How do I negotiate the right salary when I get promoted?
This is a challenging one! There are so many different things to consider with a question like this. You’ll have to do a bit of research before you start trying to negotiate.
First, before you’re even thinking about asking for a promotion, you should know the rules your company has for any limits on salary increases. Many companies have rules about what % increase is allowed for any promotion.
Next, when it’s time to start talking about getting a promotion, you’ll need to do some research about what salary you should expect for the new role. When you do this, you’ll have to consider a few things:
- How much of a stretch is this promotion? Have you been doing the job for a while, and are just now getting the title, or is this a new challenge that you have very little experience in? If your manager is taking a chance on you and giving you a challenge, you shouldn’t expect a huge raise. Some of the compensation you’re getting is the opportunity to learn new skills and expand your res
- How does your current salary compare to the average? If you’re highly paid in your current role, you may not see as big of a raise to get you to the right level in your new role.
Now, when you do the math about how much of a raise you should be able to get outside of your company, compare the difference with the % increase limit your company has. How different are they, and are you comfortable only taking the allowed % increase?
If the difference is bigger than the % increase limit for your company, you’ve got some thinking to do, and so does your manager.
Before you walk into any negotiation, you have to know what you’re willing to risk. Is this negotiation worth the possibility of losing out on the promotion, or even losing your job?
You will also need to have some idea of what your manager and company are willing to risk. Do you have institutional knowledge that they are afraid to lose? Do you have connections that the business needs in order to be successful? What is the value you bring that makes you worth your salary, plus the increase you want?
Once you know where you stand, and have a good idea of where they stand, you can start planning your negotiation. It is likely that your manager will provide you with the amount of the salary increase as part of the promotion. Note: that increase may be zero. That’s their starting point. I think it’s important to ask questions to understand their reasoning for the amount they’ve chosen. This is where your research comes in. Use your knowledge to continue the conversation until you come to a place where you both agree. If they are sticking with the % increase limit rules, ask what the salary would be if you were not already an employee. If the numbers are different, that is definitely something that needs to be discussed.
In some negotiations, you’ll come out on top. In others, you won’t. The important thing is to actually negotiate. Do the research. Ask the questions, and ask for what you want. You’ll never get the increase you didn’t ask for.
How do I negotiate a salary increase?
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