Negotiating is a crucial aspect to success in the workplace. There are opportunities to ask for higher salary whether in an existing job or a new job offer. The key to success in negotiating is having a plan and a proven strategy to depend on.
1. Be A Leader
Even before you consider reaching out for a raise or looking for a higher paying job, start taking the initiative and show leadership skills. Take advantage of opportunities to shine and get results. Employers only care about their bottom-line and how you'll support it. Get in the mindset that you'll be selling yourself and start looking for examples to use when defending your worth.
2. Do Your Homework
Do not ask for a raise or negotiate a new salary without doing your homework. There are tools available online to research your industry, position, and location salaries for realistic expectations. Knowing the high, median, and low salaries for the position and industry you are in or seeking employment in is great leverage for negotiation.
3. Identify Your Value
Remember what I said in the first point? Employers only care about their bottom-line and how you'll support it. When negotiating a raise or new salary, your greatest weapon will be your value. Think long and hard about what makes you stand out from others in your role or who previously held your role. Can you improve processes and procedures? Can you impact positive changes?
4. Keep It Professional
Do not give reasons for wanting the raise or higher salary (apart from your worth)! An employer will find it incredibly unprofessional to complain about your financial situation, the economy, or the like. The key to negotiation is to keep the conversation positive, and bringing up negative connotations will not help you.
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5. Sell Yourself
Once you know what your unique selling proposition is in the workforce, sell it. Present your accomplishments and describe your major contributions in detail. Make it easy for the employer to justify a higher salary. When in an interview, selling yourself off an existing resume is easy. When selling yourself to an employer for a raise, you'll need to be prepared with specific examples. Focus on the details.
6. Patiently Wait
Do not be the first to offer a number. You've showcased your worth and given great examples of how you've made a difference. With persistence must come patience. Wait for the employer to propose a number but have a number in mind. Supposedly having a specific number rather than a round number is more effective when negotiating (for example, $94,500 instead of $90,000).
7. Here's The Moneymaker
Once an employer has suggested a number, pause (for effect!) and say this:
This is the moneymaker! Not only are you expressing your enthusiasm but reminding the employer that you are a catch and should be compensated as such. This is confidence over arrogance and is proven to be effective when negotiating salary.