“Everything is negotiable. Whether or not the negotiation is easy is another thing.” – Carrie Fisher
If you’ve been with your current employer for a while, it may be time to think about asking for a raise. Just the thought of this can be intimidating, but if you handle things properly, it doesn’t have to be a scary undertaking. Follow these strategies to prepare for the big negotiation.
Decide how you will phrase your ask. Will you request a certain percentage increase, a flat sum of money, or for your total compensation to be a set amount? All these are essentially the same, but if you know your boss relates better to percentages versus bottom line totals, use that to your advantage.
Just the Facts
Be prepared with data-driven evidence to justify the pay increase. Provide internal metrics showing your contributions to the company. Include anything relevant to the position. Number of hours worked, projects completed, budgetary savings, sales figures, client reviews, etc.
External data is influential as well. Research salary rates at similar companies for people with comparable positions, tenure, and experience. This gives an idea of current market trends. You can find this type of information through sites like Glassdoor and Indeed or through company job postings.
Keep it Real
While many people secure an external job offer to use as a raise negotiation tactic, I advise against this. If you stay with your current employer, you’ve already thrown up a red flag that you’re looking elsewhere. If you turn down the other employer, you could burn a bridge that you might need further down the road.
Remember, no matter where you work or what industry you’re in, it’s a small world. People talk. And no one thinks well of someone who wastes their time or manipulates them for personal gain.
Dry Your Tears
As with any business meeting, don’t let your emotions get the best of you. Yes, your salary is highly personal to you, but to your employer it’s all about the numbers. Showing your anger at not making enough money won’t help your case. And showing your sadness about owing money to creditors will won’t help at all. If you can’t justify the salary adjustment to your boss without yelling, crying, or pouting, it may not be the right time to negotiate.
When it comes to asking for a raise: don’t be scared, be prepared. If you need personalized advice for your salary negotiation, feel free to contact me.