Negotiate a Raise With These 5 Psychological Strategies
The idea of making more money is desirable to most, if not all, people. The easiest way to increase your income is get a raise or promotion. But the reality is that more than half of individuals do not ask for a raise.
They may feel anxiety or fear and these emotions keep them from increasing their earnings.
This may be due to a fear of rejection. Fear of appearing greedy. Fear of confrontations. Fear of offending your supervisor or employer. Low confidence or low self-worth.
It may be a combination of reasons.
With continued experience, salary and opportunity should increase, especially considering that inflation increases 2% every year. Yet inflation-adjusted wages have remained stagnant over the last 5 years. This fact alone is enough reason to ask for a raise.
If you are wondering how much you should be getting paid, take the PayScale Salary Survey.
Asking, of course, doesn’t guarantee that it will happen. According to one study of 30,000 employees, 25% of those who asked for a raise didn’t get it. However, those odds are fairly low. Of those who did not ask, 28% stated it was because it made them uncomfortable even though only 8% of people reported they were satisfied with their current salary.
In another study, 39% of people reported they felt anxious negotiating their salary, with only 40% of men reporting they felt comfortable versus 26% of women.
Interestingly, those who were the least likely to ask for a raise made only between $10,000 to $60,000 per year, while those more likely to negotiate made $50,000 or more, with the highest averages of those asking in the $120,000 to $150,000 per year range.
In general, both men and women equally asked for a raise. The discrepancy in this area appears to exist amongst individuals with an MBA, with more men (63%) asking for raises than women (48%). Also, of those in this group who asked, 21% of women were denied a raise while only 10% of men were denied.
For many individuals, particularly those in the U.S., bargaining is not natural because we are conditioned to accept the prices we are offered. For example, when we purchase food or other items in a store, we do not negotiate these amounts like people do in other parts of the world. This conditioning also affects how we view our salaries. In fact, one study found that out of 8 countries, the U.S. was the most anxious about negotiating.
Consider this, it costs companies more money to keep training new employees than to keep their current ones happy. Assess your value and make a case in asking for what you deserve by arriving prepared with evidence such as generated revenue or testimonials.
If the fear is that your employer may say no, consider the fact that by not asking you are telling yourself no!
Here are 5 psychological strategies
to use when negotiating a raise.
1. Use their own language
Using the same language as your employer triggers emotion because emotions are tied into the ways they communicate. Therefore, by speaking in similar terms, it creates more familiarity between you both.
2. Mirror their body language.
In other words, use similar body language to the other person’s. We tend to feel comfort and trust in those who behave like us. Similar body language also increases empathy making them more likely to understand you.
3. Limit their options.
When things become simplified into small numbers, it becomes harder to argue against. Therefore, if you limit your promotion against something less desirable to them such as another offer you have been given or issues in an area of the company you are strong in, it makes it harder for them to say no. So focusing on your value, or in other words, what you can do for them, is important to your argument.
Mondays are hard for most people and according to a Forbes article, one psychologist recommended steering clear of Monday’s when moods tend to be lower than other days of the week. She suggests asking at the end of the week such as on a Thursday or Friday and during the morning when people’s moral awareness is high. This timing allows you the weekend to accept and strategize your next plan if your offer was denied or celebrate your new raise or promotion.
The way you view yourself is the most important factor in your ability to negotiate. According to psychologist Dr. Michaelis,
“The most important thing that I can say is that if you think you should ask for a raise, then you have almost certainly earned it and must do it”.
When you feel you have the courage to ask for a raise, then it is the time to go for it. Use whatever works for you to feel ready such as listen to a motivating song, meditate, or call a supportive friend.