Are you looking to negotiate a pay raise? If so, you’re not alone. In fact, according to a recent study, 57 percent of employees feel that they are underpaid. If you feel you’re exceeding expectations at work and deserve a pay raise, it’s important to know how to properly negotiate for one to ensure that you get the salary you deserve.
However, if you’ve never negotiated for a pay raise before, it can be a daunting task. But don’t worry, we’re here to help. In this article, we’ll give you some tips and tricks on salary negotiation and how to get a salary increase that is fair and reasonable.
When Is A Good Time To Ask For A Salary Increase?
While many employers may have a scheduled time for annual salary reviews, this isn’t the reality for every workplace. Therefore, it’s important to be aware of the signs that indicate it may be a good time to ask for a salary increase.
Some things to look out for include the following:
- You’ve received positive feedback from your boss or other superiors
- You’ve taken on additional responsibilities or projects
- You consistently exceed expectations
- The company is doing well financially
- It’s been more than six months since you started with the company
- There’s no scheduled performance review in the near future
How To Negotiate Salary With Your Employer
Now that you know when to ask for a pay raise, it’s time to start preparing for the negotiation process. Here are some tips on how to negotiate salary with your employer.
Understand The Average Standard Pay Increase
Before even setting up a meeting with your boss, you’ll want to understand what the average standard pay increase should look like. According to a recent survey, most industries should expect around a 3% pay increase. However, that doesn’t mean that you can only ask for a 3% raise.
Instead, use this number as a starting point and be prepared to justify why you deserve more than the average standard pay increase. Perhaps you took on additional responsibilities or projects, or maybe you went above and beyond expectations. Whatever the case may be, make sure you have a justification for why you are asking for more, and use it as a way to negotiate a pay raise that is fair and reasonable.
Research Salary Data For Your Role
Next, you’ll want to do some research and find out what the average salary is for your role in your area. This will help you understand what is a reasonable amount to ask for and ensure that you are not asking for too much or too little.
There are a number of ways to find this information, but a great place to start is by using online resources such as salary.com or glassdoor.com. This will allow you to view salary data for your specific job title and location, giving you a better idea of what to expect.
Once you have an idea of the average salary, you can use this data to help build a case as to why you deserve a certain salary increase. For example, if the average salary for your role is $50,000 per year and you’re currently making $45,000 per year, you may want to ask for a 10% salary increase, which would put you right under $50,000 per year, making your request more reasonable.
Prepare A List Of Your Achievements
In order to properly negotiate a pay raise, you’ll need to be able to back up your request with evidence of your achievements. Therefore, it’s important to take some time before your meeting to prepare a list of all the things you’ve done that have helped the company succeed.
Some examples of things that you may want to include are:
- Projects you spearheaded
- Innovative ideas you implemented
- Deals you closed
- Problems you solved
- Extra responsibilities you took on
Your list should be tailored specifically to your industry and role, but the goal is to showcase how you’ve helped the company succeed and why you deserve a pay raise. Remember, this should show how you excel in your current role, not reflect how you accomplish the duties of your job description.
Consider Alternative Ways To Receive Compensation
When it comes to negotiating a pay raise, it’s important to understand that there may be other ways to receive the compensation you’re asking for. For example, if your boss is unable or unwilling to give you a pay raise, they may be open to giving you additional paid time off, flexible work hours, or company stock options.
Therefore, it’s important to be open to other forms of compensation and understand what is most important to you. This way, you can negotiate a salary increase that meets your needs and helps you feel valued by your employer.
Schedule A One On One Meeting With Your Boss
Once you’ve done your research and prepared your list of wins, it’s time to schedule a meeting with your boss to discuss your salary. If possible, try to schedule a one-on-one meeting so you can have their undivided attention.
When scheduling your meeting, you’ll want to consider the time of the year, day of the week, time of the day, and your boss’s schedule. For example, you may want to avoid scheduling your meeting too close to the end of the year when budgets are tight or right before your boss goes on vacation. By choosing the right time, you can increase the chances of having a productive meeting.
When it comes to the actual meeting, start by expressing your appreciation for the opportunity to work for the company. Then, explain why you feel you deserve a pay raise and use your research and list of wins to back up your request. Finally, be open to negotiation and alternative forms of compensation.
Be Confident And Direct
When it comes to negotiating a pay raise, confidence is key. Remember, you are worth the salary you are asking for, so don’t be afraid to be direct with your boss. However, you’ll also want to avoid sounding demanding or entitled, as this will likely make them less receptive to your request.
It’s also important to be aware of your body language during the meeting. For example, try to avoid crossing your arms or tapping your foot, as this can make you appear nervous or impatient. Instead, try to exude confidence by maintaining eye contact and speaking calmly and clearly.
Get Your Salary Increase In Writing
Once you’ve reached an agreement with your boss, be sure to get your salary increase in writing. This will help protect you in case there are any misunderstandings about the pay raise later on. If possible, try to get a copy of the offer letter or email from your boss that outlines the terms of your salary increase. If they are unwilling or unable to provide this, you can always send a follow-up email confirming the details of your agreement.
Conclusion
Asking for a salary increase can seem daunting, but by following the tips above, you can put yourself in the best position possible to get the raise you deserve. By being prepared, you can make a strong case for why you should receive a pay increase and negotiate a salary that meets your needs.