Negotiating a promotion or a raise is always tough, especially if we are unprepared. That’s why I decided to host a webinar and talk about the main aspects of pay raise negotiation and give you some useful tips. Read on to find out what we talked about!
“In today’s business you don’t get what you ask for – you get what you negotiate”
Whether we like it or not, that’s how it works! We need to negotiate what belongs to us, so you’d better get used to it. I know it’s especially hard when asking for more money, but that’s why this post is here!
The key to asking for a promotion or a raise is this: don’t be intimidated… be prepared! So, here’s how to do it:
1. The Opening Line
In the opening line, you want to state your intentions clearly, yet politely. Let your boss/manager know why you’re here and be clear about what it is that you want. Make sure to be aware of the situation: is the company having financial issues? Are downsizing? Recognize the problems the company may be facing, but mention your value and contribution to the company.
Say something like:
“I wanted to meet you today to discuss my total compensation package. I know we have been facing difficult financial times, but as you know, I’ve been a loyal and productive employee in the company for seven years now. I have put together a proposal that I believe would compensate my contribution fairly”.
2. Introduce Your Proposal
After the introduction, you’ll want to mention your goals, how you plan to accomplish those goals, and what’s in it for the company – which benefits will they get from you achieving those goals. Remember: now is not the time to discuss your growing family, raised rent or any other personal matters. Although I understand that these issues are important to you, I have to be tough and tell you that your boss probably just doesn’t care – and you’ll come off insecure and needy instead of looking confident and aware of your value. So, go armed with data and show them what you’re worth!
“In my department, we are working on achieving these goals__________ in _____ months/weeks. In order to accomplish them, I plan to _______. If we meet those goals, _________ (the result the company can expect).
3. Disclose the Proposal
Before going to this meeting, you’ll have to do thorough research about your market and the realistic salary you can expect with your education level, experience and at your position. Then, you can present this data to your manager.
For example, you can say:
“I’ve done some research, and I have learned that the current rate for someone with my education, training, and experience working in this industry, in this city is _______ .
I know that you mentioned the company is not authorizing rises higher than _____ this year, but I assume you have the discretion to make an exception if it is justified.”
4. Have a Backup Plan
Sometimes, things just won’t work the way we had planned and that’s ok. Still, if you can’t get out of the negotiation with more cash, it’s time to consider some other benefits.
Think flexible schedule, more vacation days, stock or some extra perks that may help you keep more money, or at least make your life more enjoyable. If all else fails, ask for an earlier review.
5. Say “Thank You”
Although you may not be the happiest about the result of your negotiation, don’t forget to thank your boss or manager for their time. Remember, at the end of the day, they will remember your attitude!
BONUS: A Quick List of What NOT to Do
Please DO NOT:
- Let emotions overwhelm you – or you may come off as crazy or just too emotional
- Present your current salary/position as a problem – this will make you look ungrateful
- Compare yourself to others – this is just not nice, and it will never do you any good
- Brag too much – know where to stop
- Give an ultimatum – unless you are ready to accept both results!
Want to listen to the entire webinar? Check the video below and make sure to subscribe to my YouTube channel for future webinar and interview recordings.
Do you know any other useful techniques for assertive communication? Let me know in the comments!