I’m excited to be quoted in the August issue of Money Magazine as part of a special report on How To Reach $1 Million. In the section on boosting your cash inflows, I share negotiation tips:
Price yourself right. A business knows how to price what it sells competitively. In your household, your salary is the equivalent of “your price” and nabbing a higher one is a sure path to greater profitability.
Developing a rep as a top performer is critical: Raises for high achievers are averaging 4.6% this year, vs. 2.6% for a typical employee, says Mercer. Make a strong case for yourself in your annual review by quantifying what you’ve done to boost revenue or cut costs, such as bringing in new clients or switching to lower-cost suppliers.
“Adding more value is about bottom-line impact,” says New York City career coach Caroline Ceniza-Levine.
Coming to your boss with a counteroffer from a competitor can also lead to a bump in pay, but it’s risky. A less threatening route, says Ceniza-Levine, is to reach out to recruiters to see what salary you could command. Then you can say to your boss, “Recruiters are coming to me with offers that are 20% above where I am, but I like it here. Is there anything we can do?” Framing the situation as a shared problem reinforces that you’re still loyal.
Read more tips at CNNMoney.com: How To Reach $1 Million.