I have always said that you will be underpaid for most of your life until you master your trade. And even after that, you still won’t get what you deserve without serious salary negotiation skills. This article is your roadmap to navigating that intimidating conversation with ease and results.
Critical Questions to Ask Yourself BEFORE Negotiating Higher Pay
I will never tell anyone that wanting more income is a bad thing. Nonetheless, there are important questions you gotta answer before looking for additional compensation…
- Is the company you’re working for profitable or are there opportunities for it to be?
- Have you proven you are a producer and highly skilled in your role?
If the answer to either question is “no,” you are not ready to enter into salary negotiations.
Especially in the first question — that’s a sign to consider your options and go where the money is. As for the second question, then you already know the reason you’re not getting a raise, so why ask?
However, I assume that those reading this are hustlers in the right vehicle, ready to get what they’re worth.
Follow these simple steps and you’ll nail it.
Steps to Successful Salary Negotiation
The secret behind any successful negotiation is preparation — getting a bigger paycheck is no different.
For that reason, you will see that most of the work here comes before you set foot in front of your boss.
With that in mind, the first thing you need to do is to establish your value to the organization…
Bring Statistics to the Salary Negotiation Table
As I mentioned, before you go for the big ask, there’s some serious prep work…
STEP NUMBER ONE IS TO GATHER EVIDENCE OF YOUR SUCCESS.
Think about things like:
- Profitable projects you participated in.
- Personal sales statistics if applicable.
- Or, any other contributions you’ve made that affect the bottom line.
Your goal with all this is to show how you are an asset and are valuable beyond your current compensation.
As such, the more proof you have of how you have elevated the company, the better. Once you have compiled this data, it’s time to crunch some numbers…
Have Several Offers for Your Boss to Choose From
The next step in preparing for your salary negotiation is to create a proposal — and options.
Don’t get me wrong, you should have a specific dollar amount in mind. Still, there must be several choices that get you to that number, so your superior can make sense of it.
For example, propose that you get a pay bump only if you exceed a certain performance threshold.
APPROACHES LIKE THIS ARE CREATIVE AND EASE THE PRESSURE ON YOUR BOSS TO COUGH UP CASH IF IT ISN’T COMING IN.
Providing options helps people decide and is an underutilized strategy for mastering negotiations. Make sure to use it to its full advantage here.
Present Yourself as a Problem-Solver
The last thing a business owner wants is another problem. Therefore, this salary negotiation mustn’t look like one.
So, avoid phrases like these when you have this conversation…
“I’ve worked here a long time, I deserve more.”
“Bob makes more than me.”
Saying these things makes you seem like a whiner even in the best-case scenario. And that is not what you want.
Instead, try wording like…
“How can I help you so I can earn an extra 20%?”
“I love working here, what can I do for the company so I can earn more?”
The way you ask makes all the difference. Make sure they see you as a solution.
The Final Tip to Nail Any Negotiation — Salary or Otherwise
Finally, if you want to get in there and really make some headway towards more money…
PRACTICE, PRACTICE, PRACTICE YOUR PITCH!
Script out everything you’re going to say, responses to everything your boss could object to, and then rehearse.
Ideally, you would do this with a partner, but practicing on your own in a mirror works too. The point is to become confident and sure of what you need to say.
Trust me, the more sure and solution-oriented you are the better your salary negotiation will be.
So practice that pitch and be great.
— Grant Cardone
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