Salary Negotiation Guide – The 10 Need to Knows of Salary Negotiation
March 26th, 2010 Filed under: Uncategorized — Negotiation Author
You have a right to ask for a salary increase if you think you deserve it. That is a fundamental truth of professional competence and development. Asking your boss to give you more money, however, is never an easy task. Shying away from asking for a raise will never get anything done, while barging in and demanding a pay raise will get you in some serious trouble in the long run.
This is especially true in today’s economic conditions, where employees are often at the short end of the money stick. You need to make money whenever, wherever you can, and getting a raise is essential to do just that. This is where the 10 “Need to Knows” of salary negotiation come in.
1. What is your value?
Just what is your true worth as well as your perceived worth in the company? If you manage to properly identify and raise your own value, your newfound ability to find greener pastures will definitely serve as a powerful leveraging tool in salary negotiations.
2. Determination, decision and action plan
If you want something, you have to step up and take it. This will take determination to get a salary raise, a decision to set your desired salary goals and an action plans to actually see things through to the end.
3. The Mindset
You have to get yourself in the game if you want to talk the talk and walk the walk. Beating yourself up over past mistakes and shying away from the challenges of a pay increase will not get you anywhere, so learn how to get into the right mindset for salary negotiation.
4. Research and prepare
Knowing is half the battle. Your workplace, your superiors, your peers, your subordinates and even you yourself are all factors that play a role in salary negotiation. Know their ins and outs, and you will be able to find a strong hand in salary negotiation.
5. Choose the right time
Even the most well-thought out salary negotiation plans will fizzle if they are made at the wrong time. Learn how to seize the opportunity when it arises, but make sure to steer clear of red flags.
6. Choose the right approach
Balancing between aggressive and subtle approaches is yet another vital key in salary negotiation. Selecting the right approach will allow you to walk the fine line between these two approaches, and will greatly help you achieve that salary raise.
7. What you need to know about your boss
Your boss will play a very big role in helping or hindering your quest to obtain a salary increase. Knowing what you can about him or her will help you choose the right time and approach for success, as well as to take the right approach in handling his or her unique quirks.
8. How to know what your boss thinks about you
Part of knowing your boss involves peering into his or her mind, especially where your interests are concerned. It will take different strategies to work with solicitous, noncommittal or hostile bosses, which is why you have to know what your boss thinks about you.
9. Win-Win Situation
You are more likely to succeed in negotiations if you are able to ensure everybody wins. Offering something to your boss in return for a higher monthly pay will increase your chances of getting a salary raise, which is why a win-win situation is a must in any salary negotiation.
10. Maintain relationship
A salary raise is not just the only objective you have to keep in mind. A long-term working relationship with your boss is essential to your professional career, so make sure to maintain such a working relationship – before, during and after the salary negotiations.
Understanding, applying and keeping these ten simple “need to knows” at heart will greatly increase your chances of getting a “YES!” when it comes to asking for remuneration.
