Feel that you deserve more than what you are currently being paid at work? While you could wait patiently for your boss to notice your dedication and propose a salary increase, chances are that you may need to initiate this process and build a strong case as to why you deserve a raise.
Though negotiating a salary raise may not be easy, it's best to be prepared before entering into negotiations. Here are our top tips to help you secure the increase you've been waiting for.
Ascertain your market worth
Do research about salary trends through news clippings, trade magazines, relevant employment ads or talking to executive search firms. If you've been working in the same company for several years, you may be surprised to know that there is often a huge discrepancy between your present salary and what the market is offering to others with comparable skills and experience.
Build a solid case
Justify your salary increase by basing it on your performance and contributions to the company. Always keep a documentation of your work and track your performance for the most recent year, especially if you are anticipating a request for pay increment. It's also important to demonstrate additional value you would be able to bring to the organisation, and articulate your commitment to take on new responsibilities and projects that will help achieve the company’s goals and objectives.
Depending on what motivates you, you can request for other perks that would satisfy you just as much as a pay raise.
The art of negotiation
Be realistic about what you are asking for and seek to understand the limits of your organisation. The art of negotiation also requires you to be flexible and be open to other forms of compensation.
A big no-no is to threaten to quit your job to get higher pay, unless you are in a revenue-generating type of function or in a sales-focused industry, and doing very well. If you threaten to leave, the company may agree to your increase but start looking for your replacement. The trust between employer and staff is affected and your loyalty is going to be questioned.
Depending on what motivates you, you can request other perks that would satisfy you just as much as a pay rise. This could be in the form of a bigger bonus, sponsorship for a course of your interest, having the option of working from home, the opportunity to travel, or simply having more paid leave.
Anticipate objections and issues
Be prepared that your boss may reject your request. List down what you think would be the top five reasons your boss might not want to give you a raise, and prepare your responses to the anticipated objections. You could even bring it up during your initial discussion to show that you understand the company’s position, but offer equally powerful arguments as to why you feel a raise is well deserved, so that it makes it more difficult for your employer to object.
Looking for a pay rise? Find out how you can make the most out of your work appraisal.