of people are hesitant to ask for help. People don't want to be seen as weak. My mission is to help as many people as I can. I'm not judgmental. I accept everyone for who they are. And I think that's a tremendous gift I was given, being raised by my deaf mom.

23:35When we were at the store together when I was a little girl, I had to interpret for her. And I saw people blatantly ignore her. They wouldn't even look her in the eye. They totally disregarded her. Seeing that, I always had to stand up for her and say, please look at her and address her directly and I will be here to interpret for you. Experiencing the discrimination she faced, I think, gave me an open heart to love people for who they are. Even people we encounter on the street who are complete strangers. They are worthy. They are somebody. They are someone's sister, someone's brother, someone's cousin, dad, mom.

24:16They are somebody. The leaders out there today didn't get to where they are without support or asking for help. People inherently want to help one another, and so many want to pay it forward, but you've got to ask for help first. And sometimes it takes a small, bold, and uncomfortable move to get you unstuck, which leads to tremendous progress down the road. So we've been talking about mindset in various ways, shapes, and forms throughout this entire interview, but I want to really get to the core of the matter. How does mindset impact our earning potential? So many of us have limiting beliefs, JLD.

24:56We think I'm not good enough. I don't deserve that. I can't do that. Limiting beliefs can have negative effects on people and prevent them from going after what they deserve. You need to change your limiting beliefs and get rid of them. My favorite phrase when a limiting belief pops into your mind is to ask yourself, how true is that? So a thought pops into my mind and I think, I'm not good enough. I stop right there and I ask myself, how true is that, Renee, that I'm not good enough? Then I answer the question, it's not true. I'm plenty good enough. I'm worthy and deserving. You must believe you are worthy to earn as much money as possible.

25:38There's an unlimited supply of money available to all of us. A lot of us, though, were raised when we heard phrases like, money is the root of all evil. Rich people are greedy. And when we're young until about the age of seven, our subconscious mind takes in everything as truth, which was designed to keep us safe. So everything our parents taught us how we were raised is embedded deep in our subconscious minds. As adults, we begin to realize so much of what we learned was untrue. Money is not the root of all evil. It can actually provide you with a wonderful, abundant lifestyle and the ability to support causes you care about.

26:16Whatever beliefs you have in your mind that were put there as a young child, you'll have to unpack and reevaluate them to find the truth, which takes a lot of work. You also have to be open to receiving the money. I had a huge issue receiving money. When I started my business, I kept having very similar revenue in the first couple years, year after year. My revenue was extremely close, like within$300. Wow. So frustrating. It was like there was a lid on my earning potential. And I was determined to break through this lid because I wanted more. So let me share a personal story. When I was in second grade, my mom showed up at school, told me to gather all my things, and I wasn't coming back.