Negotiating a salary increment can quickly become nerve-wracking, especially if your company does not do this annually and you aren’t due for a promotion. However, boosted performance or increased duties are two excellent reasons to ask for that salary increase you deserve.
Several reasons hold people back from asking for a raise, even during this time of labor shortages and high consumer prices. Besides being afraid, people also worry about appearing greedy; some don’t know how to broach the subject.
Follow these tips to ensure your employer listens to your demands; this is a good time to negotiate that raise. Here is how to do it without being pushy:
Get the Timing Right
When asking for a raise, timing is everything. So don’t corner your boss at a busy time or during company layoffs. Furthermore, plan it before the company has set its annual payroll budget and preferably choose to negotiate after a winning performance.
State Your Reasons
When approaching your superiors for a raise, don’t mention the increase in the cost of living or the fact that you deserve it more than others in your position because you work harder. Instead, always base it on the value you offer the organization.
Perform Salary Comparisons
Start by researching sites to determine what people currently earn in similar positions. For example, in some states, employers must disclose pay ranges when looking to hire. You can research these on sites like PayScale and Salary.com.
Another way to prepare before negotiating a salary increment is to look at the Bureau of Labor Statistics database and professional associations. Speak with others in your field, especially management, and find out what they think you should earn. No need to be blunt, but this information can help you determine what your work is worth.
In some companies, new workers with less experience often receive similar salaries to older employees. Pay discrepancies like this are known as salary compression. If you notice this, approach your boss calmly and ask why someone new doing the same job you have done all along should get more money.
Present Your Accomplishments in Numbers
Make a record of your accomplishments and their positive impact on the company or your department. These could include sales figures, increased departmental efficiency, etc. When you present the hard facts, it becomes more difficult for your boss to turn down a raise. Moreover, by offering the data of your efficiency, you gain employer trust by showing you are a loyal employee.
Show What the Company Will Gain
When negotiating for a raise, your boss isn’t interested in the rising cost of living or the increase in your mortgage repayments. Instead, they want to know the benefits for the company. Therefore, follow the conversation about your past accomplishments with the future goals and how you plan to execute them.
Prepare a Specific Figure
Consider several factors before requesting a specific increase. For example, even though the average raise is 3%, you may feel your performance deserves 5%. However, if your performance warrants it, you travel more than before, or you haven’t had a recent raise, you could even get away with asking for anything within the 10 and 20% range.
During the negotiations, you should state your expected number first, unless you don’t know what pay range to ask for. You should also give a specific number to show that you understand your value and ensure they know the amount that matches your expectations. Katie Donovan, a pay equality and salary negotiation consultant in Boston, told Forbes that women should state a specific number rather than a range. She says, “When you give a range as a woman, what employers or managers hear is the lowest end of the range.”
How to Negotiate from a “No”
If they reject your request, find out what it would take to get a raise or negotiate things like fewer hours worked, fewer responsibilities, an extra benefit, etc. However, if changes are requested, and you accomplish them, renegotiate. But if you find the company still stalling, it’s time to look for employment elsewhere.
Bottom Line
Undoubtedly, salary increment negotiations are most intimidating, but you have nothing to lose by trying. However, when you prepare and approach it with all the above information, it becomes easier to state your case. Therefore, present the facts with confidence as you show you deserve it.
Remember, if you get the increment, accept it with the gratitude it deserves and maintain professionalism. That means continue working hard and not creating friction with your co-workers by bragging.
How do I ask for a salary increase?
If you feel you deserve a salary increase, the best way to approach the situation is to schedule a meeting with your boss to discuss the matter. Come prepared with information on your accomplishments and how they have positively impacted the company or department. Be ready to negotiate if your initial request is denied, and be professional throughout the process.
What are some tips for negotiating a salary increase?
Some tips for negotiating a salary increase include being prepared with information on your accomplishments, looking at comparable salaries in your field, and having a specific figure in mind when making your request. Avoid giving a range, as employers may only consider the lowest end of the range. Finally, be professional and gracious if your request is granted.
How much should I ask for in a salary increase?
There is no set answer for how much you should ask for in a salary increase, as it depends on various factors such as your experience, performance, and the current market rate for your position. However, it is generally advisable to ask for an amount that you feel is fair and justified. Be ready to negotiate if your initial request is denied.
How do I negotiate a salary increase after a promotion?
If you are promoted to a new position, your salary should be automatically increased to reflect your new responsibilities. However, if you feel the increase is insufficient, you can schedule a meeting with your boss to discuss the matter and negotiate for a higher salary. Be prepared with information on your accomplishments and what you have contributed to the company to make your case.
What should I do if my employer denies my request for a salary increase?
If your employer denies your request for a salary increase, try to find out what it would take to get an increase or negotiate other terms such as fewer hours worked or extra benefits. If the company is unwilling to budge, it may be time to start looking for a new job.
Is it ever too early to ask for a salary increase?
There is no set answer for whether it is too early to ask for a salary increase, as it depends on various factors such as how long you have been with the company, your experience level, and your recent performance. However, it is always worth asking if you feel that you have made significant contributions to the company and deserve a raise. Be prepared to negotiate if your initial request is denied.
How often should I ask for a salary increase?
There is no set answer for how often you should ask for a salary increase, as it depends on your experience level, recent performance, and the current market rate for your position. However, most experts recommend waiting at least 12 months between salary increase requests.
What common mistakes to avoid when negotiating a salary increase?
Some common mistakes to avoid when negotiating a salary increase include coming unprepared, asking for too much or too little, and getting emotional. It is also important to remember that you may not get everything you ask for, so be prepared to compromise.
How do I know if I am being underpaid?
If you feel that you are being underpaid, compare your salary to others in your field with similar experience and job responsibilities. If you are significantly below the average, it may be time to start looking for a new job or negotiate.
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