Whether you’ve been at the same job for years or are just starting a new position, chances are that you’ll be given an opportunity at some point in the near future to ask for a raise. And while anyone and everyone wants a raise, coming to the negotiating table with science and psychology on your side can greatly improve your chances of stacking more cheddar.
Understanding the reasons for certain cognitive biases can play a big role in helping you to lift your own self esteem when negotiating as well as influence how you are perceived in the workplace. It pays to familiarize yourself with:
1. The Halo Effect — a bias in which our overall impression of a person influences how we feel and think about their character.
2. Sunk Cost Fallacy — the bias that a cost that has already been incurred cannot be recovered.
3. Anchoring —This might be best explained in the video below.
In this episode of Work Smarter, Alexandria Fontanez explains the science that goes into how people process information and how a hopeful employee can use this knowledge to their benefit when it comes to asking for more income. Just make sure to thank us when you are rolling in the green.