Learn the 5 most Powerful Steps to Negotiating your next Raise
1.) Set up a meeting in advance to establish your boss's expectations. Research your company and your position's role in that industry. The internet has made nearly every industry more transparent. You can find salarly information, job role details, benefit package information and so much more just by looking.
2.) Write things down. Ideally you should start the day you're hired. Log your accomplishments, your projects, your sales - everything that can help you to negotiate your raise later. A year from now when you're filling out your self-evaluation, this will not be fresh in your mind. You've been busy putting out fires and doing your job. So has your boss. That is where the log comes in. Keep it simple, fact-based and value driven. Always try to look at your value from your company (and your boss's) perspective. This makes it easier for your boss to go to his or her boss and make a case for your raise to get a piece of the budget.
3.) Keep your emotions and personal reasons out of the equation. Your boss may be sympathetic that your rent has gone up and your son needs braces, but this should not be part of your case for your raise. Your needs won't win the day - your value to the company will. This is business and whether or not you get a raise is not personal. When you get emotional, you don't get taken seriously.
4.) Go into the room with an adverserial approach and you will very likely lose your case. When your boss wins, you win. Everytime you negotiate for anything, look for a way for you both to win at least part of what you both want. This creates a lasting relationship that continues to grow and profit both parties. Remember, you have to work with this person tomorrow no matter what the outcome may be.
5.) Always ask. This doesn't just apply for raises or performance evaluations, it also applies to negotiating your next job offer. Women in particular tend to accept the offer given without ever asking for more than the offer on the table. Always for what you're worth - and truly research what that number is. The hiring company's job is to get the most for their money. It's not personal, it's their job. It is your job to get paid what you are worth. Ask for it. That difference can be substantial. *Don't leave that money on the table.*
What to do when you don't get the raise.
Even armed with the best information, it's possible to be turned down for a raise. You may be told it's not in the budget, or that it's being put off until next quarter, year, etc. Again, don't make it personal. Be professional. Get back on the horse and start again. This may not be the department you need to be in to advance. Or, this may not be the company you need to be in to advance. But you must still be professional and do the research to find out. Form partnerships with people who can help you get the information, training, and exposure you need to advance.
To conclude, the steps are basic, yet powerful.Establish expectations.Document everything.Leave your emotions out.Think win-win.Always ask - don't leave the money on the table.
