Have you ever asked your boss for a salary increase? If you already have, it must have been the most nerve-wracking experience of your life.
Sooner or later, everybody will go through a salary negotiation. In fact, you might go through several of them throughout your lifetime. But you don’t need to fear if you know what you’re doing. All you have to do is learn some basic skills to have a greater chance of success.
Salary Negotiation Tip : Review Past Experiences
If you’ve had the opportunity to negotiate with your boss for a salary increase in the past, you need to learn from that experience. Reflect on the words or actions you did that worked well, as well as the ones you would want to change next time.
It is best to prepare your thoughts and agenda carefully before you face your boss. Focus on your goal and invest a considerable amount of energy and time to be in control of the conversation.
To convince your boss to say yes, think of his needs and concerns. Your arguments should also coincide with the things that are important to him.
Salary Negotiation Tip : Create Several Options
You should be prepared to clarify your interests. State your request clearly and objectively. It would be easier to approve your proposal if your boss can see that it has some basis or criteria. For example, if you see other companies pay a higher amount of salary to people in your same position having the same set of skills and experience, your proposed increase might be valid.
It’s even better if both of you could brainstorm for possible solutions and then just choose one that would give a win-win result. In exchange for the salary increase, you may want to promise better work or greater work responsibilities.
Another strategy would be to let him know that if he/she is not willing to give your salary request increase, you are open to consider other options (if applicable) such as flexible hours, increased vacation, bonus, stock options, or profit sharing.
Salary Negotiation Tip : Be Realistic
In speaking to your boss, you’ve got to start in the right tone of voice. After speaking, you’ve got to understand his/her point of view. Never resort to coercive behaviors, threats, or ultimatums.
Gently suggest realistic ideas where your boss can be persuaded to say yes. If the organization will benefit from your salary increase, then say it.
At the same time, you need to expect a positive result. According to Michael Chaffers in his Top 10 Tips for Salary Negotiations, “Many researchers have found a strong correlation between people’s aspirations and the results they achieve in negotiation.”
In addition, he also said that “In case you cannot persuade your boss to say yes, you need to have a backup plan.” This means you’ve got to prepare specific action plans in case your request was denied.
At the end of the day, you can only do so much. If it’s very difficult to force your boss to grant your proposal for increased compensation, then let it go and just try again next time. Don’t be too persuasive because it might affect your working relationship. GP