Asking for a raise is all about timing, confidence, and self-awareness.

Whether asking for a raise or negotiating for a salary with a potential employer, talking about money remains difficult for many people.Often this is because they don't realize their worth. The big "ask" is all about timing, confidence, and self-awareness. “Think Big,…….! No, MuchBigger!!”, I often advise my clients, “Think in abundance, beyond limits”.

In this blog, I am sharing with you my ten commandments of the art of negotiating for a higher salary.

1). Do your homework

Prepare yourself well. Before starting a salary negotiation, conduct research to understand your market value and study salary trends in your geographic region and industry for people with similar jobs, qualifications, and responsibilities.  Look at recent salary surveys and talk to people who have (done) your job at similar companies or close colleagues. It's essential to have a solid foundation for the request and realistic expectations.

2). Understand the discretionary power of your boss

Is your boss a division head, the CEO, or the company's owner, then he has probably discretionary authority to increase your salary "on the spot." However, if your manager is another link in the company's chain of command, your potential salary increase depends very much on his standing in the organization. It will be easier for him to drive through the request for your salary increase with the necessary decision-makers if he is doing well and feels empowered. If he is underperforming and feels insecure, it's unlikely that he will fight for your salary increase (your boss is probably fighting for his survival).

3). Be sensitive to timing

It's not a good idea to bring up the salary issue during a stressful or hectic period, for example, when the company recently announced the lay-off of 75.000 employees or is being taken over by another company. Wait until the dust settles down. On the other hand, when the company announced record revenues and is in full expansion, the timing is as good as ever.  

There is no specific moment during the year, which is better or worse. The only thing that counts is that you bring up the issue when you look most valuable.  Make sure that your achievements are fresh in your manager's mind.

Don’t bring up a salary increase during the yearly performance review. Why? First of all, your manager, his boss, and the HR department have already agreed on any salary increases in advance of the performance review.  If your manager doesn't bring up a raise during the performance review, it is not because he doesn't want to give it, but because he can't. Secondly, everybody asks for a salary increase in their performance review. So even if you know you deserve it but don't get it, don't put yourself on the same pile as all the other "whiners." A much smarter way to use your time and energy during the performance review is to discuss your career advancement, promotions, corporate titles, etc. Career advancement almost always comes with a salary increase or other benefits, which equal money.

In case your company pays out bonuses, the performance review is a perfect moment for bonus negotiation. Most companies have a strategy of holding back on paying out the full allotted bonus pot to keep some money in reserve for increasing the bonuses of disappointed-top-performing employees.

4). Own it

Be aware of the value to your organization. A great time to ask for a raise is after completing several important projects. I say "several" because your boss may think you are being paid to do your job. However, if you are consistently delivering and showing excellent work, he will be open to increasing your responsibilities and salary. When you talk with your boss, re-establish what you've achieved on behalf of the company and its impact. The more results and data-focused, the better. Logically plead your case and remind yourself of how badass you truly are.

5). Goal setting

Once you have spent more than six months working for the company, ask for a review with your manager. Be transparent when you talk with him. He will perceive if you are holding back. Let him know that, while your priority is to excel in your current role, your long-term goal is to advance, and you want to make sure you're doing everything that you can to set yourself up for success. Ask for recommendations on what you can do to position yourself well for the next function.

6). Role playing

Prepare, prepare, and prepare. Your success is due to eighty percent of preparation and twenty percent of work. It is a valuable exercise to have salary-negotiation-role- plays with friends or family members (and your coach, of course).  Ask them to be the devil's advocate. Identify any problem or question the manager may raise and then devise responses that eliminate them. Review past performance evaluations and ensure that any concern or issue has been fixed or remedied.  It will prepare you to make more powerful statements, overcome anxiety, and answer "curveball" questions. In case there is no one to roll play with, talk to yourself in the mirror. I can assure you that it helps.

A solid preparation will furthermore help you to act with more confidence in the conversation.

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7. Don't make it personal, it is just business

Don't become emotional during the meeting and stick to the facts. It's not about how hard you have worked, how many hours you've spent in the company or the children's birthdays that you have missed. It is all about measurable results, the dollars you have earned or saved for the company. Discuss your performance versus your objectives.

8. It's about what you deserve—not what you need

It is all about what you deserve and not about what you would like to earn.  A salary raise is never about what you need. The company doesn't care about your cost of living. The only time you can bring cost of living to the table is when the company relocates you to a region with a higher cost of living. So, bring certainty about your value to the table. Did you increase profits, help keep cost down or retain clients? Be clear why you deserve the raise.

9. Expect the unexpected

Even if your boss agrees that you deserve an increase, he is not always in the position to give it. Still, he may feel that he needs to do something to sweeten the deal and not lose you to the competition.  He can come up with alternatives such as offering you an executive study or professional course, an improved healthcare package, additional time off or other fringe benefits such as the use of the company vacation house, the yacht or jet (I am not joking), etc.  I once asked for a salary increase when my boss had no funds available. However, one executive had recently resigned, and his company car was standing idle in the parking lot. You can imagine the surprise on the face of my family when I arrived that night for dinner in an almost brand-new BMW.

Always be open and flexible to these 'non-financial' offers as they are a token of appreciation from your boss. An appreciative boss is worth gold. He will keep you close and take care of you in the longer future.

10. Remember we are all humans

Your boss is human too. Consider his perspective and mindset before you launch into your demands. Don't ask for the impossible. Be empathetic and put yourself in his shoes. Better even, try to see yourself through the eyes of your boss. Are you worth it?

Be confident. If you take these ten commandments to heart, you deserve a raise!

Picture by www.freepik.com/photos/people',created by lookstudio

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