Expert negotiator has helped hundreds land raises—her 5 steps for success

Negotiating a raise can be tricky, especially amid economic uncertainty. But when you're earning the compensation you deserve, that's a win-win situation for you and your company, says Kathryn Valentine, CEO of Worthmore Strategies, a strategic advisory firm that has helped hundreds of clients successfully negotiate compensation packages.

You can benefit from negotiating your compensation by receiving more support and flexibility, and your company can benefit by keeping you as motivated and loyal as possible, Valentine says.

It's best to look at negotiation in a “very collaborative sense,” Valentine says, “like it's us versus the problem.” And that problem you're tackling is simply the gap between what you're bringing to the table and what you're being paid for it, she says.

Whether you're seeking stock options, a promotion or a bump in your salary, here are the steps you should take to negotiate like a pro, per an expert's advice.

1. Figure out your market value

Before initiating negotiations, you should first figure out what others in your role are earning, and what kind of pay or benefit upgrades can get you there.

Instead of websites with self-reported data like Indeed or Glassdoor, Valentine says she recommends checking official government job sites like the U.S. Bureau of Labor Statistics database for salary information instead. While they can be harder to navigate, industry association websites or websites for those with H1B Visas can provide you with more reliable insights, she says.

After digging around online, you should take the time to consult with your network, too, Valentine says.

If your company culture around salary transparency is pretty open, ask around your office first. Your boss might even consider it “not doing your homework” if you don't, Valentine says.

Former colleagues from your current workplace can be even better resources, too, because they have “nothing to lose” by disclosing their compensation to you, she says.

Outside of work, the career center at your alma mater, mentors, recruiters, or even salespeople who pitch to clients across many different workplaces can be valuable resources, Valentine adds.

You should also consider how race or gender could affect your compensation, too, and “ask a white guy,” Valentine says. Given that white men receive disproportionately higher compensation in the workforce, you may find that the insight provides a useful benchmark.

2. Think about compensation beyond your base pay

Too many people just think about compensation in terms of their base pay, but that's just a part of the bigger picture, Valentine says.

Before you go into a meeting to negotiate compensation, you should first identify three aspects of your compensation you want to negotiate, with a fourth “in your back pocket” just in case, she says.

Some ideas include stock options, visible project opportunities or performance bonuses, she says.

While identifying the three items you want to seek out, “think about negotiating in a more holistic sense,” Valentine says. She suggests you ask yourself: “What do you want your world to look like in a year? Where is it now?”

Then, let that vision guide your negotiation priorities.

3. Prepare your relational ask

When preparing what Valentine describes as a “relational ask,” you should consider “your past experience plus the goal,” Valentine says, leading to a “collaborative question.”

In other words, think about your major successes since you last negotiated your compensation, and consider how they align with the goals your employer has set for you or even laid out in your job description, she says. For example, if you are a salesperson who has crushed their quota for several quarters consecutively, use that data as momentum for negotiating.

Then, go to your boss and share what you need to continue your success, or to reach new goals aligned with the company's needs, she says.

Lastly, you can't forget to ensure the entire proposal feels collaborative, not confrontational, Valentine says — meaning the ending of your relational ask should sound something like: “What do you think?”

4. Perfect your timing

Career negotiations typically take at least several weeks, Valentine says. But even though it's a long process, the first conversation should still be initiated at the right time for you, your boss and your company calendar.

Try to start the conversation at a time when your boss can be most receptive to it, Valentine says — not when they're dealing with a disaster at home or work.

Also, it's best to avoid discussing a raise at your annual review, she adds. By that time, your company has likely set their budget for the following year, and it'll be trickier for them to work in changes to your salary.

Instead, Valentine says, try initiating negotiations at a mid-year check-in, when your boss will have more time to mull over and incorporate the changes.

5. Get a massage (yes, actually)

Right after your first negotiation meeting can be the perfect time to treat yourself, Valentine says.

“Research shows that if you have planned a reward following [a compensation negotiation] that is independent from the outcome, you actually get better outcomes because you are primed in a positive mind and you're less freaked out about it,” she says.