Salary is not necessarily the most important aspect of a job, but it certainly makes an impact on your overall job satisfaction. Therefore, the ability to negotiate a raise is one of the most important skills you will need in your professional career. That said, negotiating a raise can be a nerve-wracking process and it requires adequate preparation and a keen understanding of current market conditions. Successfully negotiating a salary also requires poise, confidence, and professionalism. Here are a few helpful tips for handling this challenging scenario in order to increase your chances of getting the salary you desire.
Know Your Worth
If you feel you deserve a raise, you need to be prepared to explain why. This begins by tracking your accomplishments and making note of any specific achievements, successes, awards, or projects that you have completed. This will serve as tangible evidence of your value and can help you quantify your value to your company. You want to be prepared to show how your abilities have contributed to the overall success of your company. You need to be able to demonstrate that the value you bring to the company is worth the extra investment in your salary. Without actual evidence of your success, it appears that you are simply asking for more money. You need to be prepared to show your worth and make it clear that you are deserving of a raise.
Research Current Salary Data
Aside from the skills you bring to the table, there are plenty of other factors that are important when it comes to successfully negotiating a raise. These include things like your geographic location, the cost of living in your area, and the current salary data for positions like yours in the area. Rather than just pulling a number out of the air, you need to make sure that the salary you are proposing for someone with your qualifications is in line with what similar positions are getting paid. You can research this information by using sites like salary.com or glassdoor.com. You also want to consider your years of experience, the current status of your company, and the size of your company to come up with a target salary that is fair based on your value and research.
Ask For More Than You Expect
You can’t expect your boss to value you if you don’t value yourself. Therefore, don’t sell yourself short. Be prepared to ask for a slightly higher salary range than you actually expect to get. This is especially true if you have evidence of accomplishments and your performance has been recognized. Your range should include the lowest amount you would actually take and the highest amount you feel you can respectfully ask for. It’s expected that you will negotiate until you reach a salary you both agree on. If you start with your bottom line, you may end up compromising on less than you want.