Happy Sunday!

tl;dr How do I negotiate the right raise upon receiving a promotion?

Context: I'm currently up for midyear promotion that would be effective at the end of September. If promoted, I want to make sure my raise is fair and competitive to what those are currently making at my level with similar experience and location. Performance-wise, my level of performance in my position (Consultant) equates to above average at the level I'm pursuing (Senior Consultant). CONTINUED IN COMMENTS...

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It sounds like you’re trying to play the internal politics game, which rarely goes well. If you’re getting promoted, there have already been discussions in the background on what your % raise/bonus should be. Feel free to negotiate, however, I’ve rarely heard success stories unless you’re threatening an exit with offer in hand for them to match. Best times to negotiate on salary are 1) when signing onto the position 2) leaving for the competition (retention counter)

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Unfortunately there isn’t much incentive for the company you already work for to consider giving you a raise based on merit. It’s the same across all consulting firms

Are you at Capco? If so, and this is the case for most other firms, the raise % is already set in stone. It’s calculated based on your rating at the CO level, and how strong of a promotion case into SC you were. There’s a very strong chance this has already been calculated for all promotees.

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I am, that's good to know. I didn't know if negotiating into the next level was a thing or not, as I've never been considered for promotion internally with a company.

In consulting we don’t generally get to negotiate for our raises when we get promoted.

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When I got my original offer from my current company back in late 2018, I asked for what was an average salary based on the stats I found (perhaps a lesson learned). I didn't get any raise in 2019 (not even COLA), and only a 2% raise in early 2020. Earlier this year, before compensation adjustments were shared, I presented a case to a major partner at my firm (who no longer works here) justifying why I should be paid at a certain higher rate.

The case was based on my performance and was statistically backed by cuts of data I found on Glassdoor, etc. breaking down salaries by:
-People at my level
-# of years of experience
-Industry which I'm consulting for

Additionally, my company offered another raise (three months ago) of a similar amount above to try and retain talent with our firm.

Long story short, considering the history and timing of my raises in the company, what is the best approach to asking for a raise in going for promotion? I have a 1-2 day timeframe between when I'm notified of promotions, and if promoted, the announcement of my new compensation adjustment. Note that the pay band at the level I'm going for is very wide.

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