How to Negotiate a Raise - Brian Tracy

How to Negotiate a raise Your greatest asset is your earning ability. Brian Tracy how you negotiate your raise can play a crucial role in the amount you're paid for the work you do, which will have a direct impact on your financial success. Not only will this impact your current income, but it will directly impact your lifestyle and your future earning potential. To earn the highest raise possible, it's important to approach and plan your raise negotiations ahead of time. By following the next five steps, you'll be in a better position to successfully negotiate the best possible raise with the least amount of friction and discomfort. Number one Research salaries of your position the first step to negotiating a raise is to research industry standard salaries of your position and the work you're doing. Having this salary range avoids putting you in a position of making up a number without facts or evidence to support it. By looking at what your colleagues and competitors in the same geographic area are earning for similar work, you'll know what baseline salary you should be earning. This research will show you where you sit in comparison to them and how much room for movement exists between what you're currently earning and where you want to be after your raise. 2. Compile a list of your accomplishments that justify a raise. Once you know what the salary range is, you need to justify why you should get the raise. It's likely that you're asking for a raise because you've taken on more work or you've increased your responsibilities, going above and beyond the requirements for your current role. With this in mind, make sure to compile a clear list of all the tangible reasons that you deserve a raise. This list should be specific, with clear references to the positive impact your extra effort has accomplished for the company. Use specific numbers when referencing increased revenues or sales, as well as tangible savings or decreased losses that are directly related to your work. Make sure to note any big projects or responsibilities you have taken on that go beyond your current role. This is important to quantify the value that you bring and why your raise will more than pay for itself by the value you bring to the table. 3. Have a target number in mind. Based on your research combined with your compiled accomplishments that warrant a raise, you should have your ideal number of what you want your raise to be. Along with this number, you should also have a range around that number that you would be happy settling for in case your raise goes into negotiations. Having this range in mind is important so you have a discrete value to pitch to your manager and have something that helps you negotiate for yourself. Number four Prepare your presentation because you'll be Asking for more money. You need to go in prepared. Use the research you've completed and your list of accomplishments to pitch your raise to your manager. This is where you advocate for your increased worth and how your raise is actually an investment your company is making. Your presentation should demonstrate the value that you add in a clear and logical way that shows your manager how paying you more is justified in addition to how they will make much more in return than what your pay raise cost them if you were compensated for the work you've been doing. Number five Stay confident and open minded when asking for a raise, be prepared to have a challenging conversation. You're more than likely to go into negotiations. Remember, your company is looking at it from the opposite perspective and your manager may have conflicting interests that you're not aware of, for example, budget limitations that come from higher up. Do not take these conversations as an attack on you though. This is how negotiations work. Try to remove the emotional component and deal with the facts, figures and specific accomplishments you have compiled and present them with confidence. This is why you need to come prepared with all the research you've done to find the common ground between what you're looking for in a raise and what your manager is willing to offer as a raise. You may have to negotiate a number that doesn't perfectly match your ideal number, but falls within that range you're comfortable and happy with because you've done all the work ahead of time. Stay confident in your abilities, your accomplishments, your research, and yourself. As you can see, taking the right steps to negotiate a raise is a key part of being able to ask for and receive the highest raise possible. By following the steps discussed and going in prepared, you're more likely to get a raise that you're happy with. Successfully negotiating raises is a key part of ensuring your personal and professional financial success. Now the question today is what specific steps will you take today to prepare for your next raise negotiation? Leave a comment below and Brian will be sure to follow up with you. Thanks for watching. And remember, as Brian always says, if you want to change your future, take action and take action now.

If you enjoyed this video and feel it was valuable in teaching you about my number one secret for improving relationships, work, life, and everything in between. Subscribe to my Channel like this video and share this video with your friends. Don't forget to click the button on the screen for a free gift. Thanks again for watching.