03.04.2024
NEGOTIATING A WAGE INCREASE
Negotiating a pay raise can become a game of nerves. So many avoid the discussion, missing out on higher pay and valuable opportunities for career advancement. Although negotiation is not always easy, it is a necessary skill in the business world. Don't let anxiety get the better of you – show you value yourself and earn the salary you deserve.
The best time to ask for a raise is when the company is in good financial shape. If the company is doing well in the given financial year, you are much more likely to get a positive response. The other important condition is that you also perform well. If all of your recent accomplishments show that you are a hard worker who does great work and makes the company successful, then you have a good chance of saying yes to a higher salary.
If you plan to ask for a raise, you need to know your worth as an employee. Do an online salary survey for your current position – including job title, years of experience, skill set, job description and location. This will give you an idea of what the average salary and compensation range is for your "colleagues" with similar characteristics in the same field.
You should decide on your target salary keeping in mind the current market value of your position. Your target should be within the average salary for people in a similar position. Try not to go too far, risking ending the negotiation before it even begins. At the same time, you should choose a figure that is high enough for the boss to make a counteroffer that still satisfies you. Carefully consider the trade-offs you are (not) willing to make.
If your company can't afford to raise your salary right now, consider another type of compensation. Depending on your company and occupation, you may also try to negotiate an increase in your bonus package, get extra vacation days, more flexible working hours, refresher training, etc. A promotion is also a good option for the future your career development, and it's free for the company. Think about what you would like to feel better at work and offer it as an alternative.
Prepare everything you need in advance so that you don't miss anything during the negotiation process. Make an appointment for a short one-on-one with your manager and outline your requests. To make the meeting go smoothly, remember to keep your emotions in check, speak calmly, and be a good listener. After the conversation, politely thank them for their time. Be prepared to hear "no" and under no circumstances threaten to leave, especially if you are not serious about it. Remember that a "no" now can turn into a "yes" later.
