3 Salary Negotiation Techniques to Secure a Pay Rise
There are many aspects to factor in when considering job satisfaction, with one of the most important being paid what you’re worth. That being said, when it comes to negotiating the salary for a new position, or asking a pay rise at your current job, people often find themselves too self-doubting to successfully negotiate a deal they feel 100% happy with.
After overcoming this self-doubt, you can take control of your career and future. Frequently, professionals make the mistake of not showing how their value to the company exceeds their current salary. In order to secure a pay rise, your Managers have to quantify the contribution you make to the company and weigh up if it is worth the extra company expenditure on your wage, and if you are deserving to receive such an increase.
Before you decide to approach your Manager to ask for a pay rise, use the following 3 techniques to prepare:
1. Get a rough understanding of your market value.
In order to do this, you must look at how your company is performing financially, any recent employee movements, and the conditions in your current industry. This will give you a better understanding of the company’s position and anticipate potential objections when negotiating your salary.
2. Ask confidently for what you want.
Don’t let your self-doubt get in the way. By assuredly stating what you would like shows you mean what you say, and you have done your research. It will also help to emphasize some of the key achievements you have established in your current position.
3. Consider other benefits as an alternative.
Perhaps a salary increase is not possible, by discussing other options such as additional annual leave, or a bonus when you meet your agreed KPIs to ensure both parties come away with a positive outcome.
Negotiating your salary to a successful outcome takes careful consideration and preparation. To maximise your likelihood of achieving this, research your market value and define what the minimum and ideal salary would be before the meeting. When interviewing for a new job, employers respect applicants who have a firm but fair approach to negotiation. Moreover, individuals who negotiate well for themselves show skills which employers may feel put you in a strong position for the role, for the team and the company as a whole.