Make sure you prepare for any promotion you may be considering in your current position. You can improve your earning potential by being promoted, but it's important that you do your research and know what to expect from the new position. It is also important to find out what the market rate for your new title is in your area. For example, someone looking for a Boise-based project manager job will not get the same salary as someone from San Francisco.
Create a backup plan for promotion negotiations
Prepare for any possible outcome before you negotiate a promo. Your BATNA (best alternative agreement to the negotiated deal) is the best offer in the event that the deal fails. This information can help you know when to walk away from bad deals.
Listen to your employer.
Listening to your employer is one of the most important things to do when negotiating for a promotion. While you might want to negotiate for a more lucrative salary, you need to also consider the cost associated with training or hiring a new employee. You should also consider earning more elsewhere.
Ask for the compensation you want, but don't consider the percentage of your current salary.
Consider gathering market value data. You can also speak with colleagues from competing companies. Mentors may be helpful if you're expecting a promotion. These facts will help you make an educated decision for yourself. Once you know what you want you can start to pitch for the compensation that you need.
A case for promotion based only on direct results
The promotion process is often unfair. 53% say that promotions should only be given based upon employees' performance and not on the boss. According to the Great Place to Work survey employees believe that they should control their career decisions instead of having the organization make them. Lorena Martnez, a former employee survey implementation expert, said that employees should decide about their futures. Martinez's past experience includes change management consulting, culture transformation, as well as helping to drive global expansion of Great Place to Work.