Shari Weiss BUS300
If you are an established employee in the working world this paper is meant to assist you in the negotiation of an increase in salary. A majority of the workforce feels that they deserve to be earning more than what they are currently making but are not comfortable having that conversation. If you have never had a conversation where you’ve discussed a pay raise or you are not equipped with the right information approaching this situation could be stressful. This paper is going to tell you what it is that you need to have the best chance at receiving that sought after pay raise.
Before you even thing about approaching your employer you are going to need information. The information that is going to be most beneficial to you is your own organization tendencies, competing companies’ salaries for similar positions, any sort of raise in the price of living. You are going to want to gather as much outside information as possible prior to this sit down. You are then going to want to gather information that directly reflects your work and the bottom line of the company. You want to show your superior how you have made this company more profitable and the same should be done to the employee.
Before sitting down you are going to have to have an idea of what it is that you want out of this meeting. Have a salary at which you couldn’t be happier with and make that the number you respond with if asked how much you should get paid. Be willing to negotiate with other benefits such as vacation and sick days, you have ore cards than just the salary. If other benefits are not as important to you make that known to your employer and be willing to make a trade. Knowing your employer is going to be a key aspect here. You want to gain as much information as possible on this person so you can get a feeling to how it is the react to certain situation. You want to know if they are more likely to lash out when being talked to aggressively or they are easily appeased with compliments. Like I said have your ideal salary set and then have your fallback price, which is something you will not go lower than but still be happy with.
You are going to have to practice this skill much more than you think. A lot of negotiating success stems from the confidence of the one who is doing the negotiating. Have a friend that has a full understanding of the situation and can play devil’s advocate practice with you. The more you are able to practice the scenario and script the more confidence you are going to display when it comes to the real situation. And practice is other environments in your everyday life such as the market or car dealership. A dealership is a perfect place to practice because the person has no prior knowledge of you and you can come up with any backstory you’d like. The point is the more practice the better off you are going to be once it comes down to the actual negotiation.
So if you feel that you deserve a raise in salary there are a few basic things you need to accomplish. First, gather as much information on the situation and situations similar to yours
Then formulate a plan with numbers and tradeoffs in mind. Followed by practicing the execution as possible. If this is done you are in the best position for obtaining that raise.