Negotiating a pay increase is one of the most important skills for your career, but it can also be one of the most intimidating. It requires the right combination of confidence, professionalism, and savvy negotiation skills. That said, it can be the best way to obtain your desired compensation. It is also perfectly acceptable to ask for a raise, and most reputable companies want to take care of their employees. If you are ready to take this important step, here are a few tips on how to successfully negotiate a pay raise.
Research Salary Data for Your Position
Rather than simply choosing a random number that sounds appealing to you, you must research what a normal salary range looks like for your position and your level of experience. You can do this by speaking to other people in similar positions at your company. You can also do some research online to figure out what the average salary range is for your job and location. Another option is to connect with local hiring experts in your area. Show them your resume and ask them to provide you with a realistic salary goal. It is important that the raise you are asking for is in line with you specific line of work.
Keep a Record of Your Accomplishments
It is important to make a list of your accomplishments, achievements, accolades, or awards from within the last year. Be prepared to discuss these accomplishments in detail and share how they positively impacted your company. For example, you may have generated 5,000 leads in the past year which equates to more than $80,000 for your company. Perhaps you just successfully completed an important project for which you were recognized. The stronger the data you provide, the stronger your case will be for a well-deserved raise.
Let Your Boss See the Value You Bring
In addition to the accomplishments, you listed above, you also want your boss to know that you are a valuable long-term asset to the company. Share your career goals and plans for the future and how this will benefit the company. You want them to see you as a person who is worth the investment.
Ask for the Top of the Range
As you do your research on average salaries for your position, you are likely to come across a range that represents your market value. While asking for the middle number may feel like a safer bet, you should opt for the top of the range. For starters, you should feel confident that you are worth the higher salary, but you should also expect your employer to negotiate down so this gives you a little extra wiggle room.
Choose the Right Timing
Timing is important when it comes to asking for a pay increase. You certainly don’t want to schedule this meeting around the same time as budget cuts or when your company just suffered a poor quarter-end performance. Rather, make sure the timing is right within the company as well as in your personal career. Don’t wait until your performance review, when there is a good chance raises have already been decided. Instead, talk to your boss well in advance when they are actually deciding on the budget.