How To Negotiate Your Potential Salary & Get A Raise
A crucial element involving your job satisfaction and happiness is getting paid what you are worth. If you are earning substantially less than what your skills, experience and contributions are worth, it can lead to less job satisfaction and a lack of commitment to the company over time. Knowing how to negotiate salary using an informed approach is essential to your success.
Receiving market level compensation for your work output can help increase your productivity and how you value yourself while providing you with the financial stability and security you need to plan for your future. However, if you are wondering how to negotiate a higher salary, there are numerous factors you need to consider including economic climate, timing and your current salary. You will also have to prove how your value is worth your current pay amount by quantifying your contribution to the company. I will provide practical salary negotiation tips that can help you make inroads in terms of securing your financial future. By doing research, assessing your worth, preparing yourself and being open to compromise, you can learn how to negotiate salary and reach an agreement that benefits both you and your employer.
How To Negotiate Your Salary When You Get A Job Offer
Once you have received a written job offer from the company, most hiring managers will give you a chance to think about it before giving your response. If you do not negotiate, you could be leaving money on the table. I will describe how to negotiate a salary offer to help you confidently ask for the amount that you want. Before the negotiation begins, gather information about industry standards, pay ranges for similar positions and the company's financial state. In your salary negotiation email, acknowledge and express gratitude for the offer but explain to the recruiter that you would like to discuss the salary compensation further. Present your research, highlight your skills and experience that could potentially justify a higher salary. Be specific about your desired salary range while being flexible and open to compromise. If the company is unwilling to increase your salary, consider negotiating other benefits like flexible work hours, paid time off or professional development opportunities. If the employer is not willing to budge on salary, it is essential to walk away from the offer. You are negotiating for a mutually beneficial contractual agreement. If the salary is not what you are looking for, it may be best to continue your job search.
How To Negotiate Salary At Your Current Job
Whether you are planning for your annual performance review or want to ask for a promotion, the best way to negotiate salary is to build a problem free business case. In order to give yourself the best chance of getting a raise, take the additional time required to present a transparent and compelling demonstration of why you are worth what you are asking for by utilizing facts to back up your claims.
Learning how to negotiate a salary and asking for a raise can be an extensive process. With the proper preparation and understanding of your worth, you will have what you need to move forward.
Do Your Research!
Knowing how to negotiate your salary effectively starts with knowledge. Before entering into negotiations, you can gain key insights into what your market value is. Start by researching salary related data for your specific job title and location in order to determine the average pay for someone with your skills, experience and qualifications. This will give you a starting point for which you can base your salary expectations. You can use industry reports to find out if there is a high demand for skilled workers in your field. This information can give you additional bargaining power in your negotiations. You can also speak to other professionals in your industry for guidance and browse similar jobs online to help you in determining if you are being fairly compensated.
Quantifying Your Value
Determining how to negotiate your salary with your employer involves conducting an internal self-assessment and performance review. If you are negotiating a promotion based salary, consider how you can position yourself as an exceptional high performer who would be challenging to replace. What are the factors needed in order to even discuss a salary increase? The more information you have the better prepared you will be when it comes to answering questions from your employer. Write everything down and use these talking points to make the process simpler:
- Keep a record of your accomplishments, recent training, projects and contributions towards the company’s success.
- Use real world metrics to prove you deserve the requested salary increase and show how you have surpassed your required metrics.
- Take a closer look at your job responsibilities and identify areas where you have taken additional tasks and made significant contributions.
- If you receive positive feedback from coworkers, customers or your superiors include this imperative information in your official request for a promotion or a raise.
- Discuss any future projects or initiatives they want you to take on as this can help demonstrate your enthusiasm and commitment to the company.
When it comes to negotiating your salary, it is essential to consider your entire benefits package as this can significantly impact your overall compensation. Personally you may value comprehensive health insurance coverage, flexible work hours and professional development opportunities in the near future. Make sure to research your company's benefits package and identify what is most important to you.
It is also a good idea to ask your employer if any benefits can be added as part of the salary negotiation process. In addition to the benefits package, it is crucial to consider the total amount of benefits and perks when determining your desired salary. For instance a flexible schedule, more time off or the option to work from home.
Practicing Your Salary Negotiation Conversation
If you find yourself getting apprehensive about what to say, you can start off by writing a premade script. A well-designed script can be an excellent tool when it comes to learning how to be more confident. Once you have it written, you can practice with another person who can help you project a certain level of confidence and answer any last minute questions.
Keep in mind the following points when writing your script:
- Mention the research that you have done on the company's policies and market rates for similar positions.
- Articulate your top skills, years of experience, essential qualifications and how they align with the company's needs and goals.
- Make sure to include your salary figure by being as specific as possible.
- Let your current employer know that the specifics are open to negotiation or further discussion.
- End the conversation by showing gratitude and commitment to the company.
- Be confident, professional and respectful when negotiating.
Scheduling Your Salary Negotiation
After the meeting takes place, make sure to follow up with a thank-you email to your manager, reiterating your appreciation for the opportunity to discuss and confirm the agreements that were made.
Maintain A Positive Mindset
Remember that the outcome does not define your worth as an individual person. If you are ultimately unsuccessful, focus on your accomplishments and remind yourself of the achievements that in turn make you a more valuable employee. Seek additional support if needed.