HOW TO NEGOTIATE A PAY RISE

It’s no secret that everybody wants to be paid more money for what they do. Everyone wants to feel valued and that the time, effort and skills they put into their work is adequately compensated. In most cases however, the way in which people approach asking for a pay rise is wrong. This could be due to the fact that some people are uncomfortable with talking about money or are afraid of coming off as too demanding to their employers.  In this article we’ll look at a few salary negotiating tips.

  1. BE DESERVING OF THE RAISE

When seeking a pay raise, first ensure that you are truly deserving of it. There are no shortcuts around this. Ensure that your work speaks for itself and that you have actually been creating value for your company as well. Sometimes when it seems like you’ve been slaving away at your job and have spent so much time and energy doing your work, you may feel like you deserve a raise. It is important to take a step back and look at things objectively to determine whether or not you truly deserve a raise.

  1. KNOW YOUR VALUE

In order to justify a pay raise, it is important to know your value and how to articulate it to your employer. This therefore means that you must bring up any and all evidence to justify your worth in terms of salary increase. For instance, you could bring up occasions where you’ve helped your company increase their profitability, or reduced costs or even instituted time saving methods in various areas. Be calm and confident in your abilities in order to articulate the same to your employer and convince them to give you a raise.

  1. MARKET RESEARCH

Before asking for a raise you also need to know what the market is paying for someone with your credentials and experience. This means that you have to go out into the field and speak to recruiters for up-to-date market information as well as speaking to others working in your field with the same credentials as you. This will allow you to be well informed when negotiating the pay increase.

  1. GIVE A NUMBER

When an employer asks what your salary expectations are, most people tense up or become shy and undersell themselves in a bid to avoid offending the employer. Most people give a range of their salary expectations which is a big mistake. For starters, this gives the employer an opportunity to pay you a salary that is lower than what you really wanted. If you give a range and were aiming for the higher number, your employer may probably pick the lower one instead and this will only leave you feeling disgruntled. What you need to do is give one figure that is fair and one you are truly deserving of and then negotiate from there.

  1. TIMING IS EVERYTHING

In most cases, the topic of salary expectations comes up in new job offers or interview situations. It is therefore important to note that you should only bring up your salary expectations when your employer asks you. This is because you want to avoid coming off as money hungry. If you are an employee and are looking to get a salary increase you should time your request around your performance review. This way you can showcase how well you’ve been doing at your job and make a case for the raise.

When asking for a pay raise, always be patient and remember that even when exercising humility, be confident in your worth and abilities.

https://www.themuse.com/advice/how-to-negotiate-salary-37-tips-you-need-to-know

https://www.theguardian.com/careers/careers-blog/how-to-negotiate-pay-rise

https://mycareer.aicpa-cima.com/article/how-to-negotiate-a-pay-raise/

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