A Simple Way to Make Your Raise Even Bigger
December is upon us, and that means it's time to really start thinking about your year-end performance review—and, hopefully, raise.
If you've decided it's time to negotiate a higher salary, you're probably considering a nice, round jump in numbers: maybe asking for $65,000 instead of the $58,000 you make today. According to researchers at Columbia Business School, though, you'd be better off asking for something more like $64,750.
Turns out, when employees use a more precise number in their initial negotiation request, they are more likely to get a final offer closer to what they were hoping for. This is because the employer will assume you've done more extensive research into your market value to reach that specific number. Lauren Weber of The Wall Street Journal explains:
When it comes to negotiating salary, Ms. Mason’s research indicates that a job candidate asking for $63,500 might receive a counteroffer of $62,000, while the request for $65,000 is more likely to yield a counteroffer of, say, $60,000, as the hiring manager assumes the candidate has thrown out a broad ballpark estimate.
So, this performance review season, don't be afraid to ask for more—just be specific.
Ready to ask for your raise but aren't sure how to start? Watch our webinar during your lunch break and you'll be on the path to salary negotiation success!
Photo of hands and money courtesy of Shutterstock.
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