Tips For Negotiating A Salary Increase [Infographic]
How To Negotiate For A Pay Rise
If you work in a role like sales, where negotiating is a key part of the job description, then asking for a raise and arguing your case is probably second nature. In fact you probably look forward to it. For the rest of us, just asking for a meeting to discuss a pay rise can be a daunting task. But unless your boss is the type to give you a fair wage out of the goodness of his or her heart, asking for that meeting and then negotiating a higher, fairer salary is essential if you want to be paid your true market value.
So how can you make negotiating a less frightening proposition? Picking the perfect moment, researching your value and preparing your evidence is all vital, as is understanding the psychology behind a successful negotiation. But if this infographic from Adzuna proves anything, it’s that simply treating negotiations like a game might just be the best way to overcome any pre-negotiation anxiety.
Well, that and avoiding anxiety-inducing caffeine. ‘Negotiators who feel anxious … ultimately obtain worse outcomes’ apparently, so swap that coffee for a glass of water – it could end up costing you much more than you bargained for.
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NAVIGATING YOUR WAY TO A PAY RISE
Salary negotiations can be a lot like a game. Use this guide to make sure you get a high score.
When Should I Ask For A Raise?
Have a set time for annual reviews? Jump to 'Preparing'.
- I'm consistently over-performing
- My job description has changed
- I'm underpaid
- I've been here an arbitrary amount of time
- I need more money
Even if you're in a good position to ask for a raise, pick your moment carefully. Consider when budgets are set and if your company is celebrating a recent success or facing financial changes.
- Know your market value
- What are similar positions at other companies paying? What are your skills worth? Online tools make this easier than ever.
- Gather evidence of your successes
- Get hard numbers that show the difference you've made: how you have increased revenue, made efficiencies, or improved customers satisfaction for example.
- Be ready to show your future value
- Don't live on past glories. Show you can offer more value to your company in the future, by talking about new responsibilities you can own and the skills you will develop.
BEFORE THE MEETING
Skip coffee, which has high amounts of anxiety-inducing caffeine - "negotiators who feel anxious ... ultimately obtain worse outcomes."
- Oct. '12 - TED Talk makes Power Poses study famous.
- Sep '16 - Study co-author claims research was fatally flawed
Power Poses won't make you feel any worse - so what's the harm in trying? You might even benefit from the placebo effect.
The Three Salary Negotiation Myths
- Don't get emotional
- Getting emotional distracts you from the task at hand and is a sign of weakness
- Don't make the first offer
- Your employer might have been planning to offer more
- Don't make personal pleas
- Your boss doesn't care; you should show you deserve a pay rise
- Changing your emotional state can make the other negotiator feel like they have less control, resulting in them making more concessions, according to research
- Employees who make low offers don't know their market value. If your employer makes a low first offer this will act as the anchor and you might find it difficult to negotiate back up
- Studies have shown 'low-power negotiators' can achieve better outcomes if they are able to elicit sympathy in the other negotiator
- Make threats or ultimatums
- Focus on how you can serve the company and your boss's interests
Congratulations, you've earned it!
Didn't get what you wanted?
- Remain professional and don't make any rash decisions
- Thank your manager for their time and ask what you would need to do to be successful in the future
- If you don't think you're being paid a fair salary, consider looking for a new job
Find out what you're worth today with ValueMyCV.
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- If you work in a role like sales, where negotiating is a key part of the job description, then asking for a raise and arguing your case is probably second nature.
- For the rest of us, just asking for a meeting to discuss a pay rise can be a daunting task.
- But unless your boss is the type to give you a fair wage out of the goodness of his or her heart, asking for that meeting and then negotiating a higher, fairer salary is essential if you want to be paid your true market value.
- Picking the perfect moment, researching your value and preparing your evidence is all vital, as is understanding the psychology behind a successful negotiation.