Asking for a raise, we’ve all been there, haven’t we?
The 3 words that I would use to describe the whole process of asking for a raise would be tricky, daunting and nerve-wracking!
But here’s the thing, it doesn’t need to be any of those things – as long as you play your cards right.
Statistics show that only 44% of women and 48% of men have ever asked for a raise. But the good news is that 85% those that were brave enough to ask for it actually get something!
It’s all about taking that step, going for it and asking for what you deserve! Chances are that if you do, you’ll probably get it because hey, the statistics are overwhelmingly in your favor, aren’t they?
Here are 5 brilliant tricks to use when asking for a raise:
1. Ask for a raise by making the first offer yourself
.. instead of the other way around.
When asking for a raise, make sure that you’re the one who makes the offer first, before your employer does. What this does is create an anchor that your manager, HR representative or whoever it is that you’re negotiating with, will have to come down from.
Don’t be afraid about making a high offer. Just go for it and give them a number. Even if your offer is high, the person you’re negotiating with now has a benchmark and knows what you’re looking for. So even if they negotiate down, they know they can’t low-ball you.
Because alternatively, it is a whole lot more difficult to negotiate up from a number that might be set by the person you’re negotiating with.
2. Instead of asking for a raise after a project, ask for it during it!
A common mistake that most people make is asking for a raise after a particular project has ended. This is understandable, as a person asking for a raise after a project thinks that he/she will be seriously considered for it based on their performance during said project.
Instead, it is a much better idea to actually ask for a raise during a project. There is a much higher chance that your work will be looked upon, and you will be better evaluated, when your tasks are on-going, as opposed to when you’ve completed your work and tasks. And your efforts towards achieving project and organizational goals can be better seen when the project is ongoing, as opposed to when it’s finished.
After the project finishes, you are no longer an essential part of it. So it might be easier for the management to overlook your contributions.
3. Know that everything is negotiable
From your salary or wages, to your vacation days, to perks, bonuses, leaves, sick days, days off, stock options, profit-sharing plans, 401k, health insurance, gym memberships, special employee-only discounts and so on … negotiate everything that makes up a part of your compensation package.
Most people think that the base salary is the only thing that can be and should be negotiated. The fact is that there are hundreds of little things that you can negotiate – all of which make a part of your compensation package.
4. Be direct and be ready for rejection
Ask for what you want. Be precise, coherent with your words, and direct. Managers are busy people and no one would appreciate you wasting their time by beating around the bush. Besides, if you don’t ask for what you want, you won’t get it, will you.
Be ready for rejection. Dealing with rejection is tough, but don’t let it hold you back – doing so would be a big mistake.
According to Eldonna Lewis-Fernandez, CEO of consulting and training firm Dynamic Vision International:
“In business, rejection is never personal. It’s merely a reflection that you did not present a viable argument substantiating why you should get what you want. It’s the offer that’s being rejected, not you, so keep emotions in check and re-calibrate your approach.”
Be confident, and sell yourself. Be firm but polite. Try to connect with the interviewee. Above all, be direct and to-the-point.
5. During the process, don’t put forward round numbers
Consider this example: say that you ask for $56,500, your manager might negotiate it down to $50,000. But if you ask for $57,000, the counter offer put forth by your manager might be $50,000. Why? because it is very easy for them to negotiate down to a lower number that is even.
The solution – avoid using round numbers and give them a precise number instead. This reduces the chances of your manager from negotiating too low, as demonstrated in the example above.