HR Trends - March 21, 2023
How to Negotiate Your Salary
7 Easy Steps On How To Negotiate The Raise You Deserve
Are you currently feeling short-changed or undervalued at work? Thinking that the grass would feel A LOT greener on your side if only you were given a juicy raise as recognition of your contributions and achievements. Well, then it might be time for you to negotiate a pay rise.
No doubt that negotiating something as important as your salary can be daunting for most, the negotiation also needs to be well-timed for a good head start. So when IS the right time?
- When the company is in a positive financial situation
- When you have been performing well
- When you receive a job offer elsewhere
- Rising costs of living and your salary just isn’t enough…
Now that you’ve got the timing right, let’s dive into the art of negotiating your raise in just 7 simple but effective steps.
- Research your position’s salary range.
Never enter into a negotiation without first doing your due diligence on what the salary benchmarks are in the market nowadays. Ask your peers or research the current salary range for your role online based on job title, years of experience, skillset and location.
- Make a list of your accomplishments.
Show your manager how you have shined in your role and that you are valuable to the company. Don’t forget to include additional responsibilities you took on with your own initiatives, plus any positive performance reviews in recent years.
- Pick your target salary.
Don’t make the mistake of going in without a realistic number in mind and do factor in your position’s current market rate. Whilst an unreasonably high number would just shut the conversation down, make sure that it’s high enough so that when your manager counter-offers, it’s still something you’re happy to accept.
- Identify concessions you’re willing to make.
Even though the goal is a desirable salary adjustment, keep in mind other options that can also be negotiated. For example – stock options, additional paid leave, a flexible work schedule or other benefits. Which of these would you be willing to negotiate in addition to your raise or instead of it.
- Practice your conversation.
It may feel a little silly but it does work in your favour! Pre-empt your manager’s potential responses and think of your potential counter arguments. Consider practicing in the mirror, or if that’s too weird for you, practice with a trusted friend. Use your tone, inflection and even some well-timed silence, to support your ask.
- Schedule a meeting.
Let know your manager know in advance that you’d like to have a one-on-one session, then pick a time and schedule it. Once you’re in the session, remember this rule of thumb of successful negotiations – keep your emotions outside the door. Speak calmly (because you’ve already practiced!) and don’t forget to actively listen as well. Make space for healthy compromises along the way that both parties can be happy with.
- Follow up.
Maintain courtesy and always follow up after a salary negotiation. Make sure to thank your manager for his/her time as well. If you got the salary you wanted, well done! And if not, evaluate the conversation and decide whether you would want to continue on in the company. If you wouldn’t feel happy staying, then it’s time to start job-hunting.
Whatever the outcome is, make it a point to remember how the conversation went. Make mental notes on how you can improve your negotiation skills in future, whether it’s for use in another salary negotiation or in any other areas of your life.
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