Five Easy Steps to Successfully Negotiate A Raise
Written by Francesca Keller Sarmiento, WIN Staff
Although one may not realize, organizations set aside a budget with the expectation that employees will ask for a higher salary. A survey from salary.com found that 84% of employers expect prospective employees to negotiate salary after the interview process.
Yet, research by Glassdoor found that 3 in 5 women have never negotiated salary. In fact, that same study found that men initiate negotiations about 4 times more often than women.
This negotiation disparity could be due to the lack of confidence women have in negotiating for themselves. An astounding 72% of women would rather switch jobs to get a pay raise than negotiate with their employer.
Salaries are always negotiable. Here are some steps and advice to help you in your next negotiation.
Step 1: Volunteer for Special Projects
Bonnie Marcus, a WIN Negotiation Coach, shares that one of the best ways to get credibility and visibility with key stakeholders, before negotiating, is by “raising your hand for stretch assignments.” Once you fulfill your duties and responsibilities don’t be afraid to volunteer for some extra credit.
Step 2: Prepare Your Brag Sheet
Your brag sheet is a one-sheet where you list your accomplishments and recent wins.
Bonnie Marcus advised, “list all your accomplishments that you've generated over the course of the last review cycle”, and be prepared to share them with your boss, for instance, you could say: ‘These are the 6 things that I did that were above and beyond the call of duty in the last 6 months.’
Step 3: Do the Research
What is someone with similar experience and role making? What is fair compensation for your title? How do your salaries compare? When you find out how much others with your same role are being paid, and what your position is worth, you can use that number as a jumping-off point for the negotiation. One great place to conduct this research is on websites like Glassdoor.com. Come up with an acceptable range - what is the optimal amount (the highest most reasonable ask) and your walk-away point (the lowest amount you’d be willing to take based on your research, experiences, etc.).
Step 4: Schedule a Meeting
Approaching your boss about a raise can feel daunting. But timing is everything. When are raises generally granted at your company? If you’re unsure, you can ask your coworkers or the human resources team. The best strategy is to ask about promotions and review periods when you’re initially onboarded for the job. Instead of scheduling a meeting when reviews are taking place (and the money has already been approved), schedule your meeting 2-3 months before. That way, if there are areas you could improve on, you can work on these things before your official review. Kimberly Cummings, a WIN speaker and founder of Manifest Yourself, advises, “if there’s any way to align this conversation with a mid-year or annual appraisal, that may also improve your chances of being able to rectify this situation a little bit sooner.” Salary negotiations are hard to undertake, yet picking the right time can help make it a lot easier.
Step 5: Embrace the Silences
Don’t be afraid of silence. As mentioned in our previous blog post, Four Mistakes Women Make in Negotiation, one of the great mistakes women make is not leaning into the silences. Taking a pause can give you time to think through your needs and gives the other party a chance to consider your ask. “Silence can be your best friend in a negotiation,” says WIN Executive Director and CEO Daniella Kahane. “We tend to feel uncomfortable with silence and rush to speak, often negotiating against ourselves in the process,” she says. “Instead, say your piece and then be still and silent, and wait for the other person to speak.”
Salary negotiations always tend to be overwhelming, if not nerve-racking, but negotiating your worth is always worth it. If women continue to shy away from salary negotiations, we face a potential loss between $650,000 and $1 million over the span of a 30-year career. Negotiating for even a $5,000 raise sets you up for more raises and higher salaries later in your career. If you’re not sure the best place to start, our WIN Team is here for you! Book your free consultation with a negotiation expert today to learn more.
