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Monday, January 26, 2009

Reasons to Brush Up On Your Salary Negotiations Now

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By Trevor Davide Grant

Are you underpaid, and over worked? Do you put in excessive an effort in your career life and give up too much of your free time? Are you a consummate professional and in need of a pay raise? If so, you're one the millions who are in the same boat.

If you want to move ahead in the rat race, and stand out above the millions of others, you need to learn to negotiate a salary raise from a place of empowerment. In order to get to that place, you need to plan ahead and intimately know how you will approach your boss for a pay raise. What will you say? What is your case for salary negotiation?

While everyone has a reason to ask for a raise, most people need to work on their salary negotiation skills. What are your reasons to improve your game and ask for a raise?

1. Earn the respect of your employer. For many people, being treated with respect and feeling that respect from their supervisors is a big reason to stay with that company. When you are successful in negotiating your salary, you will have earned the respect you were looking for. Your boss wouldn't have agreed to a pay increase if they didn't respect you. They will respect you for your approach to salary negotiation.

2. Respect for yourself. By going after the salary raise, and planning and preparing for a salary negotiation that you bring to a successful close, you will feel a great sense of accomplishment. You not only know you're a hard working and deserving employee, you also know others believe it too. You will feel a great sense of pride in yourself when you negotiate a higher salary!

3. Extra cash flow. The main reason for negotiating your salary is to earn more money. You may want more income because you want to take a trip or a buy some special treat for yourself, or you may feel you need it to plan for your retirement. Either way, you won't win the salary negotiation based on your wants or needs. You must have a solid foundation.

4. You may negotiate extra benefits. Many times, salary negotiations may not end with the final dollar figure that you had in mind, but you may instead compromise by negotiating a combination of salary and benefits. For many people the combination of extra cash and extra time off, or other benefits like pension, stock options, or other unique benefits are a big deal.

5. Raising the bar on your future salary negotiations. When you increase your salary, you will establish a new baseline for your career earnings. When you continue to perform like a superstar, you will enable yourself to negotiate future salary increases as well. By negotiating a higher salary now, you will have increased your future earning potential.

You know your motivations for increasing your skills in salary negotiation. Having a well founded set of skills, strategies and tactics, you will greatly increase your chances of success in your career.

To your financial success.

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