Negotiate A Raise
On the long list of life stressors seeing the boss and asking for a raise has to be at least, in the top five. If you are making your way in the world, there could be a lot riding on how you handle things from taking a vacation somewhere nice once a year to starting a family. It’s natural to be nervous, so here’s a few pointers to help you get across a sound argument for why you should get a raise.
1. Track Your Accomplishments
When you begin a new position get into the habit of recording your progress and achievements in a career development record. Note down the dates of any professional courses you attend and the results, as well as the successful projects you were involved in and your role. Outline them in two to three clear in bullet points. Your notes will be useful for reflection and help you focus on the priorities ahead.
Over time, your CDR becomes evidence you can draw on as proof of your value for money. When you plan to get off the starting rate, quickly knowing how to get a raise by evidencing the facts and figures of your own performance confidently is essential. Any raise in salary has to be quantified. Although your employer will have his own system for deciding what increase is due, you are in a stronger position to negotiate for something better.
2. Knowing Your Worth Is Essential
If you are planning to move forward and negotiate for a promotion with a raise, check the current going rates for the position in other companies on sites such as Salary.com. You need to be realistic. Bear in mind factors such as, where the position is located, the job description and hours and how much experience is expected along with how big the company or organization is and the finances available to the sector you are working in. Knowledge is power in any negotiation and you need to know what is happening elsewhere to put forward clear points in favor of your promotion.
3. Consider Your Company’s Perspective
Examine your position as it stands right now to plan out how to debate against potential obstacles. These could include new plans for cuts or branching out. Have a strategy to discuss that help move plans along to demonstrate your loyalty to the company and show you are worth the investment. During the negotiating process, you should aim to help your boss realize that you are an asset suitable for advancement.
4. Use Your Advantage
Most companies and organizations have some sort of performance management even if it is only a record of your sales. Numbers matter in the business world so pull them out to show how many times you made your quotas, met a target or saved or made the organization money. Sometimes, you have to negotiate the bottom line and it helps if you have the figures committed to memory. It also shows you know and understand your work and your role in the company.
5. Consider Other Options
When negotiating for a raise in salary consider accepting stock, administrative advantages, flextime, enhanced annual leave or additional bonuses.
The opportunity to enhance wages with rewards, cash bonuses and other incentives work for both sides since the company benefits from your renewed commitment. Other options are set incremental annual increases or more vacation or overtime at better rates. Alternatives to increases in wage or salary are generally seen as positive but part of the negotiating is knowing what the company is able to give you.
6. Say ‘No’ If You Have To
Most people are not used to negotiating and bargaining and feel pressured into saying yes even when they mean no. One trick that will help you to stand your ground is to mentally rehearse how you are going to open the negotiations. Another is to have well thought out answers ready for the obvious questions. Presenting your case professionally will set the tone and show you are respectful but serious about what you think you deserve.
7. Stay positive
If it doesn’t happen, don’t be too disappointed. Sometimes, margins are tight or positions are filled or salary increases just impossible at that time. At least your employer is aware of how you would like to stay with them and make progress in the company and staying positive and sticking with the firm now will be noticed. It could make a difference when a higher-level position becomes open.
8. Don’t Let Your Emotions Overwhelm You
As a negotiator, your overriding task is to replace compromise and fear-based negotiation with decision-based negotiation. Raw, unconsidered outbursts never deliver good deals. Stay calm and stay professional. By all means, show your employer you have a passion for what you do, but during your salary negotiation stay in control of your frustration or anger.
Although circumstances at home might drive your request for a raise, develop an argument and not an emotional appeal. No one cares if you’ve bills or need a new car or holiday travel. Offer a rational argument for why you deserve a better salary based on your track record at work and your company’s worth.
It can be difficult to stay in a job where your efforts are not adequately rewarded. Perceived poor pay impedes job satisfaction and company loyalty and often results in a higher than average staff turnover. Studies have proven employees stay longer and work harder if they believe their employers value their efforts and contribution not with certificates, cake days and plaques but with real money. If you work in a place with a higher than average turnover, there’s really no point asking for a raise. The company obviously isn’t bothered about paying to retain staff with experience. Instead, pick your battles and prepare your CV and career development record and start looking around for a position with better pay somewhere else.