You’re about to enter a salary negotiation with your current or future employer. Good for you! A pay rise is a topic many employees struggle to bring up or avoid altogether. We get it, it can be nerve racking but most employers are happy to discuss. After all, they know you are the right person for the role and that it’s cheaper to retain you than to search for a new employee.
Talking about money feels awkward to many of us. A survey by Salary.com showed that 18% of people never negotiate their salary, and 44% have not asked for a raise during a performance review. We believe that it is the right of every employee to enter a salary negotiation, and today we’re sharing some tips to help you do just that.
How to Undertake a Successful Salary Negotiation
When you enter a salary negotiation, you are trying to increase the amount of salary and benefits you receive from an employer. It’s important to keep in mind that you are both on the same side and have a common goal: to ensure the employee receives a fair level of remuneration for their experience and skills. It’s not a time to be aggressive or make threats, but one to work together to achieve a mutual benefit. Here are nine tips to help you prepare:
- Be prepared – list the reasons why you deserve a higher salary and back it up with specific and quantifiable evidence. Your list should include recent accomplishments and how they have benefited the organisation. If your role has changed and your workload has increased this should also be accounted for, along with any projects you’ve been involved in.
- Calculate your value – you need to enter the negotiations knowing exactly how much your skills and experience are worth. Research the salary you feel your performance is worth by reviewing recent recruitment agency salary guides, and sites such as Glassdoor, Salary.com, and Payscale.com. This will allow you to support your request with current market rates.
- Know what you want – identify the specific salary level you hope to achieve based on your financial goals and personal situation but remember to keep the emotion out of it when negotiating. Don’t talk about how the cost of living is increasing or how much money you need to cover your bills. Instead, present the evidence you’ve gathered to show your boss why you deserve a raise.
- Wait till the time is right – this often means making an appointment or not discussing the salary until you are offered a position. It’s never a good idea to spring the negotiation on your boss without warning. Book a time with your manager and clearly let them know that the reason for your meeting request is to discuss a salary review.
- Practise beforehand – know what you want to say and practise it before your meeting. You will need to be prepared to negotiate and discuss at length the reasons for the salary you think your performance is worth.
- Aim high – most likely the organisation will negotiate downwards from your salary suggestion, so start at the top end of your preferred salary range.
- Consider other benefits – salary isn’t the only way organisations can compensate their employees. Look at the other perks your employer, or potential employer could offer you. Flexible work options, funding professional development, additional leave and bonuses are just some of the benefits that could potentially be negotiated.
- Be confident and gracious – remember it’s a two-way conversation. Giving an ultimatum isn’t the best negotiation strategy; listen to what your manager or prospective employer is saying about the salary range. Regardless of the outcome, it’s important to remain gracious and thank the employer for the opportunity to discuss this with you.
- Take time to consider offers – there’s no rule that says you must accept a salary offer on the spot. Take some time to think about the offer and respond to it, even if you are happy with it.
Part of our services includes career coaching and transition support. We’re more than happy to meet with you to help you plan your proposed salary negotiation, giving you the necessary skills to increase your chances of success. Get in touch with us today and let’s arrange a time to chat online or meet in person.