Your boss just offered you a promotion. Great! But now's not the time for celebration-all he's given you is more responsibility. "In our 3 per cent-a-year-merit-increase world," says Roger Dawson, author of Secrets of Power Negotiating, "a promotion is your best opportunity to score a big raise." Observe:
Rule 1: Remain calm
It's okay to go overboard on the inside, but your face shouldn't give that away. "Unless the money is really good," says Dawson, "be grateful but not too eager." Tell your boss you need 24 hours to think about it.
Rule 2: 12 per cent is the minimum
"It depends on the industry, but that's the average increase with a promotion," says Grazell R Howard, president of consulting firm Libra Group.
Rule 3: Yes, they have wiggle room
As a newbie to the position, you'll be offered a salary that's less than what your new peers are making. Savvy negotiators can use this knowledge to score a few thousand more. After you've thought about it for 24 hours, make your counteroffer. "If they've offered you 12 per cent, ask for 18," suggests Dawson. "You'll most likely end up with 15."
Rule 4: Always attack again when their guard drops
The point in the negotiation when your boss is most vulnerable, says Dawson, is when he thinks the negotiation is all over. "That's the best time to ask for perks like more days of leave, a separate cabin in the office, or even a car service," he says.
Rule 5: Never leave with nothing
A raise isn't in this year's budget? It happens. "Just make sure you have a clear agreement on when it'll go into effect," says Howard. When the time comes, hold your boss to it. And, as a reward for your patience and understanding, ask him to make it with retrospective effect.
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