How Can you Effectively Negotiate a Pay Rise?
How Can you Effectively Negotiate a Pay Rise?
Asking for a pay rise can be termed the most nerve-racking conversation you’ve ever prepared for. It’s because our society has taught us that talking about money is taboo. A recent study by Payscale stated that 37%of respondents have never even asked for a rise from their company.
Most people feel awkward for initiating such conversations because of the fear that they may sound greedy. There is also a probability that they might have no idea how to ask for a rise at all. So most of the employees rely on their employers to notice their efforts and offer them an increment. Because of this strategy, a lot of the employees are earning far less than they deserve. Moreover, the tradition of salary secrecy in corporations prevents the employees from knowing their actual worth.
Owing to the aforementioned reasons, you need to work on your negotiation skills and overcome the taboo of discussing money. Here in this article, we have sorted out the most effective tips that will aid you in negotiating your pay rise.
Here’s the blueprint for how to do it!
Shed your Awkwardness!
Your manager deals with salary talks all the time, so it’s not as nerve-wracking for him as it is for you. Think of it this way: a rise is a form of recognition that you are contributing at a much higher level than the last time your salary was set. Your employers are not favouring or giving you anything by increasing your pay; they are just providing you with a fair market value for your hard work to keep you around. So shed away your awkwardness as it’s in the best interest of your manager to know that you think your work is worth more than your pay.
Be Conscious of your Timings
Before approaching your manager, you have to be mindful that she is also prone to basic human emotions. That means you shouldn’t approach her at a time when she’s harried, having a bad day or already nervous about the impending budget cuts.
If you have just garnered praise for a high profile project, or your boss seems particularly pleased with you lately, know that it might be the best time to make the request.
Know the Budget and Pay Rise Cycle of your Company
It is recommended to wait a year since your last increment. If you are working for a company that offers a pay rise once a year, pay attention to when that happens. It might be around the anniversary of your joining date, or they may access everyone’s salary at the same time of the year. Once you know the time, start negotiating that salary a month or two before the formal process.
Negotiate with Data and Numbers
Remember, for salary negotiation, you have to state all of your past performances in the form of numbers and data. Tell them the exact number of sales you have generated. How have you played a role in amplifying the return of investment (ROI) for your company? Tell them how the company has benefited from your work and provide them with some prospects.
Know your Worth
Before initiating any salary negotiation, first, do your homework. Know the salary landscape for the work you do and the region in which you do it (there can be a big variation in salary for the same role from region to region). In practice, though, it can be quite a difficult task to determine your salary value!
Slected is a platform that aids you in determining your worth. Slected runs analysis for your role based on varied parameters that include your professional career, skills and qualifications. Moreover, with the aid of countless user data available, you can also measure what other steps you can take to level up your market value. So, now you can find out your worth and negotiate confidently.
Come up with a Number and Go for It!
Determining your salary in numbers is a bit tricky, but that’s why you are here. Your employer is going to ask about your expectations, and you need to have an answer. This number should be based on industry standards and your research (try Slected.me). Do remember that whatever number you’ll suggest, you will occasionally end up losing at least 15% of it in your negotiation.
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