From the course: Asking for a Raise

Prioritize your raise requirements

From the course: Asking for a Raise

Start my 1-month free trial

Prioritize your raise requirements

“

- When you're negotiating for a new job or a promotion and raise, salary is only one piece of the equation. Typically you'll be asking for things like a bonus, commuting benefits, vacation, things like that. You need to know what you want and how much all the elements of your ask are worth. So right now we're going to explore how to prioritize and monetize your requirements. What if your family is on another continent, and an additional week of vacation would be great. Or maybe you've bought a new house and your commute is now some distance from your workplace, so telecommuting one or two days a week would make you more productive. And maybe both these items are a higher priority than salary. In the exercise files, you'll find a chart for listing your priorities. It contains things like salary, bonus, vacation. The chart also lists items you might not have thought you could ask for, like staff and specialized training. When your list is complete, put it in order of what's most important to least important. And since you'll be trading things of value, the next step is to assign a dollar value to your priorities, to monetize them. So let's work on your extra week of vacation. Because you're targeting a salary of 84,000, that week of vacation is worth approximately $1,700. Knowing the value of that extra week will come into play if you get a counter-offer to your salary or other requests. You want to know the value of any concessions you make so you can ask for something in exchange. But what about those items in your bundle that are hard to assign a dollar value to? For example, I had a client whose top priority, even above salary, was to move to a different team where her skills and strengths were a much better fit. I always ask people to assign those kinds of items a value of a million dollars to help focus your at the table strategy. Research on concession shows that the most successful agreements are those in which both parties have done some wiggling, where they've given a little to get a little. So spend the time upfront to prioritize and monetize your bundle so you can engage in the negotiation process ready to collaborate.

Contents