Whether you are in an interview for a new job or are gunning for a promotion, negotiating for your salary is a crucial step to staying ahead. Surprisingly, one study showed that up to 44% of employees will never ask for a raise. And the reason is simple—fear.
Granted, approaching your boss for a raise can be a daunting task. But it’s important to note that this fear is irrational. Let’s take a look at a few tips that you can use to get a raise.
1. Know How Much You Are Worth
The first step to negotiating your salary is to have a figure. Walking into your boss’s office without a number means that you have nothing to rely on and no facts to back up your claims. Moreover, your boss will have all the power in the conversation. He or she can easily negotiate you out of a salary raise.
But how do you know your worth?
Simply do your research on how employees in similar positions in your industry are paid and come up with a good figure. You now have something that you can use during your salary negotiation.
Another highly effective way to find the industry rates is to talk to recruiters. Next time you get a call from one, engage them in a conversation and ask them how much they are willing to pay you. While you may not get specifics, a range is something you can work with during the negotiations.
2. Pick The Top Figure In The Range
After finding a good range, it’s important to pick a figure since you cannot approach your boss with a range.
Many employees are tempted to pick a middle number. However, there are a few main reasons why you need to pick the top figure. Firstly, you should walk in with the attitude that you deserve and are entitled to pay that matches top industry rates.
Secondly, this is a negotiation and your employer will negotiate down. Picking the top figure means that when you finally come to an understanding, it is a salary that you are comfortable with.
Lastly, using an exact number shows your employer that you’ve done extensive research and you know what you are asking for. Employees who negotiate their salaries with an exact number are likely to get a salary closer to that number.
3. Have a Final Figure
Having an exact figure when walking into your boss’s office is one thing. However, you also need to have a final figure below which you will not accept.
This also means being willing to walk away. It sends a powerful message to your boss that you are committed to getting a raise. That said, it is crucial that you know when to refuse an offer and that you are ready for any eventual outcome.
There are a few questions that you need to ask yourself:
- Have I been working for the company for more than a year?
- Do I exceed expectations or simply meet them?
- Have I received new responsibilities?
If the answer to these questions is yes, then you are ready to ask for a raise.
4. Pick the Right Time
Most employees will ask for a raise during a performance review. However, by this time, your boss has already made his or her mind up on who is getting a raise and who isn’t.
When negotiating for a raise, timing is everything and can be the determining factor between success and failure.
So, what is the best time?
Start by talking to your boss 3 or 4 months in advance about your raise. When they are deciding on who to give a raise to during the performance review, your name is likely to be on their mind.
Also, psychological studies show that people are more agreeable later on into the week. Mondays and Tuesdays often find many workers grumpy. When choosing a day of the week to walk into your boss’s office, you are more likely to have a successful negotiation on Thursdays and Fridays.
5. Prove Why You Deserve A Raise
Approaching your boss for a raise can be nerve-wracking. That is why it’s important to prepare for salary negotiations.
You will need to prove to your boss why you deserve a raise. You can do this by creating a list showing your past performance and the effect it has had on the business. For instance, you can show customer reviews and testimonials.
Moreover, practice negotiating as many times as you need in front of the mirror. This will help get rid of your anxiety as you will know exactly what to say to your boss and when to say it.
Walk into your boss’s office with a smile and full of confidence. Your first impression will set the mood for the whole negotiation. That said, if you had plenty of time to practice, then you should naturally feel confident.
6. Think About Your Boss’s Perspective
When deciding on what to say to your boss, take time and view things from their perspective. As a result, this allows you to predict the likely questions or responses that they may have, which greatly increases your odds of getting a raise.
With an idea of your boss’s reaction, you are now in a better position to determine what to say during the negotiations.
7. Remain Positive
When starting off the conversation with your boss, do so in a positive tone. Again, this will help set the mood for the whole salary negotiation process.
For instance, you may begin by saying how much you enjoy your job as well as working for the company. Then, talk about how your work has expanded. Moreover, let your boss know that you enjoy the challenges but you feel like you deserve better pay according to the workload.
You can then bring up the industry figures for people in your position and the positive contributions that you have brought to the company.
Conclusion
The most important part of any salary negotiation is having the right information and going into your boss’s office well-prepared. While asking for a raise, remain positive, walk in with the right attitude, and try putting your point across without sounding disrespectful or demanding.