SERIES: Negotiate A Pay Raise – Part 5
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?
Joe:
Excellent series.
I would only add, as I mentioned in your first lesson, that the person needs to go into the negotiations with their eyes wide open understanding that things may not go as anticipated or expected. In fact, they may go terribly wrong.
As with any negotiation, there is the risk of loss. Sometimes that loss is nothing more than not getting what you requested. But depending on the employer or manager involved, it could mean cutting yourself off from further advancement or even job loss.
I write this, not to be cynical, but to educate those who are considering the lessons you’ve taught to understand that while there is the opportunity for great reward, they must also understand there is the chance for loss. And the employee needs to understand that risk and be willing to accept it or more importantly have an exit strategy.
Sometimes when dealing with issues that involve motivation, only the upside is presented or emphasized. The possibility versus the reality.
For some people, the possibility is all that is needed, as they have the uncanny ability to land on their feet no matter what course of action they take. Their can do attitude in most cases pays off and if there is a consequence it’s generally small.
For others, even with a can do attitude, stepping out too often results in bad result. Ever met a born loser? I have. It’s sad to see them mimic and implement the actions that have brought success to others and yet they have a terrible consequence.
For those who have played it cautious, they need to know they will not win unless they take risks. But they too need to understand that risks have rewards and they can have consequences.
Again, an excellent series.