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Similar to when you get a new job. Negotiate as soon as it is in writing. And be prepared to accept that you cannot negotiate more than what they’re offering you as a raise.
Personally, I’ve never had success in negotiating pay outside the context of a new job at a new company. I recently changed roles, went through the entire hiring process, interviews and everything, but the recruiter insisted it was a lateral move so my salary remained unchanged. I’m fine with that because my new job title is considered a step up from my previous one (on my resume it looks like a promotion and I will treat it as such).
Thank you, this is helpful!