Are you ready to put yourself in the position to make more money?
Whether you are changing your career entirely, aiming for a promotion within the company you already work for, or wanting to negotiate a raise, our guest, Josh Doody, is here to share some insight on how to negotiate what you are worth.
Listen as he explains the process of negotiating effectively.
You can also find your step-by-step approach to negotiate a raise, promotion, or salary offer below.
WHAT YOU WILL LEARN
- How-to determine your target salary or job title
- How to negotiate a raise
- How-to deliver your pitch for that raise, promotion, or salary requirement for a new job offer
- What happens when your negotiation doesn’t turn out the way you want it to
- How-to get over the fear of negotiating
HOW-TO NEGOTIATE A RAISE, PROMOTION OR SALARY OFFER
Set Your Target Goal
Whether it is a new salary or an upgraded job title that you are pursuing, make sure your target goal is something that makes sense to the company.
Wondering how to find your target salary or new job title? Think of your target salary as the dollar amount that you think you should be paid because of the value that you add to the company. Likewise, think of your targeted job title as something that represents your responsibilities and the value that you’re adding to the company in that new position.
Do your market research on both salaries and job titles. Estimate your market value to determine your proposed goals. If you’re still having trouble, try to look from your manager’s perspective, a business perspective. Your ask should demonstrate how you are profiting the company. Show the company the realistic value that you add for their benefit.
Justify Your Goal (Salary or Job Title)
After you have your goals in sight, it is best to make a list of reasons why your target salary or job title makes sense to the company.
Start thinking about things that you’ve done that add value to the company.
Have you taken on more responsibilities in terms of business operations? Do you manage more people? Do you bring in more revenue? Have you created or implemented a process that makes the company more efficient?
If you’re looking to upgrade your job title, take your current position and compare it to the job title that you want. What are the differences? Have you demonstrated the level of responsibility that comes with the upgraded title? Are you already accomplishing things that are part of the targeted job title and not of your current position? Use a level of acknowledged responsibility to help justify your request for a promotion.
Whatever your list includes, make sure it gives legitimate reason to what you’re requesting. You can even collect proof of your work from clients and coworkers to add to that list.
Articulate the Justification for Your Goal
With your target goals justified, you’re ready to deliver the pitch.
First, write an email with your raise or promotion request. This is your chance to reorganize all of the information that you’ve compiled from your market research and your performance at your job. When you’re done composing your email, save it. This will be your follow-up email after you have a verbal conversation with your manager.
Schedule a meeting with your manager to discuss your raise/promotion request. If you’re having a hard time putting your request into words, start with the facts.
For example, you can say, “My salary of $_________ was set in the past. I think that based on my research/based on what I do for the company now, that my value to the company reflects a salary that should be close to $_________ and these are the reasons why: (list your reasons).”
What Happens When Your Request is Denied?
If you’ve followed the steps but your manager is unable to meet your goal, your next step is to build a development plan with your manager to get to that salary or job title.
Ask to create a timeline and a list of what you have to do to get you to that goal.
If you are absolutely worth the request and the company that you’re working for doesn’t think that you are worth that, then it may be time to look for another company that will meet your goals.
New Job Offer and Salary Negotiation
BEFORE JOB OFFER: Set a minimum salary requirement for yourself when applying for new jobs. Ask yourself, “What is the minimum salary that I would accept to do the job as I understand it?”
When you get a new job offer, counter their offer with your minimum that you established or with 10-20% above their offer. If you are undoubtedly worth more than their offer, respond with, “Well, we’re really far apart in your offer. I’m sorry, but I really can’t accept the job for less than (your minimum acceptable salary).”
ABOUT JOSH DOODY
A former electrical engineer turned project manager and consultant, Josh Doody realized that he had left a lot of money on the table at his first few jobs without properly negotiating his salary offers. Soon after, he began his practice in negotiating his salary and doubled his salary within three years.
After gaining confidence through his successful negotiations, he began to help others drastically increase their salaries as well. Inspired by both his own experiences in his career and personal salary negotiations and the success stories from helping others, Josh Doody wrote the book Fearless Salary Negotiation in 2015.
RELEVANT LINKS AND RESOURCES
Find out more about salary negotiation at: FearlessSalaryNegotiation.com
Check out Josh’s specials for our listeners: Fearlesssalarynegotiation.com/htyc
Buy the book: Fearless Salary Negotiation on Amazon!
Follow Josh on Twitter: @JoshDoody
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