No one can accurately predict where they will be in 10 years, but one thing is for certain, you’ll eventually have a discussion about money and your career. Whether you’re naming a number in the interview or submitting a raise request, it’s important to have a strategy.
If you’re in the market for career advancement, the process will require you naming a number. When the interview dialogue turns to salary, naming the right number requires considering all unspoken nuances of the negotiation: If you don’t name a number then you’re not playing by the rules. If you do name a number then you may be cutting your options.
Consider this. Instead of one figure, go for the top of a range based on the salary research you’ve done and what you know to be your worth based on credentials, experience and talent. Another alternative is to state that your salary requirements are negotiable based upon the position and the overall total compensation package and force the interviewer to name a number. In fact, when you add the value of your current benefits, your number should increase accordingly. This is especially important when addressing “current salary” requests.
When it comes to the offered figure, keep in mind that may be based on the first 90 days. Will they be willing to increase the number after set period of orientation? Future benefits may also include rapid salary reviews, performance-based increases, professional development and position advancement opportunities, but only if you ask from the start. Carefully plan that your salary requirements have some flexibility to ensure that you stay in the running and to provide an open door for negotiating compensation after an offer has been made.
So you’ve got your number and have exceeded expectations, now it’s time for a raise request. Before you stride in and you ask for what you deserve, consider your timing. Are you ready? Is your supervisor in the right frame of mind? And have you done your homework to determine how much your position is currently worth?
Raise Requests can be tricky because it is an emotionally triggered conversation. Your goal is to take emotion out of the content focus on what it is you bring to the organization. The right time for raise requests is when you are entering into the conversation with a plan for how your unique combination of talents and experience can add to the bottom line.
Next, develop your talking points. What are the stats in the department and organization when it comes to raises or annual cost-of-living increases? Is there a pattern, or lack there of? It helps to have these details in advance of a raise request discussion, especially if your supervisor claims that no one has received one in years. Also, include in your talking points why you deserve a raise, addressing contributions, your worth and possibly what the competition is doing.
Finally, consider your approach. Is your supervisor a straight shooter or do they prefer to be warmed up to a request? Regardless, be sure your tone is positive, persuasive and definitely not braggy or confrontational. Career Coaching can not only help you develop a strategy and talking points when it comes to Money and Your Career, but is a great process for removing emotional triggers and building confidence in your approach. Resources abound for researching competitive rates, including Joseph Richards with Salary Negotiators www.SalaryNegotiators.com; “Negotiating Your Salary: How to Make a $1000 a minute,” @ www.salarynegotiations.com; www.Salary.com; Indeed, Career Builder and the U.S. Department of Labor statistics.