How to Negotiate a Pay Raise
The last year created its struggles for businesses, but that doesn’t mean employees don’t deserve a pay raise. If you think you’re going above and beyond at your job or you aren’t paid at least the average salary for your industry, it’s time to negotiate a pay raise.
Use these simple tips to get started.
Know your Worth
Before you negotiate a pay raise, you need to know how much you’re worth. Do your research using sites like Glassdoor to see what others in the industry earn at the same job. Use this as your launching point – you’ll know what others get paid and then can tweak it according to the job you do for your company.
Consider Benefits
Sometimes a pay raise comes in the form of benefits versus money, especially when things are tight. If you want more paid time off, a new office, or help with educational expenses, consider them in your negotiations and realize their monetary worth before getting discouraged that you didn’t get a large raise.
Identify your Accomplishments
Write down everything you’ve accomplished for the company and include how it affected them. You want to show your boss that the changes you implemented had a compound effect on the company’s bottom line. Use figures whenever possible to show the change.
Schedule an Appointment
Don’t catch your boss off guard and ask for a raise. Instead, schedule a specific time to sit down and discuss it. You can even tell your boss why you want to meet. This gives him/her time to prepare notes or to be in the right frame of mind to think about your proposition.
Prepare your Presentation
When you negotiate a pay raise, you’re selling yourself. You’re asking your boss to see your worth and to pay you what you deserve. Presenting yourself professionally will help you achieve your goal faster.
Practice what you’ll say and how you’ll say it. Have exact numbers ready and use plenty of facts. Try the presentation out on friends or family members and get their input. What may sound great to you may come off less professional than you think – let unbiased friends or family help you.
Give your Boss Time
Don’t expect an answer right away. You had time to prepare your side of the case, and your boss needs time to think about how to proceed. Don’t take a ‘let me think about it’ as a ‘no.’ Giving your boss time to mull things over, look at the numbers, and prepare his/her own offer is normal and a sign that they value you and the work you do.
Bottom Line
Knowing how to negotiate a pay raise is a life skill. You may do it once in your life or multiple times. No matter how often you do it, knowing how to bargain for what you’re worth is important. When you feel valued, you’ll enjoy your job more and may even do a better job knowing your employer cares about you and not just their bottom line.
