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How to Negotiate for More Money

Want a raise or promotion, but don't know where to start? Learn how to negotiate and get what you want, even if the answer is no!

By
Laura Adams, MBA,
October 25, 2017
Episode #518

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how to negotiate for more money

Hard work, grit, and luck always play important roles in earning more at your job or business. But an often-overlooked ingredient to success is your ability to negotiate in the workplace. If you don’t know what’s possible or fail to make your value visible, you could be missing out on a variety of benefits.

Don't assume that you can't increase your profit from a job or business relationship. If you don’t look out for yourself by negotiating items—such as salary, training, job title, additional resources, paid vacation, or the terms of an agreement—no one else will.

In my interview with Kelly Gushue, Founder and CEO of Personal Finance Warrior, we discuss key points that everyone should know about negotiating. Here are some of the topics we cover:

  • How gender differences impact how we negotiate
  • The best way to respond when a potential employer asks for your salary history
  • The right way to ask for a raise or promotion--and why hearning no can be a good thing
  • Where to research what your salary range should be for your location and industry
  • How to get benefits you want, even if you’re turned down for a raise
  • 5 steps to structure a negotiation that gets past no
  • Why leveraging another job offer can be the key to making more

[Listen to the interview using the embedded audio player or on Apple PodcastsSoundCloudStitcher, and Spotify]

How to Negotiate for More Money 

Here are five tips to ask effectively and negotiate, even when the answer is no, contributed by Kelly Gushue:

  1. Show business metrics
  2. Know your value
  3. Negotiate other benefits
  4. Develop a plan for a key project
  5. Present another job offer

Let's go deeper into each. 

1. Show business metrics.

Make a list of the business results you and your team delivered and include specific business metrics you achieved. Use as many numbers and business measures that are relevant for your manager and your division.

2. Know your value.

Conduct research on the salary range for your role, location, and industry. Talk to your manager about this data and discuss how your company stacks up. Ideally, you want to request the upper end of the salary range.

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