Started a new job in the New Year? Or, perhaps you’ve been in your current role for a while and feel like you’re owed a salary increase. There are plenty of reasons why you may want to discuss your salary with your employer, and negotiating your pay isn’t always an easy task. Some feel like the task can be rather daunting, especially if you’ve never had to negotiate a salary with an employer before. However, there are a few ways to handle the situation professionally and easily, without looking like you’re desperate for a little extra cash. Many people think that a business has all the power when it comes to salary negotiations, but being able to discuss your pay rate with an employer will provide the ultimate win-win situation.
Understand the job requirements
Before you start negotiating your salary, you need to have a clear understanding of what will be involved in the role and what will be required of you within the position. If it’s a job you have had a while, and over time you may have had new responsibilities, take these into account when negotiating your new pay. If it’s a new role, you may also want to check your requirements as you don’t want to be asking for more pay for a junior role.
Research your market value
Research similar job titles and positions in your location and see what other job roles are offering. Take a look on job listing websites and salary survey results, to see what other people in your field are being paid. Newspaper advertisements are also handy to discover what salary payments are being offered. You may also have friends in similar positions who are willing to discuss their pay rates and what their peers are earning. This is a great way to understand what the market is like and how others are being paid for the role you are in or are considering.
Research the company’s performance
If your company has reported record profits or has gained several important clients in recent months, chances are you’ll be in a better position to ask for a pay rise. If your company has been doing rather well, they will be in a better position to afford to pay you a higher salary. This should give you an added confidence boost when asking for a higher pay rate.
Be willing to negotiate
Now that you have a bit of background knowledge of what the expected pay rate is and what your worth is to the company, you will have a better understanding of what kind of pay you can and should be expecting. If you think you’re being underpaid for your job role and responsibilities, start by going through some of these tips to a better negotiating deal.
Many people are too scared to negotiate their salary, even when they know they are worth more than what they’re getting paid. Many businesses are willing to negotiate salaries, but employees simply don’t start the conversation. When you’re negotiating a new salary with your employer, be brave and don’t make excuses. If you believe you are worth more than what you’re getting paid, negotiate in a professional manner and don’t be scared. Men are four to eight times more likely to negotiate their salary than women, so if you’re a woman in business, stand up and start negotiating.
Silence can be powerful
Allow your employer to offer a starting point to a change in your salary, repeat the offer back to them, then stay silent. You may find that they come back with a higher offer without you saying a word. Silence can be as effective, if not more so, than tears, anger and frustration, plus it is a lot easier to carry out. Silence allows both parties to consider the deal and think about what to say next. Use silence as a tool for your negotiations.
Your employer is likely to reject your first request for a higher pay rate, but don’t let this deter you. It may be a case of telling your employer how their extra investment to you is going to help them in the long run, and you can always ask for a counter-offer instead. A lower amount means that you can still negotiate your pay and ensure that all parties are happy. This is another reason why you should start with a higher offer than what you would be happy with so that you can have a bit of leeway when negotiating.
Patience is a virtue
When negotiating your salary, don’t expect to get it right away. It’s important to give the whole process some time as your employer may want to think it over or seek approval to increase your pay rate. They may even want to do some research of their own. Be patient and understand that it may take a bit of time for your pay to be increased and for your employer to agree on some new terms.
Have a little flexibility
Don’t be completely dependent on a pay rise as your only form of compensation. Perhaps you would take some extra holiday benefits instead? Or a one-off bonus pay? Have a think about what other benefits you would consider in the role aside from a pay rise and be sure to discuss these options when you’re negotiating a new salary. Your employer may be more open to other benefits aside from a pay increase that will satisfy your needs just as well.
There are a number of ways to go about discussing and negotiating a new pay rate with your employer. It’s always important to have the right information and knowledge about the job and your responsibilities before asking for a larger than life pay rise. Having the knowledge to back up your claims for a higher pay rate means you’ll be more confident to ask for that pay rise and will know that you’re worth more within the company.