It is important to be ready for a promotion if you are thinking about changing your job. You can improve your earning potential by being promoted, but it's important that you do your research and know what to expect from the new position. Also, you should know the current market rate for your title in your locality. For example, someone looking for a Boise-based project manager job will not get the same salary as someone from San Francisco.
A backup plan is necessary to get promoted
You should be prepared for any outcome when negotiating a promotion. Determine your BATNA (best option to the negotiated arrangement), which is the best deal if the deal doesn’t work out. This can help you to decide when it is time to end a bad deal.
Listening to your employer's response
Listening to your employer's responses is one of most important things that you can do when you negotiate for a promotion. You may want to negotiate a higher salary but you must also consider the cost of training and hiring a new employee. You might also be interested in earning more elsewhere.
Ask for the compensation you want, but don't consider the percentage of your current salary.
If you are expecting a promotion, gather market value data, speak to peers in competing companies, and enlist the help of mentors. This information will help you make an informed case for yourself. Once you have a clear picture of what you want, you can begin pitching for desired compensation.
Argument for promotion based upon direct results
The promotion process is often unfair. 53% say that promotions should only be given based upon employees' performance and not on the boss. Employees believe they should make their own career decisions and not let the organization do so. Lorena Martinez, an employee survey implementation consultant, stated that people should make decisions about their futures and not the organization. Martinez's background includes change management consulting and culture transformation, and she helped drive global expansion at Great Place to Work.