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Talking about money is hard to ask your boss for more of him can be Even more difficultS But once you take the time to explore your market value and consider your compensation goals, you are probably ready to start Higher salary negotiationsS
However prepared you are, the first conversation with your boss about your payment or benefits is likely not to end with a sealed deal, including everything you are hoping for, says Catherine Valentin, CEO of Worthmore Strategies, which has helped hundreds of customers successfully negotiate their compensation packages.
The process is more likely to require several weeks of meetings, follow-up and documentation, she says.
The time it takes to negotiate your compensation should not bother you, Valentin says. “Some people think about this as this one -time conversation I have to have, and it’s as stressful as buying a house,” she says. “Don’t buy a house.”
Recently, negotiation is a continuous process that will appear several times throughout your career. And like any skill, you can improve over time.
Here’s what Valentine advises you to keep in mind so you can have patience – and get what you are looking for – during the negotiation process.
Take the time correctly
Your annual review may feel like a natural moment to ask for an increase, but by then most companies have already set their annual budget, Valentin says.
Starting the conversation when registering in the middle of the year can be much more effective, she says, because your boss may determine changes in compensation in plans for next year. Plus, your annual examination may feel more like a celebration if it does not include serious salary conversations.
Don’t miss out: The final guide to negotiate a higher salary
Choosing the right moment for negotiations is not just about the company’s calendar, Valentin says. It is also about opening the dialogue at a time when your boss is most likely to be open and receptive – not when they are involved in a crisis at home or when the company’s disaster is in full swing.
After taking on new responsibilities or you have fulfilled the company, set up the match just as you would arrange any other accommodation with your manager, Valentin says. Be sure to clarify in advance that you want to discuss your package for compensation. And before sitting, check twice that they are still in good space to start the conversation, she says.
Get ready for the long road
In the first meeting to negotiate a promotion or other changes to your benefit, your goal must simply be “to set up to be successful,” says Valentin – not to reach an agreement.
Once you start the initial conversation about your target salary or any other aspects of your benefit you want to improve, your boss will probably tell you that they at least have to consult higher windows or think about changes before making any basic agreements. This does not mean that you have failed, says Valentine – it just means that it is time to exercise a little patience and get ready to follow.
Before leaving the meeting, make sure you have reinforced time for a second to hold both responsible, Valentin says.
Then, in a subsequent email, confirm the time for this second discussion and attach your notes from the first, so the lack of documentation does not slow down the process even more, she says.
After all, successful negotiations are joint, so you have to be patient while the other party hides the numbers and considers viable options, Valentin says.
Do you want to make more money at work? Get the CNBC online course How to negotiate a higher salaryS Expert instructors will teach you the skills you need to get a bigger salary, including how to prepare and build your confidence, what to do and say, and how to make a contrast.
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