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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,
Episode #518
how to negotiate for more money

3. Negotiate other benefits.

If you asked for a raise and were refused, don’t give up. Whether the problem is a limited budget, low company revenue, cost-cutting measures, ask for other benefits instead of money.

You might ask for an additional week of vacation, a day per week to work from home, gym membership reimbursement, travel to an industry conference, training, equity, or a better bonus. There are creative ways to ask for additional benefits beyond your salary.  

If you asked for a raise and were refused, don’t give up.

4. Develop a plan for a key project.

When there is a limited budget, create a project, in addition to your full-time role, to earn a raise over the next six months. Partner with your manager on a project that generates revenue, cuts costs, or adds value to your division.

Ask your manager for support in advocating for your salary raise if this project is successful. Keep your manager informed of the progress with the project and timing of the next salary raise.

5. Present another job offer.

After six months, if you created a project that adds value and you still don’t get the raise or promotion you want, it may be time to look for another job. When you present another job offer, your current manager has the choice to match it or let you go.

Often a manager will find additional funds to keep you if they believe you're adding value. If not, it’s time to move on to the next job and get ready for the next negotiation!

The co-host for the MSNBC "Morning Joe" show, Mika Brzezinski, was earning just 10% of what Joe was making in the early days of the show. In her book, Knowing Your Value: Women, Money & Getting Your Worth, Mika explains why several of her negotiations for pay raises were unsuccessful.

It wasn't until Mika threatened to leave Morning Joe that she finally got a pay raise. Sometimes an employer or business partner must fear losing you in order to realize your value and do what's necessary to keep you.   

Related: How to Get Paid What You Want

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