Talking about money can be uncomfortable, especially in cultures that deem it taboo. Discussing salaries with even your closest friends can be extremely hard, much less discussing it with bosses. It is not surprising that only a small percentage of employees request promotions. A study done by Accenture revealed that while 82% of employees wish to discuss their career development, only 44% have asked for a promotion. As such, learning how to negotiate for a promotion that you deserve is an important skill to make sure that you are fairly compensated for the work that you’re doing.
Before approaching your boss to discuss a possible promotion, do embark on a self-evaluation of your performance and honestly ask yourself these hard questions:
• Do you meet and exceed the expectations of the goals set in your current role?
• Have you consistently delivered excellent and measurable results?
• How have you made an impact on your organisation?
• Are you already taking on extra high-level tasks and additional responsibilities?
• Do others see you as having leadership qualities?
• Are you prepared to go the extra mile to solve issues at work?
If the answer is "yes" to most of these questions, you will likely be on track with the coveted and well-deserved promotion. Here are some tips for approaching your boss, starting the conversation, and increasing your chances of getting it!
The timing of when you ask for a promotion is almost as important as how you ask for a promotion. Don’t suddenly pop the question when you bump into them in the lift, or in the middle of an unrelated team meeting. Another consideration to factor in is whether the company is meeting its performance targets. If the company suffers from a loss in revenue, perhaps you should consider this the best time to ask for a promotion. After all, your boss may be less willing to hear about why you should get a promotion when they have other things on their minds.
Instead: Schedule a meeting
Be considerate of your boss’s schedule! Ask them when they are available to discuss your promotion, and try to choose a comfortable setting to have the conversation.
In vying for a promotion, you might be tempted to put your coworkers down or talk about how you’re better than them. However, comparing how much more your coworkers make or how much harder you work does not make a good case for a promotion. Pitting yourself against other coworkers does not make yourself look better, and may even backfire by leaving a bad impression on your boss that you’re being arrogant and not a good team player. Moreover, comparing coworkers in a promotion conversation directs the conversation away from you.
Instead: Talk about your achievements
A promotion conversation is all about YOU. Be specific about your achievements. How have you performed on the projects you’ve been assigned to? How has your role grown in the company? Support your case with real examples and statistics that highlight your contributions to the company. (Make sure you always keep a running record of your great achievements as they come along so that you can easily refer to them when the time is right... see (1) above!)
We understand the need to get your point across, but “blackmailing” your boss will not convince them to give you a promotion. Chances are, they would rather let you leave even if you bring great value to the company. Not only does threatening or being overly aggressive for promotion not get you anywhere, but it also burns your bridges for future promotions.
Instead: Let your market research do the convincing
Before negotiating for a promotion with your boss, it is important to do your research. Equipping yourself with facts and statistics on industry benchmarks can vastly increase your chances of getting the desired promotion. Online resources such as Glassdoor and PayScale can help you better understand the pay and responsibilities of the job title you are applying for. Armed with the facts, you can easily make a case your boss will have difficulty saying no to.
“Before any salary negotiation, conduct background research to determine your market value. You need to have a solid foundation for the request and realistic expectations. Study salary trends for professionals in your geographic area and industry with similar job titles, qualifications and responsibilities” – Diane Domeyer, Executive Director at The Creative Group
While it is ideal that your boss recognises your accomplishments and gives you a promotion without you having to request it, oftentimes, it does not play out the way you want it to. You also can’t assume that your boss knows you are eyeing a promotion. Your silence might just lead them to conclude that you are content in your present position, and they don’t need to promote you.
Instead: Speak up
It's evident that if you want something, then you’ll have to ask for it! After all, it’s your career that is at stake.
“Hey boss, would you be available at 2 pm tomorrow to sit down with me for a moment?”
“I’ve been working here for over two years and have been leading multiple projects in the past year. Our customer base has increased by 20%, and we have reached our goal customer satisfaction rate of 85% in the past year. Through the projects, I have also gained leadership skills that allowed me to perform my role with the company better. Considering all these factors and the market average for my role, would a promotion to regional manager and a 10% raise be workable?”
Congratulations on getting through the most nerve-wracking part, but what would your next step be? Although you’re excited about your new promotion, it is unlikely that your boss can give you an answer on the spot. If you did not manage to score the promotion, do not be discouraged. Remember: your boss appreciates and recognises your efforts. Take the chance to get actionable feedback from your boss on what you can improve on for them to consider you for the next promotion.
If you did not manage to get the raise, do not be discouraged. Remember: your boss appreciates and recognises your efforts. Take the chance to get actionable feedback from your boss on what you can improve on for them to consider you for a raise in the future.
If you did manage to get the raise, congratulations! We recommend you save the extra money you earn and invest wisely! Our suggestion, one of our top hacks, is to add half of it (and all subsequent raises and bonuses) to your current regular monthly investment contribution. You can still spend the well-deserved other half, and you will be startled at how effective it can be in a) boosting your long-term investment balances and b) limiting "lifestyle creep" to dramatically shorten the time till you can comfortably choose to step out of the rat race!
HOW TO ASK FOR A PROMOTION. COMPLETED. ✅
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