5 lessons from failed salary negotiations
If you have tried and failed to negotiate for a higher salary, you may feel discouraged to try again. But the key to snagging a raise at your next performance review is learning from your negotiation that went south. You can't always guarantee success, but you can always put yourself in the best position to achieve what you want. Here are five lessons to learn from to succeed the second time around:
Pick an appropriate time
Salary negotiations usually happen during the initial job offer, promotions, and annual reviews. But there are also times outside of those moments to ask for a pay rise, so long as you choose your timing wisely and take into consideration the events happening in your company as well as your manager's work situation at the time. Avoid busy and stress periods or times when you know the company's going through a major upheaval.
Have the conversation in person
Big mistake if you wanted to avoid any awkwardness and dropped the salary-negotiation bomb via a one-sided email instead. Salary negotiations should be a dialogue between you and your manager that not only touches as to why you deserve a raise, but also about the future of your position, your career prospects and where the company is heading. It's also important to remember that salary budgets are set far in advance of performance reviews so don't spring the question without pre-empting your manager ahead of time.
Focus on tangible results
Don't enter the conversation without any preparation. Show your manager clear, tangible facts such as the targets you have achieved that boosted the company's bottom line, results of work and details of additional initiatives you've taken on. Often, managers don't have a full view of everything you do, so showing just how much you've taken on is crucial.
Don't compare yourself with your colleagues
Focus on what you are worth and how your skills, responsibilities, and accomplishments compare to the overall market. Comparing your performance or amount of work you do with another colleague can be counterproductive. However, there are exceptions to this. If all factors including experience, skill sets, and qualification are equal, and you're getting paid lesser than a colleague, then it's time to politely bring it up with your boss.
Keep your emotions in check
Getting emotional during the negotiation is a wrong way to start. For many people, bringing up money is something out of their comfort zone that can result in feelings of anxiety and awkwardness or even unintentional aggression. Be professional and positive, whilst keeping a check on your manner and attitude throughout the negotiation. Remember that the purpose is to have a conversation so keep the discussion measured and objective.