Cheers girl! You nailed that promotion!
This is a great starting place for salary negotiation as your organization views you as highly valuable. They not only want to keep you, but give you more responsibility as well.
However, they also know more about you and what you were previously making.
So how do you best leverage yourself in a negotiation?
PLAN B: BATNA
Think outside the box, and be creative with other potential "asks" in the negotiation.
A Quick Note about Negotiation
Breaking down the elements to any negotiation is never simple, and one of the biggest mistakes any negotiator can do is to oversimplify.
My goal is to help you navigate your salary negotiation armed with the most information and highest level of confidence.
If you are new to negotiation in general, I encourage you to learn more here:
As someone who has studied negotiation academically and who has had both successful and not-so-successful negotiations, I have created this checklist to help you learn from my mistakes!
Make sure you read through the entire checklist
before taking action as the steps are all interrelated.
Checklist item #1
Checklist item #1
Success is in the details and starts with questions about the negotiation such as;
How does it start?
Where does it take place?
Who are the people involved?
In short, winners begin well, so let's start you off on the right foot.
While the agenda-setting stage can be the most irksome and nerve-wracking part of the negotiation, it's also the most important.
If you are waiting for your employer to ask you to negotiate your salary,
it is not going to happen.
I've given you the steps to take to ensure your agenda is set for success, so you can be off on your negotiation right. It's important to make it happen for yourself.
The first item on your agenda is sending an email setting up a meeting for the negotiation.
Here are some email templates for you to use to make it a little easier!
It is important to note, however, that since you have recently been promoted, you may already have this meeting set, and ready to go! In which case, you may be off the hook for sending this email.
Before you request a salary negotiation, make sure you have already completed, or will have enough time to complete the rest of this checklist!
Once, you set the date, it's time to set the agenda — this is mostly for you to orient yourself and stay on track during the negotiation. Here is a sample template for how this should look. Note; this template should be one of the last things you fill out because you will need to complete the other checklist items first.
Checklist item #2
SHOW ME THE MONEY!
The best way to know what you’re asking for and why is to research, research, research and luckily for us we have this information at our fingertips!
You should never go into a negotiation blind! No, not Bird Box style, money style. By this I mean you should know exactly what salary number you want to walk out of the room making, and why.
To do this, you will need to find out not just how much your job is worth on the market, but also how much your time is worth consummate with your skills, achievements, education, and so on.
For this step you will need:
Your most recent pay stub (both annually and monthly)
A phone or computer with internet access.
Your budget. (Don’t have a budget? Visit the resources guide for some ideas to get you started)
A list of things you have done for your organization.
This list can be things such as;
I brought in 10 new clients in 6 months.
I launched a new marketing strategy that grew sales by 30%.
I sold more than $60,000 worth of product.
Notice that these examples are specific and have numbers attached to them: they show exactly how much the work you do adds to the company. While these are critical negotiating points for you, remember to also add other non-numerical things to your list such as:
I am consistently on time.
- I constantly speak up and volunteer for work-related (or non-work related) projects.
I have never had a negative client complaint or employee review.
I presented or attended a conference or meeting and positively represented the organization well.
After you have compiled this list, head to Glassdoor, The Salary PayScale, or the Salary Project to look up what other people with your new title are making.
(Feel like creating some good karma? Help other's out by listing what you made in your last position, pre-promotion)
Be sure to look not just at your organization, but in general what your position and skills are worth in other organizations. Make sure to look in a similar sized market (salaries in New York will not match those in Omaha for the same work, for example.)
Once your research is complete it's time to decide your strategy.
Checklist item #2
Checklist item #3
FIND YOUR BATNA
Checklist item #3
Nope, that's not a typo or a baseball reference.
Your BATNA is your
Best Alternative to a Negotiated Agreement
Think of it as your backup; your other options. This is arguably the most important part of your negotiation because it's going to give you more power. Much like in the game of baseball, players have options in the form of bases.
A player can, of course, stay where they are, or they can try to run for that next base.
You want to have as many bases to run to in a negotiation as possible
(metaphorically speaking of course).
Here's an example. Let's say in a negotiation you know that if you do not get an appropriate amount of money with the promotion you just received you can go to another organization across the street and make the dollar amount you want. Your ability to "walk away from the table," or "off the field" (if we are sticking with the baseball analogy) just grew enormously! You are much more relaxed and confident, therefore, in asking for what you want.
On the other hand, if the opposite is true, and you know this is your only option for this promotion and you have to take whatever the company is willing to give you, then your negotiating power just got smaller and your willingness to stay at the table or at first base just became more solidified.
This is why researching your skills and your new title is so important. It gives you more information about what is out there if there and if there are positions that you can apply for if the negotiation does not go the way you want.
Also, know that your BANTA is not money. Let's think about the second example, of having to stay on first base because it's your only option. You can still ask for other things in the negotiation that has nothing to do with salary. One of the biggest mistakes you can make in a negotiation is having nothing other than money to ask for. I learned this the hard way in a negotiation when my boss asked,
"Is there anything else I can give you?"
Without research or thinking about this question in advance I had nothing to say, no bases to run to. DO NOT MAKE MY MISTAKE! The answer is always "YES." Anything you want from a negotiation - be it money or something less tangible is an "ask."
The next item on your checklist item addresses the same question. This guide will help you think of new asks in your negotiation - bases so to speak, Don't be afraid to get creative, and make sure to aim for the home base!
don't be afraid to get creative, and swing to hit these asks out of the Park.
Use this guide to brainstorm some alternative asks besides money!
Checklist item #4
PRACTICE, PRACTICE, PRACTICE
Checklist item #4
As with all things in life, the more we do something the better we become, which is why this step is so vital to your success! Practicing negotiations is very difficult because it's nearly impossible to recreate the specific type of negotiation you will be having; however, you can practice the art of negotiation and learn to adapt. I designed this checklist around the idea that the best way to prepare for something is to do it!
For this phase, channel your inner Marie Kondo, and DO NOT SKIP THIS STEP!
In this section, there are two practice negotiations; if you have time, I recommend trying out each of them, otherwise, select the one you find the most interesting or the one that best matches your workplace. Don't worry, you'll be able to practice your own negotiation later, this stage is just to get you out of your own head for a bit and practice.
It is critical that you do not cheat by reading the other sides paper - you need to stick with the one that says "Employee" find someone to practice with you. This can be a close friend, significant other, parent, sibling, etc - as long as you think this person will take this seriously, go for it! If you have an aunt who is a lawyer, (or other relative or close friend), I recommend asking her to help you roleplay with one of the scenarios since she will be more accustomed to a real scenario. don't be afraid to ask questions and remember that getting a NO is just the start of the negotiation.
If the idea of calling up one of these people is too daunting, I am available for 1-hour long consults, feel free to click on the button to the right to contact me for a session!
Each section has an instructional page for you and your partner to read before you begin! Good luck and have fun!
Role Play # 1: Techno Inc
Role play # 2: Starbucks
Checklist item #5
TURNING THE TABLE
Checklist item #5
Now that you have some experience negotiating, it's time to focus on your specific salary negotiation! Except that now, instead of practicing for yourself, you will be playing the role of your boss or the person negotiating with you. Scary, right?
When I was in high school I did public forum debate, in which the debate was determined by a coin toss who would be arguing which side. This meant that my debate partner and I had to be ready to argue both in favor and against the topic. Doing this meant that we had a great understanding of the issue we were debating.
This tactic might seem unnecessary but it's not - knowing what arguments your opponent might use, gives you an advantage when it comes to making your case. In this section, you will think about all the things your boss bring up or "hold against you." Remember way back when in checklist item #2: Show Me The Money, when you listed out your accomplishments? Now you have to do the opposite. Be honest with yourself - what are some things your boss might say are reasons for not giving you a salary bump?
- Do you sometimes turn in projects late?
- Are you late to work?
- Did you lose a client?
Additionally, your boss may blame you for things that are beyond your control. For example the economy, a company rule, etc. In this template, write out these reasons and think of what your response would be, then practice your own negotiation with a partner. Use these templates to fill out the information, and be honest. Avoid using excuses and try to focus on accepting that you are human and you make mistakes, but you are working on correcting your past mistakes. Listing specific things you're doing such as reading or listening to a specific podcast show that you are putting effort into making yourself better!
Once you have completed the template, fill out your boss or the person you will be negotiating with, find a practice partner, and start!
Now it's time to practice your own situation. Gathering all the information you've done in, previous sections, print out the Agenda Template from Checklist #1 (also below)
TURNING THE TABLES TEMPLATE
Checklist item #6
Checklist item #6
As your final checklist item, pre-negotiation make sure you are physically and mentally prepared for your big day, now that you've practiced, researched, and prepared as best as you can!
You know the drill as with any big test or event in your life, be sure to:
Get a good night's sleep.
Eat a big, nutritious breakfast.
Give yourself some mantra's to repeat when you start to get nervous.
- Wear your favorite power outfit, etc.
While there is no magic solution to making you more confident overnight, there are some psychological tips you can use to go the extra mile visit - the Negotiator Resources page to find out how!
Check out my Spotify Playlists and Podcasts to get you pumped before your negotiation!
Checklist item #7
CROSSING THE FINISH LINE
Checklist item #7
So you researched everything you can about your ideal salary, you have your BATNA, and you've practiced your heart out! But what happens after the negotiation?
IF IT'S ALL YES!
Ideally, your negotiation will be nothing but a whole bunch of YES you will get your ideal salary and all your BATNA's! If this happens, congrats! You hit the negotiation jackpot!
IF IT'S ALL NO
Unfortunately, the world is an imperfect place, and your boss may give you nothing but NO and make you feel like all this hard work was for nothing. In that case, ask if you can re-negotiate in two to six months. If this is still a no go, then get ready to re-think your options and start looking at your BATNA's to find a better fit and an employer who will value what you're worth!
IF IT'S A MIX
This is the most likely scenario - you will win some and lose some, you may get your ideal salary and some of your BATNA's but not all, or you may get less money than you wanted, but got all your BATNA's.
No matter what the outcome, tell yourself how proud you are for doing all this hard work and for being brave enough to negotiate!
Also, be sure to write out what happened in the negotiation.
What questions were asked?
What could you have done better?
What did you do well?
What was the end result?
I recommend using the agenda template to write out these notes from
Checklist Item #1