I write a lot about how to eliminate expenses and reduce the OUTGO from one's home economy, but there is another side to the equation and that is INCOME. INCOME – OUTGO = EXACTLY ZERO works a lot better when the INCOME is increased!
This series is focused on one key way that INCOME can be increased and that is to Negotiate A Pay Raise. In each part, I will be sharing how I have successfully negotiated pay raises in the past. I hope this series helps you do the same!
Part 5 – "Negotiation"
Once I received a response from my manager, I took time to compare it to what I requested. If it was everything I asked for (it never was), I obviously would have accepted it. Since my offers were not exactly what I requested, I prepared for a negotiation.
As I entered the negotiation, I knew the following things:
- Which items were the most important to me, and which ones I was OK with leaving alone
- Exactly what I was willing to settle for
- The silent time was over – I was going to leave the meeting with an answer
Negotiations are tricky. Every one has been different for me. I have tried the compromise path. I have tried the "I'm sticking to my guns" and "I refuse to budget" path. The bottom line is that I knew exactly what was needed to call this a successful negotiation for me.
What I do know is that because I had done my homework, I was in a strong position to negotiate and that resulted in a successful pay raise each time. One of them was immediate and another took six months to be implemented. Both were worth it.
So this concludes the "Negotiate A Pay Raise" series on JosephSangl.com. If you are going to make the big ask, good luck and let me know how it goes!
Readers: I know that there are several business managers reading this site. Would you share your thoughts about this series from an employer's/manager's perspective?