Negotiating your salary can be an excruciating process.
Deciding when the time is right, determining a realistic amount to ask for, and fearing potential rejection are all nerve-wracking thoughts that come up when considering asking employers for more money.
However, it doesn’t have to be so dreadful.
“Negotiating a pay raise is about timing, belief in oneself, and ability to articulate and support the case for a pay raise,” said Andrew Snyder, a psychotherapist, and executive coach, according to Money magazine.
Following a few simple strategic tips will prepare you to approach your boss with confidence and get that raise you know you deserve.
When Is The Right Time To Ask?
•When you’ve taken on additional job responsibilities:
“When you’re asked to take on responsibilities not in your original job description or you’re supervising more people, these can be good times to ask for a higher salary,” said Kathy Downs, a vice president at Robert Half Finance & Accounting.
•Your annual review is approaching:
When the time comes for your employer to evaluate your performance and you know you have been giving 110 percent and mastering your duties, use your review meeting to bring up a raise.
This should be particularly easy to do if your boss is already praising your work.
•You have an offer letter from a competing company:
If you’ve been keeping an eye on other job openings and a company has an offer ready to snag you from your current employer, this can be a means of persuading your boss to up your pay if they want to keep you around.
“Typically, this turns into your current company manager asking what it would take for you to stay and not take the other job offer,” advised Mike McRitchie, a career coach, resume writer, and business strategist.
•After company turnover:
Turnover is scary for employers who, of course, rely on their employees to keep their business afloat. If they start seeing workers drop like flies, they’re going to be looking for ways to keep their loyal folks from leaving.
“You can tell them how you have seen people leave, how you know the kinds of salaries others are getting elsewhere and at the same time remind them of your commitment to their company,” noted Adam Goldberg, a human resources professional.
•The company is excelling and you have significantly contributed:
Career coach and owner of Call to Career, Cheryl Palmer, maintains that when a company is performing well and you have tangible evidence that your efforts contributed to the success, you are in a good place to discuss a raise in your salary.
How To Know How Much To Ask For?
•Do your research:
There are plenty of trusted sites, including Glassdoor, Indeed, and Salary.com that will provide insight into how much you should be making for your position at a given company.
Forbes suggests determining an average based on data from more than one of these sites before initiating your own negotiation.
However, try to refrain from mentioning to your employer where you got your information. Some companies push back from acknowledging these free online resources because the data relies on uncontrolled individual reporting.
•Be honest about your experience:
When researching salaries, refer to the position descriptions and critically assess where you fall in regards to your own experience.
•Shift the conversation:
This is where semantics comes in. Instead of approaching your salary negotiation as a time to ask for money, you can treat it as if you're offering your help to solve a problem.
Forbes gives this example:
“If you’re offered $50,000 to start, but you believe the salary should be $60,000, instead of saying, ‘My research says I should be paid $60,000,’ say, ‘I’m really interested in this job and I really like the team. How can we work together so we can reach this number?’”
Changing the question from asking for more money to asking how you can help your employer solve a problem shifts the entire dynamic in your favor.
So, what are you waiting for? Go get your money, honey!