Think you deserve a salary raise? Asking for it requires careful planning. Take heed of these salary negotiation tips to address your concern. These tips will help you effectively discuss the scenario of reassessing your compensation.
A PayScale survey revealed that most employees have no idea what they’re really worth in the job market. In many cases, a lack of communication about salary increments plays a role in this divide. Employees didn’t ask for salary increment, since they thought they’d be perceived as insistent. Don’t be one of them; it’s better to take the initiative. Otherwise, this will leave you waiting for a change—for good.
5 Salary Negotiation Tips to Help Know Your Professional Worth
Truly, approaching your boss is difficult and asking for a raise is even tougher. However, your professional attitude and commendable performance are enough for a salary increase request, which you can do after a year of service. So, change your mindset and you’ll surely win the negotiation—once you know how to do it right.
1. Do your research.
What your colleagues earn is not the basis for your salary increase. Preparing your case is critical, so find a reliable source in your industry. Study the national and local job markets as well as the cost of living in your area. Balance your earning potential with your actual worth.
These stats will help you shape your discussion. However, it’s not the gospel. You also need to understand company policies that might influence pay rates. You must consider the company size and its financial status. Remember: Negotiation is a two-way street; thus, strive for mutual respect. Let your employer have its own discretion.
2. State industry facts.
Show your employer the industry’s salary trends. Support your case by presenting data from credible sources. Fortunately, the company can go beyond the bracket, although it depends on your eligibility and the demand for your job.
A PayScale survey stated that a considerable percentage of those who asked for pay increase receive them. Therefore, don’t be afraid to ask for an increase—but don’t give your desired figure yet. Your employer should come in first. Once the employer asked your expected salary increase, just give a range. It needs a careful thought; so, determine the right figure by relying on the company rules.
3. Show your career highlights.
Making sure your work performance merits a raise is the most important step. Back up your request with highlights. Do this with tact, free of arrogance. Know that your purpose is not to brag about your value. Make your boss realize that you’re on the same page in attaining business goals.
In light of the global pandemic, 2021 built upon the previous year’s theme of reductions in base pay increases and total compensation for employees. Nevertheless, your company can offer more if your performance warrants additional compensation. They may not depend on the current salary range in the sector if your job performance is highly commendable.
4. Consider other options.
Even after applying these salary negotiation tips; your company may still not reward you with a pay raise. Look for alternative ways. There are other things that compensate for your hard work. Think of other areas you are willing to negotiate. Contemplate on other benefits. These could be flexible schedule, allowance, bonuses, and other possible perks. Come up with alternatives to build a positive impression. This way, your employer is at ease. Soon, they will be more open to negotiations.
5. Stay resilient despite the refusal.
Be professional at all times. The discussion with your boss is business, so don’t take it personally. Preserve your composure whatever the outcome may be. Stay proactive even if your pursuit for a reward falls short. Continue to excel in your job. Start and end on a positive note. Don’t end up resenting your boss. Lastly, ponder on the things you need to improve to merit the salary increase in the future.
Are you ready to ask for a salary raise now? Apply these salary negotiation tips to get what you deserve. If you’ve done these before but haven’t received any desirable outcome despite your performance, then it might be time to leave.
Never get discouraged when the salary negotiation tips don’t work. The company surely has valid reasons. They may be on a tight budget or they may be undergoing a financial crisis. Perceive things through other angles. Be graceful as you exit. To succeed in your next journey, impress the hiring managers to get invited for a job interview.
Ready to write a new chapter in your professional story by looking for a new job? Let JobTalkUSA help you with your job search today!