There comes a time in everyone’s career where they feel they deserve more compensation. Asking for a salary increase may feel intimidating at first, but it’s not as scary as it may seem. Salary negotiations can be uncomfortable and intimidating. Fear, uncertainty, and desperation can hold you back from getting your deserved compensation. These emotions are normal, but it’s important to not let them get in the way of asking for the salary you deserve. If you feel as though the work you’re producing deserves a salary boost, here are the tips you will need to feel confident in talking to your boss and get the raise you want.
Know your accomplishments. Before you submit a salary request letter or approach your boss for a raise, take note of your previous accomplishments. Have you made your company money? Or have you helped them save money in some way? How much have you brought to the table in terms of affecting the bottom line? Have you positively impacted your company in some other measurable way? These are the hard facts that will help prove your worth to your manager. The more value you have, the higher chance you have for getting a raise. Keep track of your own performance metrics over the course of your career so you have hard evidence of your accomplishments when it comes time to re-negotiate your compensation.
Know your value in the job market. Take time to research the local job and labour market. Find out how easy it would be for your employer to replace you then find out how much time and resources your employer has already invested to find and retain you. The greater your unique value, the more likely you are to get a raise as they will not want to lose you. Likewise, explore average market salaries for people in your same position. Assess the salaries in online listings for comparable jobs. Having this information on hand establishes a baseline market value for what professionals like you are worth and can help give you leverage when asking for more money.
Be realistic. Even if you are the best employee at your job and were hired at the very lowest starting salary, it is very rare for an employer to give an employee a raise that pushes them to the top of the salary range after one salary request. It’s also unrealistic to think that they'll ever pay you a salary outside the company’s salary range. Most employers look at raises in terms of percentage increases and you should as well.
Be flexible and open to other options. Never submit a salary request or begin your negotiation with an ultimatum unless you're prepared to deal with the consequences. Be prepared and expect to compromise about the amount of your salary raise. If your company is on a budget and there is no extra money to give, consider other options or perks that you may be able to negotiate in the short-term to compensate for the lack of the raise. These could include additional paid time off, insurance benefits, or a more flexible work schedule.
Focus on the future. When discussing compensation increases, it’s true that you’ll want to focus on your many accomplishments and contributions to date, but you’ll also want to make it clear that you plan to continue contributing to your company’s success. This includes helping your boss, your department, and your organisation improve and be more productive.
You work hard for your manager and company. Summon up the courage to ask and get the raise you want and deserve. Knowing your worth and asking for what you want and deserve is vital for getting fair and well deserved compensation. It’s possible that a raise won’t be available to you the first time you ask, but don’t let this discourage you. You can always follow up on your request. In fact, it may take multiple conversations and several months to get the raise you desire, but stay patient. Preparing a strategy is the first key step.
