7 TIPS ON HOW TO NEGOTIATE YOUR SALARY INCREASE

It’s always a nerve-wracking process when you are trying to negotiate your salary with your current employer or at a new job. Salary negotiation is very uncomfortable, but it’s still a necessary activity if you want to get what you want.

Reports by analysts put it that if you avoid negotiating for a pay rise, it would cost you as much as $1 million over the course of your entire career.

In some companies doing what you’re required, putting extra effort to get good results in whatever you do is not a guarantee for a decent salary increase or a good annual review. Though this is not the same with other companies.

It’s proven that employees who have entirely worked with one corporation and never dawned on them to seek good offers from other employers tend to pocket home very little compared to what their peers who have gradually changed jobs once or twice in the past ten years pocket.

Don’t wait until your current salary frustrates you because you can’t make ends meet. Boldly put some effort and energy into making sure that your employer is aware you are doing your job very well. By doing this, you may get a salary commensurate with your efforts. This can only be accomplished if you use the right method to seek a pay raise, “Negotiation.”

Here are some of the strategies and techniques that help you negotiate effectively seeking a higher salary increase.

  1. You should make your Negotiation look like a competition.

Viewing your salary negotiation as competition will lead to better results. This is because you are trying to request something that your employer doesn’t want to give you. Don’t be the type of employees who are always compromising and accommodative. Instead, install competitive strategies, identify your goals and target to accomplish them. If you are this kind of an employee, you will end up with a significant salary increase.

  1. Make this process easy for your boss

It’s always a tedious activity for administrators when doing annual review. As an employee, it’s your responsibility to make your boss aware of what you do on a daily basis, what you have accomplished and also what you are aiming to benefit the company. This is because employers quickly forget the notable performances that you put in the past.

Acquire a copy of the review form, write a memo to your boss detailing all your accomplishments in a way that it will be easy for your boss to review. This way it will increase your chances of getting a pay raise.

  1. Make your situation look different.

How do you demonstrate your situation differently?

In a company, the budget for salary increase is always limited and tight. If you are requesting a wage increase there are always two options your boss has, they include,

  • it’s either he seeks a special approval from the company or
  • give less to other employees.

This are not the decisions that your boss would want to make. You should compose yourself and let your boss know that your case is unique and that you expect a good pay compared to your other colleagues. Your employee won’t take this lightly therefor you have to pull your socks and go an extra mile to

  • do a good job throughout the year,
  • align your priorities with those of your boss,
  • and make your boss look good.
  1. You should have the exact number.

You should be aware or at least have an exact figure that you can propose if asked by your employer. This is because your employer will expect that you have done a proper research into your market value. If you are seeking a salary increase because you are an excellent performer, proposing a 3% or 5 % pay raise will be practical. On the hand, carry a precise figure with you as this is a much preferable approach.

When you are asked, inject some passion into it and don’t be too predictable, this will create an advantage to ask for more than you want, you can also ask for too much. This way you will give your boss a platform to negotiate down from the original figure that you proposed. Don’t fear that the massive sum you requested will be counter offered because at the end of everything if you won’t bid you will still get nothing.

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  1. Consider having a walk way point.

While you are negotiating, don’t forget to have a “walk away point.” Based on your market value, financial needs or what you think is good to pocket and take home; you should turn down a cheap offer. You should have the guts to say no to an offer that you are not comfortable with. Even though this is difficult, it will be worth a try.

  1. Make a right timing

It’s not recommendable to approach your boss for salary increase during performance review period. This is because by this time he has raised salaries that should be doled out to the team, and maybe you are not included in the plans. It’s advisable to address your salary grievances two or four months in advance so that you are included in the budget

  1. Make a” brag sheet.”

“Brag sheet” is a summary that includes all your accomplishments, rewards and contributions in the company. You can include testimonials from your work colleagues in the sheets; it acts as a bonus. This sheet simply sells your values to your boss.

With all these steps you will undoubtedly be able to convince your boss to raise your pay. Though this is not the same with millennials, they don’t prefer to negotiate for salary increase compared to others.

 Conclusion

Salary increase negotiation process is not a walk in the park; you have to be bold, courageous and determined. Ensure you have prepared yourself well enough and have the necessary tools needed during your conversation with your employer. Present something that will give your employer the reason to consider your request e.g. your contributions to the company, your performance, rewards, etc.