Make sure you prepare for any promotion you may be considering in your current position. While a promotion can increase your earning potential and make you more money, it is important to do your research and understand what the expectations are for your new title. Also, you should know the current market rate for your title in your locality. 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
Before negotiating a promotion, make sure you're prepared for any possible outcome. Identify your BATNA (best alternative to the negotiated agreement), which is what would be the best offer if the deal does not work out. This information will allow you to determine when you should walk away from a bad offer.
Listening to your employer's response
Listening carefully to your employer's reaction is one the most important steps you can take when trying to negotiate 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. Besides, you will also want to consider the possibility of earning more elsewhere.
Offers of compensation for desired reasons without regard to the percentage rise in your current salary
If you are expecting a promotion, gather market value data, speak to peers in competing companies, and enlist the help of mentors. These facts will help you make an educated decision for yourself. Once you have a clear picture of what you want, you can begin pitching for desired compensation.
Argument for promotion based upon direct results
The promotion process is often unfair, and 53% of employees believe that promotions should be made based on their performance, not by 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, a former employee surveys implementation consultant, stated that "people should be the ones making the decisions about their own futures." Martinez's experience includes culture transformation and change management consulting. She also helped to drive global expansion at Great Place to Work.