4 Salary Negotiation Tips to Get the Raise You Deserve
Navigating the issue of salaries sure is a sensitive subject to many, most especially the act of asking for a pay raise. We’ve been raised to believe that talking about one’s compensation is in bad form, so rather than break this “taboo” most would choose to be quiet even when they deserve a salary increase.
But the truth is, there’s nothing wrong with asking for a better salary especially if you deserve it.
There’s no better feeling than getting recognized for doing a good job. It’s an instant mood booster and a great motivator to do more work. A simple “Thanks!” or “Good job!” can already do wonders, what more if it comes by way of monetary compensation? So if you think you’ve put in the hard work to earn it, go ahead and ask for one. It certainly does a lot for your career success and satisfaction. Here are several salary negotiation tips to get that pay hike that you deserve.
- Timing is everything. Now you can’t just go ahead and ask for a raise whenever you feel like it. Remember that there’s a time and place for everything. Don’t forget that your salary depends on the company’s earnings so your best bet is to ask when you’re company is financially stable or earning well. Look for indicators that your company is performing well before you go ahead and ask your supervisor for a raise.
- Plan ahead. It’s also wise to think of a plan before making your move, and that includes asking your boss for a better salary. You may start by looking up salary reports and check if your pay is within the typical salary range for your occupation and experience. That way you have some solid backing for when you state your case to your boss. It also helps if you draft a compelling statement for why you deserve a raise, and research can help you do just that.
- Show that you’re a valuable member of the company. Simply put, you must prove your worth to your employer. Along with doing research on standard pay wages, having a record of your accomplishments can make your case strong. Pay close attention to your achievements that made processes easier or increased income for the company. It’s a way to present yourself during salary negotiation as an indispensable member of the company.
- Look into non-monetary incentives. Even after presenting a strong case for your pay rise, your employer may still turn down your request for an increase. Maybe times are slow at the moment and the company just can’t afford to release additional funds. Perhaps you can look at non-monetary incentives during salary negotiation as an alternative to your demands. Think of those perks that you can enjoy in and out of the office such as a flexible working schedule, medical plans, extra days off or stock options. Incentives such as these are great alternatives to a salary increase until time and circumstances become favorable.