Generally speaking, tackling money matters can be an uncomfortable topic for most people simply because talking about money is considered taboo. However, knowing how to negotiate your salary is crucial in any business relationship. It is more of knowing when and how to ask for a promotion that will be the factor in getting the salary that you deserve.
You must always know what to say when negotiating for their salary, how much raise to ask for and when and how to get a raise. Asking for a salary that is too low can somehow make the recruiter doubt your ability to do the task. Asking for a salary that is too high can somehow make the recruiter rescind the offer. Always bear in mind that negotiating for your salary is part of the recruitment process and somehow, it signifies how confident you are in getting the job done to the best of your ability. So you yourself must know the answer to “what salary should I ask for?”
In cases where you have been working with the company for quite a time and have never received a promotion or a raise, but you don’t seem to mind, it might give your manager or employer a wrong impression. Not asking for a raise may show that you are not putting as much effort into your job. As an employee, you must know the value of the talents and efforts that you put in your job when negotiating for a salary because that shows your value in the long run.
Note: Consider Compa-ratio which is the current market rate for your job/role. You need to know whether the salary you are receiving falls within the current market rate. This will let you know whether you are receiving the correct salary or if you are underpaid at work.
So here are some tips on how to negotiate a salary increase.
Consider the Timing
If you just got your job offer, it is the perfect time to negotiate for your salary. However, you also need to consider the size of the company and how long they have been in that kind of business before negotiating. You need to make sure the company is earning enough revenue to give you the salary you want. Remember that as an applicant, it’s a good practice to research the company you are applying to so you will know how to negotiate for the right salary during your interview.
In case you have been working for the company for quite a while, it should not take you years to ask for a raise. Getting raises at work is a normal process and you should know how to ask your boss for a promotion. If you do not negotiate your salary, it may give a wrong impression since you have been there for quite a time but you never felt that you should ask for a salary increase. It is always best to put a value in the effort that you exert to perform your job. So, always make an effort to do your job well and do not take too long to ask for a salary increase.
State your Value
You need to know your value as an employee. This is a key factor in learning how to negotiate for your salary increase. As an applicant, did you come from a company wherein your skills increased productivity and contributed to the success of the organization? State your experiences, accomplishments and commendations.
If you have been part of the company for quite a while and you want a raise, you need to back it up with your achievements. In case you are an applicant and you have multiple job offers, you can use it as leverage. You can talk about other job offers you currently have. This will make the recruiter know that you are someone of value and you can negotiate more.
Remember that salary negotiation is also about you assessing if you have a bright future with the company. That is, if the company is fair enough to give you the salary you deserve. Also, consider if there is room to grow in this company. You need to bear in mind that your salary is progressive. Therefore, the higher your starting pay, the bigger the possibility of progressing to a higher salary in the future.
If you are an applicant and you feel that the salary offer is way too low than what you deserve or expect, you should try to negotiate. If they don’t budge, then you need to consider if joining the company allows you to learn new skills to enhance your credentials therefore, increase your marketability. Bear in mind that skills and expertise are valuable therefore, you also need to consider these when negotiating for your salary.
Have a positive tone and be professional.
Exhibit a positive outlook and keep your emotions in check. The person sitting on the opposite side of the table — the recruiter, has his/her own restrictions/limitations with regard to his/her job offer, so don’t take it against them. Remember that salary negotiation is crucial to both sides of the table. The company also needs to consider how much they should invest in you.
This is why you need to convince your interviewer that you are someone who can positively contribute to the company’s earnings and progress and that you intend to grow with the company. Show that you see yourself growing with this company. Knowing that they can count on you to stay and contribute your expertise in moving the company forward will make them invest in you and appreciate your reason to negotiate for a higher salary.
Have a ballpark figure, plan and research
The internet is full of information regarding jobs, companies, and roles. Make sure to research on how you can best assess your market value. Knowing how much you are worth can increase your confidence to ask your boss for a promotion/raise. Knowing the current industry salary rate helps you to know how much you should ask for. Also, establish personal career growth goals and work on developing and improving your skills.
When all is said and done but the company says “No” and refuses to give you the salary you believe you deserve, then you need to give it some serious thought. Mentally assess whether or not your abilities and skills are fairly compensated based on the rate being offered to you. Otherwise, you may opt to look for better opportunities.