Five Fatal Mistakes To Avoid When Asking For A Promotion

ShutterStock

Your heart’s beating faster as you walk into your boss’s office to ask for a raise. This is the big one: the one where you ask for an extra 10, 15, or even 20% more in salary. You state your case, and you’re told you’ll be considered. Weeks go by, and you hear nothing.
Does this sound gut-wrenchingly familiar? There’s a good chance you committed one or more of the five fatal mistakes of negotiating a raise. I’ve been on both sides of the table, as an employee navigating annual reviews and asking for raises, and as an employer and CEO conducting more than 100 annual reviews since 2009.
In order to broach the topic of a raise, you need to first understand what’s at stake. Your employer will give you a raise when you’ve met all of the following conditions:

You are producing more tangible value in your role than you’ve been compensated for since your last performance review (i.e. You are producing more, high-quality output).
You are taking on responsibilities and initiatives outside of your core role and are excelling at them without dropping the ball.
You have built up enough value in your company that your particular skills and talents are difficult to replace.

Once you’ve understood that any negotiation is based on two parties agreeing upon the perceived value being discussed, you’ll have a much more successful outcome. Steer clear from making any of these disastrous mistakes during a salary negotiation:
You Don’t Know What The Market Pays For Your Position
If you don’t understand the changing value of your role in the market, you won’t be able to anchor your request with facts. Market value is determined by:

What you could earn for the same role elsewhere
What your company would pay to replace you
What your company would pay to keep you

Compare apples to apples when researching your role. Account for market size, geography, and cost of living standards. For instance, salaries in Toronto, Canada will be very different from those in San Francisco.
You’re Asking For A Raise Prior To Proving Your Capabilities
Employers are wary about paying for success in advance of it being achieved. If in the last year, you have over-performed in your role, but your responsibilities have stayed the same this year, asking for a performance bonus is much more appropriate and likely to get awarded.
To increase overall compensation, you must increase your responsibilities and do more work that creates tangible value for your company. A reasonable boss would be happy to compensate you for it.

About Micheal Aigbe

This is a short description in the author block about the author. You edit it by entering text in the "Biographical Info" field in the user admin panel.