5 Winning Tips To Negotiate Your Pay Raise
There are times in life when you accept what you’re offered. You might have just graduated from college, or just came to a new city and you really just need to pay your bills. In those situations, it is quite understandable that you might not be seeking for high paying positions at the top-notch companies.
But, as you gain more experience, there might be other situations along the way when you simply feel you’re not paid what you’re worth. If that’s how you feel right now, it is a completely normal thing, and there’s no need to be frustrated. But, in order to be paid more than you currently are getting, you need to adhere to several rules.
First of all, you need to acknowledge the fact that there are very few business owners that will offer you a pay raise just because you deserve it. They might be willing to do so after you show them and let them know what you’re worth and how much you actually impact his/her business profits. And in fact, research has shown that 75% of employees that asked for a raise actually got a pay increase. So if you feel stuck and worthless because you are not being paid enough, the reason behind it might be that you simply didn’t ask for it.
But, before you ask for a pay raise and start negotiating your future salary, it will be much wiser to do your research and be sure of what you’re doing. Here are some winning salary negotiation tactics you should use.
1. Do Your Homework
Do a detailed research of the company you’re working for, or a company you’re applying for. First of all, get an idea of what is the average salary of the position you’re aiming at. Look for what skills are needed for successful individuals for that specific position and align your own skills and knowledge according to it. If you explain why you’re qualified to do the job, it will be much easier to convince your employer to give you the pay you deserve.
2. Apply To More Companies
If you show your employer that you have other job offers for the same position, and tell him/her that you would be equally happy to work with either of them, will give your employer an impression that you are a good person to keep in their company. This way you will make them “compete” to have you in their team, which will increase their incentive to give you a higher pay.
3. Highlight Your Accomplishments
When you’re negotiating your salary, highlighting your accomplishments will definitely set you on the right track to get a higher salary. First, write down all significant things you did for the company you used to work for, or work now. Then, select ones that had the biggest impact on the business.
If you approach your employer with an attitude that paying you your desired amount of money will bring them plenty of actual advantages to their business, it is much more likely they will be ready to pay you more than they initially offered. If you know how your work impacts their profits, you pretty much have the negotiation process in your hands. However, be realistic in what you’re asking.
4. Consider Gradual Pay Raise
For some businesses it might be hard to give a significant pay increase all of a sudden. If you believe you should be getting significantly more money, you might offer your employer to gradually increase your pay over time, when they see the results of your work. This might not be the fastest way to reach your salary goal, but it will prove your employer that you’re confident and loyal which will surely be taken in consideration in every serious company.
5. Turn Praise From Your Employer Into An Opportunity To Ask For Higher Pay
Sometimes, being too forceful in asking for a pay increase might be off-putting. An intelligent way to do it is to do something your employer will praise you for. Have you just completed a task that went incredibly well? Have you resolved an ongoing problem or found a great way to improve an important element of your team’s workflow? Be proactive, and the praise should come.
When it happens, that would be a natural way to start the conversation about the higher pay. They will be feeling good about having you in their team already, you will be confident that you just achieved something important in your company, and the negotiation will come much more naturally than it would if you asked for a meeting to talk about it.