Most of us are afraid of negotiating a salary increase, even though we spend most of our time thinking about it. The problem is that this topic is stressful and difficult, so it is very hard to approach a manager with this topic. But, you have to prepare yourself if find yourself negotiating a new salary. Your salary may be increased if you prepare yourself properly.
The following are 10 effective and important tips that will help you as you are negotiating a salary increase. Do not let your expectations and current situation discourage you from knowing these tips. Read the tips below carefully and think of how you can apply them to your situation.
1: Persuade Politely
There must be a good reason why you are negotiating a better salary. These reasons are your leverage. So, tell the decision maker the reasons why you want your salary to be increased. Make sure that the decision maker sees these reasons as mutually beneficial, for the company and you. You might disagree with the feedback you get, but be polite if this happens.
2: Be Realistic
Know that you are not selling a high-ticket item when you are negotiating a salary increase. Starting with a high offer will not work. Do not think that you can work your way down to the right amount you want. The negotiation might stop immediately if you a pick a high number. Therefore, be realistic and work towards the top of the salary bracket you are in right now.
3: Understanding Tone
If you want the decision makers to take you seriously, then use a serious tone, but understanding tone. However, it is important to listen and understand the feedback you will receive. There are important points that you might want the decision makers to know, but make sure that you are listening when you are talking.
4: Clear Intentions
What do you really want? Are you thinking of negotiating new commissions, company shares or stock options? Know what you want! Never complicate things, be straight forward and say what you really want. Take time to think of the things that you are going to say. This helps in discussion, and you might get what you want.
5: Manager’s Needs
Try as much as possible to meet the needs of the manager. Negotiation is not a one-way process. There are some ideas that your manager might want to discuss with you. And the manager might get more ideas when you are negotiating. Try as much as you can to accommodate what your manager might ask you.
6: Have a ‘Plan B’
It is hard to predict the outcome of a negotiation. Sometimes the results are what most people never expected to happen. This should not be a bad thing. That is why you should have a plan B, and if possible have another plan C ready. You can use plan B when you feel like the negotiation is not going according to your plans or goals.
7: Object Criteria
To add weight to your argument, you should present it with objective criteria as backup. For example, you can prove that there are similar firms paying a certain amount, and these firms should be on the same industry. Tell the decision makers that you should get at least that amount. This proof makes it easier for the manager to make a decision.
8: Are you prepared to hear “NO”?
This is something that you do not want to hear, and you should never think of hearing it. However, you might know what to do when you hear it, especially if you were not prepared properly. Are you going to negotiate again in future? Or would you search for another job that pays the salary that you want?
9: Over-Deliver on Your Promises
There are certain targets or goals that you might promise to achieve when you are negotiating. Never disappoint your manager, especially if he or she agrees. You will embarrass yourself. Be willing to over-deliver on the promises you made. Do whatever it takes to make sure you achieve these goals and targets. Never under-deliver!
10: Learn from Experience
Learn from experience, especially if you didn’t get what you wanted. A few people usually go through salary negotiations. You can improve the chances of increasing your salary if you learn from your experience. But ensure that you are improving each time.
Know that this is a learning process, even though you were not successful, you got a result that you did not expect or you were shut-down completely. Use the criteria in this article and make sure that you are ready, have clear goals and you know the reasons why you are negotiating a new salary.
If you do not go for what you want, you will always think of what might have happened. Here’s to your success.