How to effectively negotiate a raise

I have been working at the same job for a number of years and a pay rise is long

overdue, but I’m a bit nervous about asking for one. How can I approach this topic

with my boss?

~ Pending Pay Increase

Dear Pending Pay Increase,

For many employees, the thought of asking their boss for a raise can be terrifying.

Lots of people, particularly women, simply don’t enjoy negotiating, and others simply don’t know how. And yet, the art of negotiating is a key skill that determines one’s personal financial success. It may also be an important skill that can assist in narrowing the genderpay disparity in some jobs.

Several research studies have shown that, in general, men tend to view negotiations as a game, whereas women tend to dread the thought of them.

Regardless of gender, successful negotiations are all about preparation.

Here are some key pointers to help you prepare for that important conversation with your boss

• Acknowledge the dual goals in a negotiation An employment contract is exactly that – a contract. You provide a company with your skills and expertise in exchange for a paid salary. Recognising this fact should reduce some nervousness and allow you to focus on understanding the needs that underlie both parties’ position on the issue. This would help you find creative ways to satisfy seemingly competing interests.

• Be proactive and prepared It’s not enough to say that you deserve more money simply because you have been around for some ti me. When you’re an important asset to your company, negotiating a raise becomes easier – so be prepared to prove your value. Maintaining a record of your professional contributions, instances when you saved the company money, boosted sales or went above and beyond the call of duty, all add credibility to your request. If you obtained any recent training or credentials that will benefit your company, throw that into your toolbox as well. The key point here is to focus on your professional contribution. Remember this is a professional relationship, so never bring your personal financial situation into the discussion. Make sure that you are asking for a raise because you deserve it and not because you simply need more money.

• Conduct research It would go a long way to have a number in mind when you meet with your boss. Knowing what your position is paid in other companies would help you set a realistic request. Try getting some insights into the pay range for your field and position from colleagues, HR managers or recruitment fi rms.

• Determine your BATNA What’s a BATNA? It’s your Best Alternative to a Negotiated Agreement. Granting a raise may not be entirely in your boss’ hands, and in some cases a company may truly be unable to give one. Envisioning the kinds of objections your boss may have allows you to determine what your best alternative to a monetary increase would be before entering the meeting.

Perhaps you may want to consider alternatives such as, extra vacation days, flexitime, telecommuting, tuition reimbursement, a more prestigious job title, attendance at an international professional conference? Knowing your BATNA gives you greater negotiating power if your boss says no to a monetary raise.

• Find the perfect timing Think about the best time to approach your boss on the topic. Perhaps aft er a stellar performance review, or after taking on added job responsibilities? Maybe you recently won a professional award? Finding the perfect timing is all about keeping your value to the forefront of your boss’ mind, so that your case is easier to present. Avoid scheduling the meeting around busy periods when your boss may be under stress, or around periods of slow sales which would make it challenging for your boss to justify a raise.

• Practice, practice, practice! Practice helps you overcome any fear you may have about asking for a raise, and it gives you the opportunity to iron out any kinks in your case. Find a trusted friend and role play! • Approach the topic professionally Remember, your relationship with your boss is a professional one, and you want to keep it like that. Approach the meeting with your boss as two parties in a business agreement trying to reach a compromise.

• Respond professionally to a possible “No” There are many factors that management must consider before granting a pay increase.

Often times, employees are unable to see the bigger picture and organisational impact of these factors. If your boss says no then request professional feedback so that you would know what you need to do to get a “yes” the next time around. If the reason for the no is because of financial constraints, then consider suggesting a promotion – it is easier for your boss to rationalise a higher salary for higher level work. If your boss keeps up with a no, simply state that you understand his/her position and end the meeting.

Salary negotiations can be uncomfortable for your boss too. The most important thing you can do is to focus the meeting on your professional contributions – don’t compare yourself to co-workers. You also want to remain realistic in your request – don’t expect to go from a junior position to senior management with a heft y bonus.

However, if you are consistently doing an exceptional job, and your boss consistently says no, it may be ti me to start considering moving to a company that is willing to pay you what you deserve.

GOOD LUCK, AFETT.

AFETT is a not-for-profit organisation formed in 2002 with the goal of bringing together professional women and engaging in networking opportunities, professional training and business ideas.

ASK AFETT is a column meant to address issues and concerns of professionals seeking advice to assist in progressing in their careers. Today’s response was written by AFETT member, Donna Thomas - managing director at Enkindle Business Consultancy Ltd., director of Research & Public Advocacy at AFETT, business consultant, strategist and university lecturer.

Learn more about AFETT at www.afett .com, search for AFETT Events on Facebook, follow us @ AFETTEXECS on Twitter or contact us at 354-7130. Email us your career-related questions at admin.

afett @gmail.com.