How to negotiate a salary increase
May 6, 2018
How to negotiate a salary increase can be tricky but below are some tips to help this process feel much easier.
Money..we cannot live without it. Prices are increasing all the time yet sadly our wages do not. Are you over worked and underpaid and feel you should be earning more. Have you ever asked your boss for a pay rise or do you think it is not worth it
A recent survey stated that only 37% of people actually ask for a pay rise. More worrying is that 18% of workers never ask for a pay rise.
In fact the main reason for not asking is fear. But why should you be scared of asking for a pay rise?
Well below are some tips to help negotiate a salary increase
Find out what your competitors in similar industries are earning
You can do this by looking at similar jobs advertised on the job boards on social media sites.
Speak to recruitment consultants as they would be aware of the current ‘market rate’ They are quite likely to give you a salary range together with the responsibilities associated with that particular role.
Collect the facts
When you have done your research you will find you have a range of salaries to compare to your present earnings. When negotiating aim for the highest figure you are researched. You may think I will ask for the middle range as my employer may agree to that figure. If you aim higher and they say we cannot afford that but we can afford xxxx then you are still a winner. After all your employer may well want to negotiate and so if they negotiate downwards you will still end up with a salary increase you are happy with.
Is it the right time to ask for a pay rise
If you have only been in your job for a few weeks or months hen asking for a pay rise may not be ideal. Have you been in your new role for over a year? Have you taken on more responsibilities since you joined the organisation? Do you have any emails from internal or external clients showing you excellent you are? Have you saved the company any money though negotiations with suppliers etc. Make a note of all thee to mention to your boss.
Practice your presentation
Make sure you rehearse what you are going to say in the meeting. You need to be clear and concise. Write down what you want to say and bring it to the meeting. Why not practice with family, friends or partner before your meeting. You must be prepared and comfortable prior to your meeting.
Schedule a meeting with the boss
Make sure you choose a suitable date and time for the meeting. Do not ask for a meeting first thing on a Monday morning or last thing on a Friday. Find a date and time that does not mean your boss can only spare 15 minutes between meetings.
In fact it has been said that Thursday is the best day to negotiate a pay rise. According to Psychology Today ….“As hard-line behavior disappears, we become more flexible and accommodating. Thursdays and Fridays find us most open to negotiation and compromise because we want to finish our work before the week is out,”
In the meeting make sure you bring the details of jobs you have researched which show the range of salaries offered in similar organisations for your role.
If you do not end up with a salary increase do not burn your bridges and threaten to leave or state you have other job offers.
You could instead ask your boss for flex time arrangements, extra annual leave, new job title or ask your boss for slightly reduced working hours instead eg leave 30 minutes early on a Friday.
I hope these few tips will help the next time you are faced with speaking to your boss about your salary.