Every day, at work and at home, people are involved in big and small negotiations. Many of them find negotiations difficult because at the end of the day they have to please, to come to an agreement, to compromise.
But when it comes to negotiating promotions or raises, the situation becomes very delicate, especially for women. According to a LinkedIn survey, 39% of Americans feel anxious or frightened about negotiating. And only 26% of women said they felt comfortable negotiating.
Women must overcome their own reluctance to ask for raises.
So what should they do to increase their compensation?
1. Get in the Salary Negotiation Mindset
If you feel you need to negotiate a raise or a promotion, you have to be in the right mindset. It is about making a conscious decision and taking charge of your career. It is about moving your thinking from being anxious about asking for a raise, to being excited. This is a chance to move forward your career.
2. Develop relationships in your business and your company:
It is not what you know but who you know. Networking with the right people can help you a lot in progressing in your career. According to the coach Anita Attridge, who worked for 20 years in human resources jobs inside companies, including more than 10 years at Xerox, “women aren’t as natural at networking as men”. For coach Eileen Wolkstein, 71, “women tend to form relationships that are less up than across or down.” They’ll be friendlier with the administrative assistants than with the senior staff because Wolkstein thinks that there can be a hazard in befriending more senior women.
3. Know what you are worth. If you feel you are falling into a routine because you have been in the same position for some time, try to review your business and know what is your value in the market. You can use some online sources like PayScale and Glassdoor to do that.
4. Be strategic about timing when asking for a raise
Choosing the right time to ask for a raise can have a big impact on results. The best time to ask for that increase is right after a major achievement, or when a major change has happened such as someone giving notice.
Also, make sure you choose the right day of the week for your request. Try not scheduling an important meeting while your supervisor has a main crisis going on.
5. Talk up your accomplishments.
When asking for a raise, establish your results on an existing body of work. Present your accomplishments in a way that shows how you have impacted the end result.
Highlight the additional income or the new clients you brought. Emphasize on any key task you accomplished and that no one else in the company could do.
6. Talk about your future plans. Talking about your past achievement may help you to get a raise but do not forget that you will get paid for what you are going to contribute in the future. So come up with a plan going forward.
In conclusion, one needs courage and preparation to effectively negotiate a raise or promotion. Be confident, and with the right strategy, ask for what you are worth.