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Business case: demonstrating what value you uniquely offer to the organization (with concrete examples) and why that value demands a higher pay rate.
Competing offers and threats of leaving just make you look like a flight risk. Market data often is too broad and isn't convincing to your employer as directly applicable to you. At the end of the day, your business case is the bottom line clearest support - your XYZ value = ABC dollars. Good luck!
I negotiated several times and I think market data was not always super helpful. Like there’s no point in saying well PwC pays their SM this much, my company won’t align on them they’ll just tell me to go work for them.
Never used a competing offer but I guess these would work well but you need to be ready to leave if they don’t match otherwise you’ll lose a lot of credibility.
What worked best for me was highlighting what I bring to the table, how I differentiated myself from other people at my level, all the stuff I do outside billable work to improve morale, develop our practice, create team building etc. And of course, having good performance ratings etc. I also always used timing wisely, like I never negotiated my raise during bad years because you have very little leverage and the upside is limited, but I negotiated when we had really good years and a more favorable employee market.
3y ago I got them to double my raise. This year I got an extra 5%/$10k.
When I negotiated my salary, it was based on my work, my contributions, and a clear acknowledgement/desire for more responsibility. My request was preceded by dedication and hard work. This is also just the culture of my now former employer.