Are you ready to take the next step in your career and ask for a raise or promotion?
Don't just ask. Negotiate instead!
Even though it can be nerve-wracking, with this simple change of perspective, your chances of success will increase.
Disclaimer: This approach is most suited for talents that work in companies that have a healthy work culture, where open communication, mutual respect, and collaboration are valued. Not all companies have a fully healthy work culture, so this approach may not prove effective in mentioned environments.
Now, let's go through the steps, one by one.
Step 1: Understand Their Perspective
Before going into the negotiation, research your company's business objectives and ask your manager or boss how your work supports those goals.
Keep an eye on what your manager praises or concerns about your work.
Step 2: Ease in the Topic
As an example, you can have a one-on-one meeting with your boss as an opportunity to gauge their reaction to the idea of a salary negotiation. If the reaction is positive, it is OK to proceed to the next step.
If it's negative, ask for feedback on your performance and address any concerns before moving forward.
Step 3: Clearly define your requests
Write down your requests in order of priority and consider which areas your manager may have more flexibility in. These notes are for you, as a part of your own preparation with the purpose of you trying to match your work-related qualities to the compensation you expect to get.
Memorize it, don’t just read it when negotiating. It would definitely look poorly if you couldn’t articulate your words without reading them from the paper.
Step 4: Approach the Negotiation With a “We Are Both Adults” Attitude
Remind your manager that you've been preparing for this conversation, highlight your contributions to the company, and clearly state what you're asking for.
By following these steps, you can create a win-win situation for both you and your employer.
One of the reasons 1 in 10 people find it daunting to negotiate is that they are not quite sure about how it will reflect on them, they are insecure about how to ask in the right way, or they fear they might not articulate their words well.
Let's go deeper and talk about how to prepare for the salary raise negotiation.
Understand Your Value
Having a clear sense of your worth and the value you bring to the table boosts your confidence when it comes to negotiating for a higher salary.
It allows you to point out your contribution and the value you have added to the company in the past and enables you to see if you can continue to do so in the future.
This makes a clear and compelling case for getting a higher salary and benefits that align with your skills, experience, and effort. Additionally, understanding this clearly will also help you to identify new opportunities for growth and advancement within the company.
Test the waters
Research the industry salary standards. Compare your current salary with the salaries of similar positions in your field of work.
Don't just assume, get the information.
There are various resources available to help you research industry standards, such as salary calculators and surveys from industry associations, as well as online forums and discussion boards where you can ask for information from people with similar experiences and ideas. Additionally, it's also helpful to talk to colleagues, friends, or professionals in your field, to get a sense of what is typical for your own position.
Don't be limited to just salary but also to benefits, perks, and other forms of compensation. This will help you to make an informed decision when negotiating for a higher salary and to be aware of the total compensation package on offer.
This helps you to be more specific in your negotiation, and to make a more compelling case for a higher salary.
That's where writing down your expectations from step 3 comes into play.
Note that it's not just about how much money the other people are earning, but also about evaluating your own skills and experience and how you can use them to negotiate.
Overcome Fear With Understanding
It's normal to experience some level of fear or anxiety. However, this approach should ease that stress since it is broken down into steps that make it easier to comprehend and follow through. One of the most common fears is the fear of getting rejected. You may worry that asking for a raise may cause tension or conflict with your superior, or that it will make you appear less loyal to the company.
This is the reason why we suggest gradually "testing the waters" with your boss. If you fail to understand both parties' perspectives, it is very likely that you will have a hard time during the negotiation.
Making sure both parties understand the company's compensation approach and the salary-raise criteria gives another reassurance things won't go haywire.
Again, it's completely normal to experience fear and anxiety when asking for a raise, but it's important to remind yourself of the following:
- Keep yourself aware of the contribution and value your work gives to the company.
- Use the tone of voice that is suitable for conversation with your superiors and consequently brings you to a successful outcome.
- Anticipate potential objections so you can prepare the explanative answers in advance.
What worked for others might not work for you but it is a good idea to get as much second-hand experience as you can.
This will help you prepare for the potential objections you might face a lot better.
Remember: Focusing on the benefits you bring to the company, open and honest communication, and understanding the company's compensation philosophy can help alleviate fear and build confidence when negotiating for a higher salary.
We covered the importance of understanding the value you bring to the company when negotiating for a higher salary. We also discussed the importance of preparing for the conversation, including gathering data to support your request, practicing your tone of voice, and identifying potential objections.
Additionally, we discussed common fears and concerns that may arise when asking for a raise and offered strategies for overcoming these fears and building confidence.
Please remember that you deserve to be compensated for the contributions you bring to the company. Once you understand that, you can effectively negotiate for a higher salary.
We encourage you to take action, unlike the character John from the comic at the beginning of this post. Remember, the worst thing that can happen is that your company turns your request down, however, this will teach you how to better position yourself for your next raise negotiation.
Don’t be afraid to ask for what you deserve!