Six Steps to a Salary Increase

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The economy is doing well, so maybe it’s time to talk about your next promotion. Are you happy with your current salary? How about your current position?

When it’s time to discuss your salary and your role within the company, keep these six secrets in mind:

  1. Speak the Language of Numbers, When You Want a Promotion – discussing your salary and your job title can be a deeply personal conversation!  However, making this discussion an emotional one will not serve your goals.  Consider the things that you have accomplished, and that you would like to create, and put clarity into your story.  Numbers are the universal language; include objective criteria for past performance with timeframes and milestones for the future.
  2. Focus on Your Listener

    “My baby needs new shoes!”
    “I haven’t had a pay increase since 2012! You owe me!”
    “I need a vacation!”
    “My co-worker makes more than me!”

    Success in your salary negotiations is a promotionNone of these passionate pleas is really a negotiating strategy.  When it’s time to talk about your salary, that conversation is colored by your personal financial situation, and what lifestyle you would like to create for yourself and the people that matter most to you.  However, you’ve got to “turn the mirror around” when it comes time to talk compensation.  Focus on your supervisor, and consider: What are her goals and objectives?  What can you do to make sure that your boss gets what she needs?  From that platform, you establish a clear and needed offer that’s phrased in terms of your boss.

  3. The Company’s Needs Are the Only Ones that Matter – concentrating on your supervisor’s objectives is the first step in showing that the company’s needs are your focus.  How much money you need for a vacation, or college, or even (yikes!) medical bills is not the company’s concern.  The fact that you haven’t had a raise in several years is not about the company’s sins, but more likely: your ability to negotiate.  Your personal financial situation is not a part of the salary conversation.  If promotion is your goal, start with promoting the company and the company’s needs.
  4. Context is King– Do you know if your salary is in line with what others are making?  Have you done your homework to find out how you compare to others, so that you know if your paycheck matches your title?  A little research goes a long way – especially if it helps you to understand the company’s financial situation.  After all, even superstars don’t get promoted if the company is shrinking!
  5. What’s the Budget for Your New Salary? – Having insight into the financial situation of your company can make a real difference, but that level of detail (especially at a privately-held company) can be difficult to access.  However, you should be able to get a feel for your salary as a portion of your responsibility (in other words, if you have marketing responsibility for a $10MM advertising budget, or your quota is $15MM, consider your salary as an overall percentage of that task).
  6. Potential Over Past Performance – Your past performance is known, and (if you followed #1) measured and explained in numbers.  The future is uncertain.  So, how does your boss know what you can really do with a promotion and new salary level?  Your mission, should you choose to accept it, is to be explicit in what you believe you can create and accomplish.  Show your plan, and show that you’ve thought through the implications and challenges.  If your business case is solid, your request for a promotion and salary increase will have a much better chance for success.

 

Secrets of Salary Increases and Your Next PromotionFor more information on how to get a job, get a raise, get a date and more, check out Five Great New Elevator Pitches from Chris Westfall.

 

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Chris
Chris
US National Elevator Pitch Champion. Keynote speaker. Author. Business coach for Fortune 100 companies, entrepreneurs and high-growth organizations. Married with two daughters, based in Houston, Texas USA.
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