My client looked at for me a long time from across the table at Starbucks and said, “I can negotiate for others, but not for myself. For whatever reason, talking about my money really stresses me out.”
My client is a well-educated, competent and accomplished man, and on an admirable career path, so perhaps I should have been more surprised by his admission. But, the truth is, I’ve heard this many times before.
“Why does it bother you to talk about your money?” I continued.
“Well,” he said, “I don’t want to leave any on the table, and I want my employer to do the right thing, especially around review time. Certainly, they know all that I do for them.”
“I’m sure they do, but, more often than not, if you don’t ask, you don’t get,” I said. “Raises and promotions are about knowing your worth — and being able to ask for it.”
My client is certainly not alone in feeling this way about negotiations; many engineers feel the same. I’ve even known self-employed people who can’t ask for the cash. Some believe if they work hard and do well on their annual performance review, a raise is merited and will be offered to them. This strategy, however, often leaves people feeling confused, disappointed and, ultimately, bitter.
It’s not your boss’s job to just hand out money. Sure, she may value your contributions, and she may be sincerely interested in keeping you happy and productive. But it is her job to monitor your progress and to keep you focused on — and accomplishing — your shared business goals. Believing that you are deserving of a raise or a promotion, and then waiting passively for it to be handed to you isn’t a strategy. You have to convince your boss that you’re worth it.
The next time you are looking for a raise or a move to a new role, remember these four tactics:
- Educate yourself. Knowledge is power. Research your title and make a list of your key responsibilities and skills. Arm yourself with data about what others with comparable skills and responsibilities are being paid. Look at job postings. What do they pay for this job or that job? What are you being paid? Check salary surveys, like IEEE-USA’s annual salary and benefits survey, to benchmark your compensation. Know your worth. If you’re doing your job, and you’re being underpaid relative to others in your position, you can make a compelling case for a raise.
- Decide what you want to make. Do you want to make 10 percent more? Why? Did your skill set grow? Did you complete a project ahead of schedule and under budget? Support your case for an increase with real data and accomplishments.
- Remember that your boss has a limited amount of budget. Sure, everyone wants a raise, but there’s only so much to go around. If you go into your boss’s office with a business case outlining what you do and why you are requesting more, you will greatly improve your chances of getting a larger piece of the pie.
- Still have the jitters? Practice saying aloud what you want to say in front of the mirror. Saying it aloud will make you feel more comfortable, and help to defuse the emotions tied to money.
When it comes time to ask for a raise or promotion, don’t let talking about money make you nervous or uncomfortable. Come prepared with a strong business case and deliver it in the most positive light possible. If you’ve done your homework, your boss should recognize that you’re just asking to be fairly compensated for the excellent work that you do. And who can argue with that?
Bio:
Elizabeth Lions Author, “Recession Proof Yourself!” and ”I Quit! Working For You Isn’t Working For Me” www.elizabethlions.com and 806 283 8811