Negotiating a better salary package has put more than a few stomachs in knots over the years. Remember, we all go through the tedious process of salary negotiation sooner or later. Keep these 7 basic tips in mind when it’s your turn to ask for a reasonable deal.
- Be Persuasive
It’s hard to force your boss to raise your compensation, and trying to do so can potentially damage your working relationship. Think about the process of trying to persuade him/her that it might benefit the company to pay you more.
- Aim High and Be Realistic
Many researchers have observed a strong correlation between people’s ambitions and the results they achieve in salary negotiation. At the same time, suggest ideas to which your boss can say yes.
- Start Off with the Right Tone
You should let your boss know you will listen and try to understand his ideas and point of views. At the same time, you expect that your boss to do the equivalent for you so you can comfortably work together to address this issue. Avoid ultimatums, threats and another coercive behaviour.
- Clarify Your Interests
Your compensation should serve a range of needs, not just the salary. Make sure you have thought about other points of benefits to you as well — such as profit sharing, stock options that vest quickly, a bonus, higher work responsibilities, a quicker promotion plan, extended vacation or flexible timings.
- Anticipate Your Boss’s Interests
Just like you, your boss has demands and concerns. To persuade him/her to be affirmative, your ideas will have to address these demands that are important to your boss.
- Create Several Options
Joint brainstorming is the most efficient way to find ideas that satisfy everyone’s interests. It works best when you separate it from the commitment — first, create few possible solutions, and then decide among them.
- Focus on Objective Criteria
It is far comfortable to persuade someone to agree with your proposal if he/she sees how that proposal is firmly grounded on objective criteria. But, in case, you cannot persuade your boss to say yes, you need to have a strong backup plan. Part of preparation is making a specific action plan, so you know what you’ll do if you have to walk away from the negotiation.
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