How to Negotiate a Raise (and How Not To)
Negotiating a raise can be a daunting task. How do you show your worth? How much should you ask for? How much are other people making in your same job role in your area? How much do I need in order to start saving for my future? There are a ton of questions that make asking and negotiating for a raise just a confusing process.
Here are some do's and don'ts to negotiation a raise.
DO: Know your worth
Knowing your worth and being confident about it can be key to getting a raise. What knowing your worth means is making sure that you are getting paid the appropriate amount of money for the position that you are in. If you don't know where you can compare, there are many sources online that will give you the average price of a certain position. Know your accomplishments, the amount of years you have worked in the field and other information that will elevate your chances of getting that raise.
DON'T: Let emotions overwhelm you and the situation.
When you go to ask for a raise, it isn't necessarily a one way street. Compromise is needed in order to come to an agreement, so if you let your emotions get in the way of that, you may not be successful in your attempt. In this case, you are a negotiator, which means that you must be willing to be flexible with the answers that you are given. Your conversation should be strictly business, not about your financial woes or struggles. Keeping an open mind is essential for negotiation your raise.
DO: Use your advantages
Your boss should already be well aware of your contributions and skills at this point, and if they aren't, now is the time to show them talking about what you have achieved and accomplished while under their employment. Cio.com says, "If you’re a star on your team and are nervous about asking for a raise, know that your boss would rather you ask for one than stew silently and pursue other opportunities, says Mark E. Berger, owner at Swat Recruiting." Your boss doesn't want to lose your work and definitely doesn't want you working at a competitor, so asking for a raise may give you some leverage in the situation.
DON'T: Compare yourself to others
Similar to an interview, comparing yourself to a coworker could end up being a huge mistake. The conversation is meant to be about your raise, your performance and what you are bringing to the company, not anyone else. A boss doesn't want to hear about his other employees, that's not what they agreed to talk about. If you want to be in good standing with your boss, don't compare salaries or benefits to a coworker.
Of course, there are plenty of do's and don'ts that are important to remember when asking for a raise. The bottom line is that knowing your self worth and the value you bring to the company while keeping a level head will bring you a much better chance of getting a raise.
For Educational Purposes Only – Not to be relied upon as financial, tax, or legal advice. The views expressed are those of the author/presenter and all data is derived from sources believed to be reliable.