By Peter Wink
Economic times may be tough. Still, if you're exceptional at what you do – you deserve to get paid fairly for it…and you can! No question about it! If you're not satisfied with your present salary, benefits, perks, or for whatever reason, you just want more from your career – this article is an absolute must.
Let me start by emphasising that everyone gets butterflies in their stomach when negotiating for a new position, promotion, or a raise. It's normal to feel scared when facing the boss and negotiating for a higher salary or bonus. The good news is that it's doable – the bad news is that there are risks involved in asking for a raise.
The truth of the matter is that excellent, qualified, employees are a valuable asset and should be rewarded in relation to their contribution. Many executives may disagree with me, but the bottom line is that the best employees need to be well compensated.
I recently read something absolutely appalling. An author of a human resources textbook (who obviously was clueless) had the nerve to state that money is not considered a motivator for good on-the-job performance. What a crock of bull! Money is not only important…it has to be considered one of your top priorities. Would you show up to your job if they stopped paying you?
If you're going to spend at least one third of your life at work, it makes all the sense in the world that you leverage your time financially. Would you rather make $8 per hour or $80? The truth is that you can earn far more money per hour, or per year, by utilising some simple techniques. By learning how to negotiate with your boss, you can also secure a great deal of company benefits for yourself.
I mentioned that there are some risks associated with asking for a raise. Let me share some caveats and advice with you. You must follow the next three secret tactics when you negotiate with your employer.
1. Time your strategy. There are good times and bad times to ask for a raise.
Here are some examples of god times to ask for a raise: After you've successfully completed a major project, while the boss is in a great mood, when the company announces excellent earnings and after you've made a high-ticket sale.
There are also some bad times to ask for a raise: When layoffs are announced or shortly thereafter, after you're reprimanded, when your boss is feeling angry and even when the company announces poor earnings.
The next secret is…
2. Figure out what you're worth to the company. Once you feel you have the timing right, you have to figure out what you're worth to the company.
Too many people make the mistake of asking for a raise or promotion with no justification. To get a raise or promotion, you must not only know what salary, benefits and perks you're looking for, you must also be able to prove you're worth giving them to.
To ask for better salaries, raises, benefits, and other company perks, you need to have knowledge of not only your worth within the company, but also what you would be worth to other organisations.
The following are several ways to get salary information: Ask other people within your field, interview personnel recruiters, or even meet with executives in major companies.
You may also reference publications at your library including trade journals and other magazines relevant to your industry. You can also read The Encyclopedia of Associations, and The Occupational Outlook Handbook.
Or you can visit the following websites…
1) Salary.com @ http://www.salary.com/
2) Jobstar @ http://jobstar.org/index.php
A. Maintain a positive mental attitude. No matter what, be positive and cheerful. Never ask for a raise with a negative or nasty attitude.
Some quick tips to keep in mind during the negotiation process.
B. Prove to your boss that you deserve a raise.
C. Remember who needs the raise and who's the boss.
D. Ask questions.
E. Find ways to become more valuable to your boss/company.
The following list contains some of the typical mistakes people make.
Some of you are probably asking, “This is all great, but what do I do when I negotiate for a new position at a company where I have no track record to speak of?” Great question!
1. Take what's called a 'Specialty Skills Assessment' based on the needs of your prospective employer. This will enable you to figure out what skills they're looking for and if you're a potential match. Write down every possible skill that would interest ABC Advertising.
2. Take what's called a 'Skills Inventory'. Write down any additional skills you can offer them. Things indirectly applicable to the position, but still valuable like new negotiating skills, educational credentials, software skills, and special projects you've completed.
3. Tell your prospective employer several personal things. These are traits that typically don't come up on resumes like eagerness to start early and stay late, the ability to make good, quick decisions, strong personal references, willingness to travel anytime to anywhere, professional clubs you've joined in the past or are a current member of, business books you've read, seminars on business skills you've attended, attendance record, sports you participate in that show dedication and teamwork, and even continuing education programs you are currently enrolled in or starting in the new future.
Remember, negotiating and dealmaking is based on leveraging your power. The more power you have in a negotiation, the easier it'll be to get what you want and accumulate riches in every area of your life.
Also, regardless of depressions, recessions, bad times and good times – employers need good employees and will pay dearly for the right ones.
Negotiate smart and you too will get excellent salaries, raises, benefits and other company perks!
If you have any other questions, please feel free to reach out to me at contact@peterwink.com.
Peter Wink is a negotiating expert and bestselling author of Negotiate Your Way to Riches and Buying Secrets Retailers DON'T Want You to Know About. www.buyingsecretsretailersdontwantyoutoknowabout.com
