How to Negotiate a Raise: Essential Strategies to Increase Your Salary

Have you been desiring a salary increase but aren't sure how to approach the conversation with your boss? Negotiating a raise is a high-stakes situation so it is a nerve-wracking experience which evokes many emotions which leaves us less confident and apprehensive, even for the most seasoned professionals. However, with strong preparation and a clear definition of your best possible outcome, you can confidently approach —and receive—the raise you deserve. This post will guide you through essential strategies for successfully negotiating a raise.

Understanding Your Worth

We often need to collect our evidence when we go for asking for a promotion or a raise. Yet, we need to be honing our value on a regular basis so that we can position it with confidence and ease. It is crucial to connect that value to what the business values.

Keep a list of your and your team’s accomplishments, particularly those that have directly contributed to the company's bottom line, related to KPIs the company measures, what you consider successes and anything related to your development or the team’s. Collect market data on market value of your role from platforms like Glassdoor or LinkedIn to understand industry standards. This is something to have when you frame your ask but it should be something you update quarterly and reference often.

Consider creating a graph or chart highlighting your performance metrics or a completed project timeline. A visual gives you a way to remember and an additional angle to appreciate your contribution. Use this as an aid when you anchor the idea of promotion to your boss and use it again as familiarity. It also provides a way for the person you present to a stronger angle to advocate for you. A visual makes it feel more permanent and stronger because it is more than words. People trust data and something they can reference because it makes it easier to understand the position.

Timing Your Request

Timing is everything in any negotiation. This is especially true in salary negotiations. Being an investigator when inspecting when the business is more likely to agree is important. Aim for a moment when your value to the company is apparent, such as before or after a successful project completion or getting ahead of a performance review cycle.

There are times when organizations are most likely to be open and generous in granting salary increases. Understanding the spoken and unspoken cadence of these windows of opportunity is essential. One best practice that should be leveraged before one of those windows (including before an annual review) is to have the meeting before the meeting with your direct leader to let them know that you are looking for an increase and aligning on the evidence you have collected to justify it. Getting them to opt in to the position will allow them to set the steps in motion and reveal what additional information or hurdles they will need to overcome. Help them help you.

At the end of the conversation, ask for their commitment to fighting for the increase when you deliver what aspects of the deal you agree with. You want your leader to be prepared for the conversation when you make the ask especially if they are not the final decision maker, they need time to create alignment to get a yes.

Here is a good cadence to follow when you are unsure of the best timing for your organization. When you set the expectation that you ask for something every quarter, you learn to move through no to uncover more context, you signal that you advocate for what you and your team needs so that they consider you in the meeting that you may not be involved in where they discuss who is getting the promotion, salary increase, bonus, professional development, executive coach, etc.

Have a goal to engage every quarter to hone your value and articulate it so that it remains top of mind to your boss and other influential people in the organization.

Consider and take action each quarter as you consider these questions:

• Value I Bring to My Role

• Value My Team Brings

• Accomplishments for the Quarter

• My Ask

Preparing for Your Pitch

When preparing for a negotiation, it is crucial to thoroughly consider every aspect and angle that will be discussed. This includes anticipating potential obstacles, roadblocks, and questions the other party may raise. By preparing meticulously, you enable yourself to stay present in the moment and manage your emotions effectively.

It is crucial to consider not just your interests but also those of the business and the person you'll be negotiating with. This approach helps you determine your strongest position and fosters a collaborative negotiation environment. Start by jotting down your initial perspective on the situation. Clearly define your ask and back it up with evidence. Set a clear expectation for the conversation's outcome.

Your goal is to present your position in a way that the other party understands your request clearly. They should only need to ask clarifying questions to grasp the factors that support your case. Think of your perspective as a lens that helps the other person see the situation from your viewpoint. Explain how the business will benefit from your request to justify your position.

In negotiations, adopting an abundance mindset can be a game-changer. It encourages you to think beyond the obvious and come up with multiple options, even if you don't plan to use them. This mindset fosters flexibility and can give you a significant advantage in high-stakes situations.

Creating options is critical in high-stakes situations and requires time and creativity to recognize them.

I'd rather be up two sets during a tiebreak than have no wins in my column.

Having options creates confidence and increases your agility to get what you want.

Here is an example script for inspiration.

I appreciate your understanding of how important this conversation is for me. With your encouragement, I have been focused on advancing my leadership role and amplifying my impact within the business. My contributions to date support my request for a salary increase, and I am prepared to provide the necessary evidence to justify this raise.

I have earned this increase, and receiving it will boost my confidence and deepen my commitment to accelerating my contributions to the business, further demonstrating my commitment to our shared goals.

Can we agree that today's meeting's goal is to review my contributions and outline the next steps to secure approval for my pay increase?

As I prepared for this conversation, I carefully considered how you prefer to receive information and what is important to you. I understand that your perspective is crucial in making a well-informed decision, and you will have the most vital position in advocating on my behalf.

Generally speaking, these are the main points to consider in your frame:

• Significance of the Discussion: Recognize the boss's commitment to this conversation and the necessary steps to gain their full support for achieving the best possible outcome.

• Leader's Role in Self-Advocacy: Acknowledge the boss's role in encouraging you to advance your leadership and amplify your impact within the business.

• Impact Supporting Salary Increase: Assert that your contributions to date justify the salary increase request, with readiness to provide necessary evidence.

• Earning the Increase: State that you have earned the increase, explaining how it will boost your confidence and accelerate your contributions.

• Meeting Goal: Ensure the leader agrees on the meeting's goal and opts in for the following steps to secure the pay increase.

• Preparation and Consideration: Highlight your preparation and framing of information according to the boss's preferences, ensuring a well-informed decision that boosts their confidence in advocating on your behalf.

Conducting the Negotiation

On the day of the negotiation, you will face emotions and they may create doubt and apprehension. Be careful not to fall pray to your nerve, anticipate them and have a plan to move through them or someone you can call to keep you focused on your plan. It is now that you should trust the wisdom of your past self and simply go into execution mode.

The research on mindset illustrates that when you move into a negotiation considering the upside, you have a positive outlook and the research shows that the individual will move toward their best possible outcome vs a negative mindset with worry about it going wrong, the person approached the negotiation with low confidence and belief.

Remember that your contribution and value benefit the business. It is up to you to frame it in a way that makes that pitch. Before you walk in, focus on your approach to the negotiation and assume a positive and cooperative attitude. Be professional and ready to discuss details openly.

Here are some techniques that will add to setting a collaborative, creative and agreeable conversation.

• Mirroring the other person makes them feel seen and it is familiar. Focus on this as a technique which will also keep you focused on your script instead of being overwhelmed by the nerves your body is experiencing. In fact, take on their cadence so don’t jump right into the conversation, observe their pace and see if you need to bond for a few minutes before you begin.

• Showing your hands while you talk communicates trust. It also helps articulate your story as our brains think faster than we talk so the hands keep the other person engaged.

• Maintaining good eye contact and showing confidence are essential.

• Practice inserting silence. Silence is difficult to insert when you are nervous because our nerves feel uncomfortable with silence. Focus on listening to understand and paying attention to their non-verbals to tease out what they need to continue to move to the desired outcome.

Conclusion

Negotiating a raise is about solid preparation, thoughtful timing, and intentional execution. Understanding your worth, choosing the right timing, preparing your frame, and conducting the negotiation following your plan and in a professional way will significantly increase your chances of success.

Remember, the goal of any negotiation is to reach an agreement that benefits both parties. So consider their interests and the company’s interest will enable you to illustrate their benefits along side of yours. Be ready for a collaborative discussion where you discuss any objections or questions, be prepared to compromise, and come to an agreement even if it is to revisit the conversation at a specific date.

Now that you're equipped with these strategies, prepare approach, ask often to gain experience and take that step towards earning what you're truly worth.

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