Tips for Negotiating a Pay Raise

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Do you feel uncomfortable asking for more? Many people – especially women – don’t enjoy negotiating. Others simply don’t know how. It’s time to learn.

Securing a raise is a key part of achieving financial success. An average raise of $5,000 invested over 30 years with a 6% return can add a whopping $395,290 to your nest egg. Additionally, since future salary increases are often based on a percentage of what you earn now, your salary will grow at a faster rate for the remainder of your career.

Use these four steps to overcome your apprehension and effectively negotiate your salary.

1. Record your performance

When you’re essential to your company, the negotiation is much easier. Prepare a list of achievements to make your case for a raise. It’s not enough to state that you deserve more money. Remember: Show, don’t just tell. Make sure you capture the moments of praise so you have great examples to share with your boss.

Before you show your boss what you accomplished, you two need to agree on a performance plan. Work with your boss to define what success is for your role. What would provide so much value to your company that a raise becomes trivial? With a performance plan, you know exactly what you need to do to secure the raise you want.

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Source: USA Today | Mary Beth Storjohann, AdviceIQ

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