4 Smart Negotiation Tips From Experts That Can Help You On Your Financial Journey

Ask and you shall receive. Well, it depends on who you’re talking to. If it’s your boss and you’re asking for a raise? Maybe, maybe not.

The odds are in your favor though. According to research from Payscale, a provider of compensation data, software and services, 70 percent of the employees they surveyed who asked for a raise received one.

And there’s plenty you can do to set yourself up for success.

You know they say the squeaky wheel gets the oil. Same goes for a raise. Don’t wait for your employer to do the right thing. Boldly speak up.

“People often fear asking for a raise because of the possibility of rejection, damaging their relationship with their employer, avoiding conflict, or potentially jeopardizing their current job situation. But unfortunately, raises are infrequently offered if they are not requested. The days of meritocracy are long gone,” says Rose Fass, co-founder of fassforward Consulting Group and author of The Leadership Conversation: Make Bold Change, One Conversation at a Time.

The golden moment to ask for a raise is when your success aligns with the company's success. 

“If your organization is experiencing growth or celebrating strong financial results, that's your cue. But don't just ride the company's wave. Make sure you've exceeded your own goals and targets. It's even better if you've stepped up and taken on new responsibilities,” says Dominic Monn, founder and CEO of MentorCruise, a mentorship platform that connects IT professionals and mentors in tech, design, and career development.

This combination of good company performance and personal achievement is a good time to negotiate higher pay because you can clearly show you're not just part of the company's success, but a driver of it.

Do your homework to build your case. 

“Your HR department should be able to provide you ranges for your job level and role. Ask for as much context as they will provide,” says Heather Powers, CEO and founder of The Power Lane, a leadership consultancy.

Research the market salary for your role and ensure your ask is aligned with your contributions and industry standards, points out Angela Tait, a talent management expert and founder of Tait Consulting. 

Be ready to present clear data points about your accomplishments—money you've saved, projects you've led, and how you've exceeded your job description. This gives your manager the facts they need to justify your raise. 

“Don't forget to highlight extra contributions like leading internal teams or employee resource groups. By laying out the facts, you turn it into a productive conversation about your value to the company,” says Monn.

You don’t want to sabotage your success by making missteps. For sure, you don’t want to ask for money if your company is just going through layoffs or is otherwise in crisis mode. While it’s about you, it’s also not.

Tait explains, “Avoid focusing solely on personal needs. For example, saying you need a raise because your expenses have increased. Center your request on your business impact.”

Another common mistake to avoid: Don't compare yourself to other employees.

“So and so makes more isn't a good reason for you to get a raise,” says Matteo Hoch, founder of Bird Spring Financial.

You advocated for yourself, stated your case, but in the end, you didn’t get a raise. What next? Don’t throw a tantrum. Stay professional and positive. Ask for feedback on why your request was denied. 

“Ask for a timeline or roadmap for reassessing the raise. Ask for specific benchmarks or goals that you can work towards and agree on a follow up meeting in the future to revisit the conversation,” says Tait.