Tools
How To Negotiate A Massive Raise (even If You Don't Know How To Negotiate)
Post date: 2020-06-18 03:37:09
Index
First, make a list of your achievement that is beneficial for your company:
Find out what your worth is and how your salary compares:
Don’t wait for the final call:
Bring up the negotiation professionally:
Final Thought
The salary is not the ultimate aspect of doing a job. But it is important for your engagement and overall satisfaction. But as there is a high chance of leaving a job once being unsatisfied, to be consistent in the tight tech market, employers are more amendable to give you the right raise.
We know the entire process of negotiating a raise is nerve-wracking and tricky. It takes a deeper understanding of the culture, performance, and recent market condition of your organization.
In this article, we will discuss a simple strategy and few do’s and don’ts you can use that will help you land a raise (and a larger raise than you would have otherwise received, at that.) even if you have ZERO negotiation skills.
It’s one of the main reasons people don’t get the compensation they deserve. Just keep it in your mind that nothing ventured, nothing gained. You just have to plan your pitch and get the raise that you truly deserve.
Starting today, open up a new spreadsheet and set up the following columns:
Initiative (leave some room for a brief description.)
Date started
Key metric as of the start date
The date ended. (if applicable)
Key metric as of the end date/after some time
Result (as it relates to your key metric)
Notes
Now, every time you have an idea on how you can help (or help others.) increase the company’s bottom line, fill out each of those columns.
If you think that you deserve a raise, first be prepared to prove it. Your boss must notice the value you have added to your team. Point out every single time when you have work beyond your call of duty.
If you have not started to keep a personal log of significant contributions that you have made for your job yet, start it now. Note down you have boosted the sale or save the company’s money, how you have shown leadership skills, and deal with the stress on a project. Use details like numbers and facts, as many as possible. List out your last five to seven achievements and biggest impact contribution towards the company, and present them in front of your HR in a bullet form.
You if have obtained an advanced degree, or completed training that will add benefits to your recruiters, make sure to point those out. In your list of accomplishments do add if you have taken any additional responsibility outside your job or if your job description has changed over the year. Highlighting these achievements will be highly beneficial when you are thinking to start a negotiation. Remember, whether you deserve a raise or solely depends on the contribution you have made for the company, not on your financial condition. So, never bring your financial situation in such negotiation.
Find out what your worth is and how your salary compares:
In such a negotiation, you have to tell your recruiter, how much raise you are expecting. So, to handle this question efficiently, first try to know, how others in this field are getting paid. By knowing the worth of your position, you can figure out how to start a negotiation for such a raise.
Don’t wait for the final call:
One of the biggest mistakes most professionals make is waiting until the week of their review process before they scramble to remember which deals they closed or what projects they finished.
Whenever you are done with a project or some extra responsibility approach your boss. Don’t wait for the time of the annual performance review. This will create a favourable condition for you as your employer already have a positive attitude for you.
Bring up the negotiation professionally:
First of all, try to set up an official meeting with your boss and then approach the topic like two parties are going to be beneficial about the meeting, like both are trying to reach a compromise. Print your list of accomplishments and salary request to your boss.
Don’t compare your case, with the reference of other colleagues. Don’t look too greedy or rocky. Just try to stick in the general field.
Final Thought
Continuing with the strategy, if you will be able to prove that you can boost the income of the company's bottom line. And what you are asking is just a percentage of that. Don’t be unrealistic with your demand. If you are just an intern or working for only the last 1-2 years. Then trying to negotiate a raise will be pretty unrealistic only if you are not highly skilled for that company.
So, Good Luck!
