Negotiate a Raise

Worried about how to negotiate a raise? You are not the only one.

Many people feel uncomfortable discussing salary. Reasons range from the fear of looking like you are “bragging” about your performance to the fear of being fired.

It would be nice to believe that salary compensation is only based on “performance”. Truth be told, many employers exploit employees discomfort with salary negotiations. The highest salaries are not always given to the highest performers.

So how can you be comfortable enough to Negotiate a Raise?

Follow these 6 steps:

1- Ask yourself: “Why now?” That is, why is a raise important to you at this point in time? Do you feel under appreciated? Do you need money? Do you have another offer on the table? You need to understand your own motivation before moving forward.

2- Find out what the Average Salary in your field is. This is the most important step in salary negotiations. This information can be obtained through salary calculator tools or through colleagues and professional associations.

3- Compare your skills, experience and performance to that of your colleagues. Are you over or under-performing? Based on this and the information you found out about the average industry salary, do you still feel under paid?

4- Prepare your case. You will be selling yourself in these negotiations so be prepared. Make a list of your accomplishments. How have you contributed to your company’s/ team’s success? Make a list of your skills, where do you excel? Have a realistic and specific raise figure in mind.

5- Decide what you will do if you don’t get the raise. Be ready for this situation. There are many reasons why your request will be refused: Performance? Company Policy? Other reasons? How you handle the being turned down is important. Remember that this is a negotiation. If salary is off the table, can you negotiate vacation, bonus, stock options?

6- Book a meeting with your manager: Set up a specific time to meet with your boss. Don’t discuss a raise during a meeting scheduled for another purpose, in the hallway, or by email. The subject warrants a face-to-face meeting.

Good preparation is the best way to insure Good Luck. So I wish you good preparation.

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