Negotiating a salary increase can seem like a daunting task, particularly if you have never attempted to do so before. Nonetheless, requesting a raise is an important aspect of career advancement and is a common professional practice. If you believe that you’re overdue for a pay hike, then it is time to act on it and approach your employer.
In this blog we will share valuable insights and techniques to assist you in effectively negotiating a salary increase.
Preparing for Negotiation
Prior to starting the negotiation, you need to do some preparation. Begin by researching the average salary for your position in your industry and location. Websites such as Glassdoor and Payscale are ideal for this, as they’ll give you an idea of what you should be earning based on your experience and qualifications.
After conducting this portion of your research, create an overview of your recent accomplishments since your last salary increase. Highlight significant projects you’ve worked on, your achievements and any additional responsibilities you’ve taken on. This will make up a list of reasons why you’re due a raise and will give you points when negotiating your case.
Timing is Everything
Timing is a critical factor. In general, it’s ideal to wait until the end of the financial year or once a major project has been completed. It is also important to take into account the company’s financial health. If they’re going through a period of financial instability, this may not be the best time to ask for a raise. When you are ready to ask for a raise, make sure to schedule a meeting with your manager in advance.
The Negotiation
During the negotiation be confident and professional. State your case by explaining your qualifications, achievements and responsibilities. Highlight what you want and why you deserve it.
It is also important to be flexible. If your employer can’t offer you the salary increase you’re asking for, consider other benefits of perks, such as flexible working hours or extra vacation days.
If you don’t receive a raise after this process, don’t give up. Ask for feedback on how you can improve your performance to obtain a raise in the future. Keep in mind that negotiating a raise is not a one-time event but rather an ongoing process.
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