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How to Negotiate and Ask for a Raise: A Simple Guide
by Alifia • Thu, 24 Nov 2022 10:11AM
According to a survey, 44% of respondents in a specialist job are more likely to ask for a raise, while 41% of respondents will ask for a promotion. However, asking for a raise or a promotion can be intimidating without preparation.
Workers have always desired better recognition in the workplace, but the need increased after the pandemic started. According to PwC’s survey, around one-third of survey respondents plan to ask for a raise, and around the same amount plan to ask for a promotion in 2022. The majority of those who ask for a raise or promotion are skilled employees.
It is understandable for skilled workers or specialist workers to ask for a better predicament. From the same PwC survey, 68% of respondents want to be fairly rewarded financially. However, asking for a promotion or a raise can be intimidating. Here is some advice that you can consider before meeting your boss and negotiating a raise or a promotion
Know what you want
After making up your mind, you should do thorough research into what you really want. Whether you want a raise or a promotion, you don’t need to beat around the bush for it. As long as it is followed by a sensible reason, it is better to directly mention the request.
According to Mondo, before negotiating your salary increase, it is crucial to know the industry-standard salary range and what your positions are paid in other companies. This will help you understand how much your position is worth. You will not sell yourself short or, on the other side, come across as greedy.
Understand both parties
Aside from giving its employees support, a company also has multiple, competing priorities, Ascend states. It is important to consider the company’s situation at the moment. You can guess through announcements about your company’s objective, or what your manager highlights when something happens.
Read the situation before you ask. For example, if your company’s financial health is favorable, the chance of getting a raise or promotion is higher than if the company is struggling. Moreover, try to avoid asking during company transitions. There are more pressing things happening, and your request could be overlooked and forgotten along the way.
Bring the topic gradually
You wouldn’t want to surprise your boss with a sudden request. It is better to test the water first. Bring up the topic bit by bit, and consider how your boss reacts. You can initiate a more serious discussion if your boss’ reaction is positive. On the other hand, if the reaction is not encouraging, perhaps ask for feedback on things you can improve.
If the situation seems right for further discussion, you can consider setting up a meeting. According to Workable, make sure there is enough time for you and your boss to prepare. It will be more advantageous if you have a monthly or annual review coming up. Let your boss know in advance before the event, so the meeting will come out smoothly.
Manage the negotiation
The same article from Ascend mentions that it is important to come across as genuine when asking the company to do something for you. Most employers are most likely to invest in an optimistic and engaging employee. Talk about your enthusiasm for working for the company. Mention what you can offer in the long run.
When you finally meet your boss, you can begin the conversation by referring to your past projects. Then, gradually shift the conversation to your initial goal. Mention one or two projects in which you’ve made an impactful contribution. Keep your sentences concise. Try to avoid sentences like “I was hoping for—” because it makes it sound like you never expected a raise.
Bring up the conversation again
Not every negotiation will be successful. There will be several outcomes—either your request is granted, compromised, or even denied. However, according to CNBC, a ‘no’ is not the end of the negotiation.
The key is to ask questions, CNBC suggests. If your boss says “not now,” then ask “when?” If they say “you need some more experience,” then ask “what does the experience look like to you?” Try to reach a point of agreement on a specific milestone so it will be easier for you to pick up the conversation again.
In conclusion, asking for a raise or a promotion can be daunting and intimidating. However, if it is done right, it can end with a positive result. Remember that your skill is valuable, and be confident in yourself.
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