Money Talks: negotiating a salary increase
Getting a pay raise can be a major milestone in your career. It not only recognizes your hard work and achievements but also gives you the financial boost you need to achieve your personal and professional goals. In today's job market, the balance of pursuing a salary increase and knowing your job stability is a delicate balance. And navigating a pay raise can be tricky, particularly today.
Here are some tips and tricks to help you successfully navigate a pay raise negotiation:
Do Your Research
Before you begin any negotiation, do your research on industry standards and salary ranges for your position and level of experience. This information will help you determine what a fair salary would be and give you a starting point for negotiation. You can use salary comparison websites like Glassdoor or Payscale to get an idea of what others in your field are earning. Have solid supporting information as to why you deserve a raise.
Know your worth
Understand your own value and contributions to the company. Make a list of your achievements, accomplishments, and responsibilities, and be prepared to present them during the negotiation. Show your employer how your work has positively impacted the company and why you believe you deserve a pay raise.
Prior to even starting the conversation of a pay increase, you should have a very solid understanding and answer to the question: "Well tell me why you believe you deserve a pay increase?". Our tip as recruiters that talk about compensation daily: the answer to this question should not be "Because" or "Due to the economic environment and inflation". There are a lot of factors for organizations related to pay, so be sure you have solid backing to support your request for increased compensation.
Timing is Key
Choose the right time to ask for a pay raise. Don't ask for a pay raise when the company is struggling financially, or when your employer is overwhelmed with other priorities. Instead, choose a time when the company is performing well, and your employer is more likely to be receptive to your request.
Be mindful of current economic challenges and have an understanding as to what the organization as a whole might be facing. Again, there is a very fine balance to negotiating a salary increase and putting yourself in a compromising position with your manager and hiring team.
Practice your Negotiation Skills
Negotiation is a skill that can be learned and improved with practice. Consider practicing your negotiation skills with a friend or mentor. Think about the different scenarios that could come up during the negotiation, and how you would respond in a professional manner to them. Be prepared to compromise, but also know your bottom line.
Be Confident & Professional
Approach the negotiation with confidence and professionalism. Be clear and concise about your request and avoid making demands or ultimatums. Be open to feedback and be willing to discuss alternative solutions.
After the negotiation, follow up with your employer to confirm any agreements made. Thank them for their time and consideration and express your excitement to continue contributing to the company. If you were not successful in getting a pay raise, ask for feedback on what you can do to improve your performance and increase your chances of getting a raise in the future. Getting a pay raise can be a challenging process, but with the right approach, it can also be a rewarding one.
By doing your research and following the steps above – you can successfully navigate a pay raise and achieve your long-term goals. Be positive and confident! You’ve got this!