Stakeholder Value in Negotiating a Raise
Do you feel like you are alone when negotiating a raise? Before making that appointment to ask your boss for a raise, consider who else is interested in your situation. Make a list of people or departments interested in your satisfaction with your paycheck; for example, the Human Resource Department.
The Human Resource Department has an interest in achieving low employee turnover rates. Low turnover rates result from employee satisfaction with their employment. This includes the quality of the employee’s working relationships, the employee’s satisfaction with the type of work they do, and the employee’s satisfaction with their income.
Before making that appointment with your boss, make an appointment with the Human Resource Department. Ask the HR Department for their expertise in communicating the income range for your position, both within the company, and at similar companies. Sensitivity is required in asking and receiving this information. If the organization is small, the HR Department might not be able to disclose any pay ranges, as the pay range information could be directly tied to specific employee’s incomes. In a larger organization, the pay range should be available through the HR Department. The goal here is to gain information and support for your desire for a pay increase. You might also ask the HR Department what the pay range would be if your position were advertised at today’s wages. Collecting this information gives you a stronger understanding of what is a reasonable request when you do make that appointment with your boss to discuss a pay increase.
If you feel nervous at the thought of discussing your pay with your boss, tap into the HR Department’s expertise and practice asking for the raise with an HR employee. Ask for pointers on how to state your case for deserving the raise. Ask for feedback on your mannerisms. Do you appear confident? Knowledgeable? Does your boss know your success record? Most people focus on accomplishing their own duties and responsibilities, your boss might not know how you contribute to the success of the company. Include these items in your practice session with the HR Department.
Another stakeholder to consider is your immediate supervisor. Ask your supervisor for advice on how to approach the topic of a pay raise with the boss. Ask your supervisor if you can count on the supervisor to support you in your request. The goal here is to gain support for your request. In this conversation, you might ask your supervisor for any tips on how to approach the boss. Perhaps the supervisor knows key areas that the boss is passionate about. From this information, you can build a case for receiving the raise by including some examples that speak to this area of passion. Remember that the employer is focused on what you accomplish for the company. Your own personal financial needs speak to your ability to budget your money, not to whether or not you deserve the raise.
At this point, you know if your desired amount is reasonable. You also have perfected your presentation and have gained the support of both the HR Department and your Supervisor. The next step is schedule the appointment through the proper channel, usually through the administrative assistant.
Before walking into your boss’s office, take a quick stop into the nearest rest room. Look into the mirror, lift your arms into the air into a victory pose and say,” I earned this raise through my past performance and I am worthy of receiving a higher income!” Surprisingly, this action increases your self-esteem and sense of success, presenting a higher level of confidence when you walk into that important meeting to discuss your pay.
Upon the successful negotiation of the raise, drop by the HR Department to thank them for their help; remember to thank your supervisor as well.
Dr. Karli Peterson is an adjunct professor with Kaplan University who holds a PhD on Organization Management with a Specialization in Leadership
The views expressed in this article are solely those of the author and do not represent the views of Kaplan University.
Share small business news, blogs and social media tips with Project Eve’s community of small business owners and entrepreneurs today. Our contributors come from a wide range of backgrounds; so whether you are a small business owner, social media strategist, financial adviser, serial entrepreneur, or write an amateur blog we urge you to contribute a blog to our 500,000+ community today. For more information, please refer to our Content Submissions Guidelines.