Negotiating for a salary increase
Salary’s not the most crucial component of a job however it is a great motivator. So how do you negotiate for a salary increase? It can be tedious & frustrating to negotiate for a raise especially if you have a tough boss or organization policies. Here are some tips and tricks that will make it so much easier for you to negotiate for that raise:
Track your accomplishments consistently. Be sure to note major projects, tasks, and successes. Over time, these accomplishments add up to tangible evidence of your business value and can help quantify your value to the company. Every role can be quantified in some way, do your research based on your field and come up with a way of quantifying it. Tracking your accomplishments will make your salary negotiations easier.
When your boss knows your value towards the organization, you have a better chance at the possibility of a salary increase. Take into account that your employer will likely not care if you are broke or not. When you present a strong case you have a higher chance.
Know your worth
Before you embark on the salary increase conversation with your boss, make sure you know your worth. Carefully highlight how much you are worth based on the industry you’re in. Do not compare yourself to people who are being paid by your competitor. No boss wishes to be compared to their competitor. This is why it’s very important to make your case by using your accomplishments and company goals. Consider your work experience and level of expertise when getting to know your worth.
Negotiating a pay rise based on your value to the company. Get an idea of what you should be asking for by speaking with people doing similar roles for your needs in your business, in identical sectors plus in similar organizations, or even headhunters and HR companies. Communicate with people you recognize well to ensure that you’re comfortable asking simply how much they.
Get your timing right. Do not ask for a raise when the company is making losses. Your case when negotiating should be dedicated to helping your employer observe that offering you a raise or promotion will further the companies’ interests. You do not want to come off as selfish. Identify any potential barriers that may stand in your way; are there any cost-cutting measures or layoffs? This will help you identify the perfect timing to negotiate.
Consider Other Options
A salary increase does not always have to mean an increase in your net pay. There are some other options to consider when negotiating, such as health insurance, house allowance, bonuses, flexible work hours, and par diems. When starting the negotiations, you can start with an increase in your net pay and work your way to other options. This will show your boss that you’re flexible and positive. This way you are bargaining and you may not get an increase in salary but you might get another benefit.
Be ready for anything
When you start negotiations for your salary increase you should be ready to be told no or to be evaluated on your performance. Always remember your boss can always say no despite your efforts and hard work. Start the conversation by saying you are ready to expect any answer. It shows that you are capable of talking reasonably and puts your manager at ease with you. Do not threaten your boss with another offer or an ultimatum. Remember everyone is replaceable in the corporate world.
Set up a meeting
Set up a meeting with your boss by telling them you want to talk about something serious that requires time. This will make it look more official and professional. Present your accomplishments and achievements for your boss to reference. You can even print out a document with your proposed salary and a list of your achievements. Go to the meeting with an open mind and hope for the best.
Your salary raise will be based on your contribution to your department and company. Your financial predicaments have no place during the negotiations. Remember your boss does not care that your rent went up or that your responsibilities have increased. The focus should be on what value you add to the company and nothing else. Ask for the raise when you think you deserve it not when you want it.
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