How to negotiate a higher salary is something that has crossed our mind at some point of our career if not many times. But not knowing the right way to go about it or the action plan to follow is what can sometimes scare us off or let us down.
This article will outline key steps of salary negotiation, finding your value through certain job market data and of course best practice tips for a successful outcome.
It doesn’t matter where you are as an employee, whether you’re new to the organisation or a long standing employee, if you feel as though your market worth is more than what you are currently being paid then you should feel worthy of negotiating a higher salary. But before you go in guns blazing, demanding a pay rise, you will need to take a more refined approach, do some research and come prepared.
You need to build your case!
So how are you going to do this?
- Prepare an outline, giving specific examples of the work you have delivered to date that has provided something valuable to your employer.
- Find out what you’re worth and then prove it. It’s important to do some research. Find out what other people in your position, in your location and with your level of skill are being paid. There are many salary tools online now which will provide you with this information such as Glassdoor’s Know Your Worth tool provides a customised estimated market value.
- Consider a salary range, as opposed to having a set salary number in mind. This will give you more leverage to negotiate and come to a compromise if you need to.
- Practice your negotiation pitch and then practice it again and again. Ask someone close to you to listen to your proposal and get used to hearing yourself say your points out loud. You want to feel confident and poised when you meet with your manager.
- Don’t accept the first offer if it’s not meeting your expectations. Instead allow yourself some time if you need to. Thank your manager for the meeting and the offer and schedule another meeting in 24-48 hours. This will give you an opportunity to reflect, evaluate and decide whether to accept or some back with a counteroffer.
Salary negotiations are never an easy discussion, they can be very stressful and nerve wracking and of course, not necessarily deliver you the desired outcome. Particularly if other factors are working against you such as timing / market demand / economic factors / company health / etc. However, when executed correctly, it can be a positive experience for both parties; you have a nice new pay check and your boss knows that you value your work and position at the company and will most likely be hanging around for years to come.