Of those people who negotiated, they were able to increase their salary by over 7%." Stanford Professor Margaret A. Neale said "If you and your counterpart who negotiated are treated identically by the company—you are given the same raises and promotions—35 years later, you will have to work eight more years to be as wealthy as your counterpart at retirement." she told muse.
It's time to tackle your fear and ask for more money, these tips will help you at the negotiating table.
“By failing to prepare, you are preparing to fail.”
- Know your value - know how much others are making for the same position in your industry, talk to recruiters they will know best what your skills and expertise are worth.
- Organise your thoughts, have a plan a written out, know your key points and arrive with a one-sheet with all of the reasons you are an awesome employee.
- Make sure you’re ready - the answer to these should be yes before asking for a raise
- Have you been at your job for a year?
- Have you taken on new responsibilities since you’ve been hired?
- Have you been exceeding expectations (rather than just meeting them)?
- Timing is everything - talk to your boss three to four months before your performance review and set the meeting for Thursday, studies show that you’re more likely to get a raise if you ask on Thursday.
- Ask questions to find out what your boss really wants this can help you understand where they are coming from and allow you to show what you have done but more importantly what you can do. Focus on the future.
If you don't ask you'll never know
- Be the first person to put the number out there, this will be what most of the negotiation is based off and while you are at it ask for more than you actually want since your employer will want to negotiate lower. Never ask for a range and avoid words like "between" or "around".
- You can make them sweat too by stalling, take your time to think about their offer and don't be afraid to counter it with your own.
- Keep negotiating - the more you do it, the easier it gets.