When it comes to making more money during salary negotiations you need to remember to stay focused, do your research, and ask the right questions, if you want to see success.
In today’s office culture, I see fewer and fewer companies that are doing a standard 3% raise and a pat on the back. Budget cuts and cut backs are a fact of life for many people. Job-hopping to try and make more money is stressful for both employees and employer. Preventing pricing oneself out of a job or, once inside the company, asking for a raise is a difficult task for many people.
The common mistakes that I have seen when it comes to salary negotiations is people lose sight of the true focus. Often people think more about what they want and what they deserve and allow that to be their starting point. Odds are, if this is your approach, you will not end up with a positive result. When people are concerned about what they want or what they are worth/deserve, the focus of this entire conversation is on them. In a contract or salary negotiation, what’s being negotiated is not you; it is what you mean to the company.
Focus: Is it on yourself or on your interests?
You should not approach the negation as if your employer cares that you have two kids in college and need more money. The fact that you have been here a decade is not a good enough reason to make more money. Remember not to let the negotiation become personal. What is being negotiated is the value of the job that you perform. The monetary value attached to the work that that is being done and the worth of those tasks to the company. So what that means is change the focus from YOU, to the VALUE that you bring to the company.
Research: Know what the market value is for your assigned tasks. Knowing what your job is worth when compared to similar companies can ensure that you are not way out of line with your asking amount. After you know the amount that your job and experience is worth, then it is time to work on your approach for asking for the raise.
Leading up to your year-end review, or simply a request for more money, you need to prepare. Most of the time people spring a salary increase on their boss, that’s not fair and will not get the best result. The best alternative is to start the negotiation by asking the right questions of your boss.
Ask the Right Question:
What does it take to make ____ in this company?
What should I do to be in the position to be the type of employee that could receive a ____ raise?
In doing this, you get to hear from your boss exactly what he or she wants and expects of an employee that makes the money that you want to make. When you have accomplished the expectations, you have eliminated the reasons for the employer to deny the request.
It is important to be open-minded to other possible interests when it comes to a raise. For example, if the company is truly strapped for cash, you can try to negotiate for more vacation days. Being positive, open-minded, informed and direct is always the best approach when it comes time to negotiate for a higher salary. If you have a specific questions please feel free to reach out.