Salary, Wage, Employee Management, Jobs, Performance Management, Human Resources.
By Ireoluwa Bello,
For Oyemaja
Negotiating a higher salary can be a daunting task that should be done with care. A fast fact in Investopedia says that “Most employers give their employees a raise after the first year and each year thereafter,” which proves that a salary raise is not out of reach; you only have to know the perfect way to ask. Also, according to Bankrate, 47% percent of workers are likely to ask for a raise at work in the next 12 months; this should boost your confidence that there is no novelty in asking for a raise. The question then is when, how, and most importantly, who should ask.
Needless to say, it is a dog-eat-dog world out there, and most companies without a fixed salary scale or promotion projection will require much bargaining to prove your worth and demand the increase you deserve.
Here are some tips to set you on the right path to more zeros on your pay slip:
1. Know your worth
Evaluate your workload and contribution to the company. Consider your experience, qualifications and unique skill set that set you apart in your industry. Research salary benchmarks, industry standards, and job market trends to gain a solid understanding of your value.
The point is to source for sufficient data and psychologically prepare yourself for your pitch. Arming yourself with facts will boost your confidence during the pitch and enlighten you about the opportunities around you. Better offers might be up for grabs, but you’d only need to find out.
2. Timing is everything
According to a survey conducted by Robert Half, 66% of employers believe the best time to discuss salary is during the annual performance review cycle. While this is reasonable, considering the focus on employee review and appreciation, it might be different for your company. In all, finding the perfect time to make such a request saves you the hassle of being shut down for not reading the room.
The right time will be determined but the trends you have noticed at your workplace. Some bosses are so thrilled by project completions that such moments become a window of opportunity for deploying research and facts in your favor. Another right time will be when the company is thriving financially or in a period of growth and expansion. Aside from these notable moments, a spontaneous ask might also favor your request; positive feedback from clients might be an excellent basis for initiating conversations on salary reviews or well-deserved promotions.
3. Put your house in order
Being flawless might seem impossible, but you can create a cap for the blunders. Avoid a long list of abandoned or failed projects on your portfolio, and create an image of the person that deserves the raise in yourself.
Putting your house in order also means the preparation of a mic-dropping presentation. If possible, have a PowerPoint presentation handy. A survey conducted by PayScale revealed that employees who prepare and bring data to salary negotiations are 30% more likely to receive the desired salary. In summary, let the numbers speak.
This is also an excellent time to mention competition offers and your confidence in securing a new position where your salary expectation might be met. You must note that this last card move can only be played when you have rightly valued your worth and are prepared for the consequences.
4. Speak like a pro
Journal of Applied Psychology asserts that employees who negotiated assertively and confidently achieved better salary outcomes. Bury the thought that you will not need to speak up to get your desired raise. Speak and speak well. Approach the conversation with confidence, maintaining a professional and respectful tone. Clearly articulate your points, emphasize your accomplishments, growth, and value to the company. Practice active listening, allowing your boss to express their perspective and concerns. Respond thoughtfully and address objections by offering solutions or additional evidence to support your case.
Remember that the goal is to walk out of the conversation with more money on your pay slip. Don’t back out without a good, articulate and professional fight.
5. Settle
While a salary-increase or promotion is crucial, consider a backup compensation package plan. In the event that the company, for any reason, cannot fulfill the request, be ready to negotiate. Think beyond numbers and present a well-rounded proposal encompassing financial and non-financial aspects. The compensation package can range from flexible work hours to remote work, whatever helps your career growth. This way, you wouldn’t put your boss on the spot but create an environment for fruitful relationship.
Negotiating a higher salary requires a combination of self-assessment, timing, preparation, market knowledge, effective communication, and a holistic approach to compensation. These skills can only be acquired with a record of competence and diligence. But nothing stops you from making that request if you have done your due diligence.
Remember, advocating for your worth is crucial in your professional journey and career development. With the right approach, you can unleash your value and achieve the salary you truly deserve.
Also, the demand does not have to happen now; go back to the drawing board, do adequate research, and be sure it is a step in the right direction.
Oyemaja Executives