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Asking for a promotion can be daunting and negotiating can be tricky—but it’s important to learn how to navigate the process.
people often approach negotiation Wrong mindset, says INSEAD’s Horacio Falcão professorNegotiator, Author, Serial Entrepreneur, INSEAD Designer”The world’s negotiating line,“A free course on negotiation was launched in November.
Rather than going into a negotiation thinking that you have the right solution and that your goal is to “force your way through” the other side, it’s more beneficial to learn how to actually become a better negotiator, he said.
“In order to become a better negotiator, to some extent, you have to become a better person,” he said. “You need to become more emotionally intelligent… more patient (and) more prepared. You need to have more empathy for people.”
Falcao says here are three common mistakes to avoid when negotiating for a promotion.
moving too fast
The first thing to know about applying for a promotion is that “you shouldn’t wait for your annual review to (ask for a promotion),” Falcão says.
“A lot of people make mistakes in negotiations because they negotiate too fast,” he said. “One thing I always tell my students is to allow yourself to ‘take the first step.'”
Falcao said getting promoted requires trust, and trust takes time to build. Employees should bring up the conversation before they plan to do so, rather than waiting until the annual review is over to ask for a promotion.
“You should stay in closer contact with your supervisor and check in more regularly, whether it’s inviting them to coffee or having one-on-one (meetings),” he said.
Not only do these regular conversations allow you to ask questions and gather feedback so you can self-correct throughout the year, they also help you build a stronger relationship with your boss. Additionally, conversations provide employees with the opportunity to express their goals for the company.
Falcao recommends saying something like this: “I’m very excited. I want to grow quickly. I’m willing to put in the effort, energy and time necessary to be the next person up for my promotion (promotion).” What do I need to do?
He says using this time to express your desire for growth while demonstrating your ability to execute on your plan within a year can demonstrate to the company that you have leadership potential.
Don’t stop to ask questions
Negotiations can be stressful – you may not always know what to say.
“If people say something to you and you find yourself at a loss for words, that’s your brain saying you have nothing to say. Stop and ask a question,” Falcao said.
Here are three helpful questions to ask during negotiations.
1. “How did you arrive at this number?”
The data provided in the job offer should be supported.
“Numbers are often black boxes, often the output of…formulas,” Falcao said. “But the number itself means nothing.”
If someone offers you a number or a position, they should also be able to back it up, he said.
2. “If you were me, why would you do this?”
Asking this question can promote more understanding in the conversation.
For example, if an employee receives an offer they’re not happy with, they may find that the employer doesn’t have a good answer to the question.
On the other hand, “information asymmetry is a big issue in negotiations,” he said, so employers can disclose more information about how they structured an offer or the company’s budget, which ultimately can provide more context and help employees make decisions. More decisions.
3. “How are we doing?”
Negotiations can be drawn out, so it pays to take a break from the conversation and check your pulse.
Falcao advises: “If you think you’ve been there for a while (and) things are a little disjointed or emotions are starting to go off-center, ask: ‘How are we doing?'”
He said that the final agreement will depend on the progress of the negotiations, so it is important to create an environment conducive to the smooth progress of the dialogue.
Having too clear ideas about success
Falcao says that unlike many other aspects of the job, success should not be overly defined in negotiations.
“Negotiations are messy. It’s about people co-constructing a reality,” he said. “It’s a common mistake people make to think there’s a winner and a loser in a negotiation because at the end of the day, the final destination is probably somewhere in between the two camps.”
One of the best skills is the ability to listen and show that you are willing to work with the other person. Ultimately, this is about achieving a “win-win” outcome.
Want to make more money at work? Take CNBC’s new online course How to Negotiate a Higher Salary . Expert instructors will teach you the skills you need to earn a higher salary, including how to prepare and build confidence, what to do and say, and how to craft a counteroffer. Sign up now and use coupon code EARLYBIRD for a 50% introductory discount until November 26, 2024.
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