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Negotiating a Pay Raise
Earning a promotion is a wonderful feeling, and the confidence it brings can find you – quite rightly – asking for a salary rise to match your increased responsibilities. Your boss may see things another way, however, and rather than charging in with a list of demands and expectations, it is advisable to enter into negotiations with a comprehensive idea of what you want – and how you’re going to get it.
Over half of all employees are unhappy with their rate of pay, and you’re not alone in building the guts to do something about it. This means you need to present a compelling case to your boss as to why she should balance her budget in your favour. Go online to check what others of your calibre and position are earning on LinkedIn and via salary checker sites, and put together a portfolio of your recent successes. Your boss might not be the only person in on the decision-making process, or might herself be unaware of some of your achievements, so organize your presentation clearly to set the agenda.
Choose your time wisely and find an appropriate place to have the meeting – somewhere you won’t get disturbed, or be unnerved by curious eyes peering over computer monitors to see how you’re doing. And be sure you know your limits ahead of the meeting. Are you prepared to resign if your boss doesn’t see sense? How far will you compromise your dream wage if she starts haggling? Are there other perks or benefits you could suggest if a salary hike is out of the question?
You’re nearly there. All you have to do now is… do it. Try to stay calm, and keep the conversation on the future – what are your ideas, and how does the boss envisage your development within the company? If you’re well prepared, and you take the time to check out some of the other tips in this useful new salary negotiation infographic, you’re stacking the odds seriously in your favour. Good luck!
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HOW TO NEGOTIATE A SALARY RAISE WITH YOUR PROMOTION
The great news is you’re doing well at work – getting a promotion is a great step in your professional development. Congratulations! You now need to learn the art of salary negotiation in order to get paid more for the work you do.
ARE YOU HAPPY WITH YOUR SALARY?
Most of us, at one point in our career, have felt we deserve more for the work we do.
- 52% OF BRITAIN’S EMPLOYEES ARE UNHAPPY WITH THEIR RATE OF PAY
- 57% OF LONDON BASED EMPLOYEES ASKED FOR PAY INCREASE IN 2015
If you feel you deserve a pay raise due to extra responsibilities you’ve been given, then the following tips will help you negotiate the salary you deserve.
PREPARATION IS KEY
Before jumping in to a meeting to discuss the issue with your boss, prepare as much as you can to support your case.
1. KNOW YOUR WORTH
We’d all love to be earning 6 figures, but if that isn’t a realistic salary for your role, don’t ask for it. Instead:
- Search on LinkedIn for similar roles to get a benchmark salary for your job.
- Use an online salary checker to research your market value.
- Calculate the replacement cost to the company if you were to leave.
2. CHOOSE YOUR TIME WISELY
Asking for a raise can be a sensitive subject, so you should pre-schedule time with your employer to have an in-depth and private conversation.
- Avoid the busiest time of week when arranging a meeting with your boss.
- Schedule a meeting after lunch, when your employer is most likely to be relaxed.
- Find a meeting room or go off-site – this conversation is one that shouldn’t be disturbed.
3. CONSIDER YOUR EXPECTATIONS
Before you begin, you should have the end goal in mind, and have thought through your options if the answer is no.
- Prepare for possible outcomes beforehand, and decide on what you will settle for.
- Consider more paid holiday or a gym membership as alternatives to a pay rise.
- Avoid giving an emotional ultimatum in the form of a resignation, unless you are committed to that decision.
4. GATHER A PORTFOLIO
The best time to negotiate a rise is after a period of consistent performance, which will make you the obvious candidate for an increase.
- Collate all targets you have met over the past 6 months into a report.
- If you’re multi-skilled and work across departments, put together a portfolio of your responsibilities across them all.
- Make a PowerPoint presentation outlining these achievements in case your boss is not the sole decision maker in your salary.
NOW’S THE TIME TO NEGOTIATE
The conversation with your employer should be well structured, with you in the driving seat.
5. FRAME THE FUTURE
As far as your employer is concerned, the only reason they would pay you more is if you were to deliver more in the future.
- Outline what you plan to do for the company going forward.
- Provide clear examples of how you will develop yourself and your position.
- If you have innovative ideas for efficient working or money saving practice, tell your boss.
6. ASK OPEN QUESTIONS
Asking your employer lots of open questions will give you a better idea of what they are looking for.
- Don’t ask yes or no questions as these immediately limit responses.
- Use who, what, when, where, how, or why questions at all times.
- Ask your boss where they see your position going in the future – this will help you tailor your capabilities to their needs.
7. REMAIN SILENT
Most of us are uncomfortable with silences and feel compelled to fill them whenever they arise. However, in the midst of a negotiation, silence could be your best friend:
- Don’t feel obliged to answer right away when being made an offer.
- Staying quiet will enable you to remain calm and gather your thoughts.
- Often, your employer may rush to fill the awkward silence with a counter offer.
Although it appears daunting, asking for – and getting – a salary pay rise in line with your promotion can be a straightforward process. Make sure to prepare well and handle yourself as effectively as possible.
So put your negotiation skills to practice, and get the pay rise you deserve.
REMEMBER, EXTRA RESPONSIBILITIES MEAN YOU’VE EARNED IT!