Negotiations
Good Morning Scholars,
We know that negotiating is a part of everyday life, but in business, it’s absolutely critical to your success. Poor negotiation can cripple a company just as quickly as losing key customers. Always begin a negotiation with the end in mind. Try to determine what you believe to be an acceptable outcome. Then try and talk through your steps to achieve that outcome.
Example: Negotiating for a raise or additional benefits. Determine the amount in advance that you want to get prior to speaking with your boss. If you want a 10% pay increase, decide if actually getting between 7% and 10% would meet your requirements. Schedule a time to meet. Present first the things you have done that have positively impacted the business. Use financial impacts, increase in customer service, or new ideas that have been implemented. Make the case for deserving the raise. Be prepared to allow your boss additional time to take your request under consideration and pinpoint a scheduled time for follow-up. If your boss approves your increase somewhere between your required percentage, then you get what you want. If it falls below your required percentage, be prepared with a follow-up plan, but do accept the raise offered.
For this week, please write a two-page summary (proper MLA format) on how you would approach your manager about negotiating for a raise or other benefits. You can based your analysis on a prior experience or think creatively if you have never done this before. Please think about these issues and answer the following questions in your analysis.
1) How would you approach your manager? For example, would you explain that you deserve because you are great? You could take approach that it is not about me, but here is a salary analysis that I conducted regarding a person like me with this background, experience, and skill set.
2) Do some research on salaries for certain jobs (it does not have to be extensive, just review some sites). Summarize the key data points based on your background. If you do not have experience, focus on what the career that you think that you are aiming at when you graduate.
3) Remember that compensation is more than just salary. Please include other benefits that you could negotiate for that are important to you.
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