Are you starting a new job, undergoing a salary review, or anticipating a promotion? Negotiating a salary can feel like an entire session of physical activity. The excitement that builds up before a negotiation can keep you awake at night. It’s difficult to approach your supervisor and request a raise in the first place. In this economic atmosphere, should I seek for a raise in my salary? Is it true that I’m deserving of a raise in pay in exchange for a promotion? I’m not sure how much I should ask for.
These inquiries raise doubts about receiving a raise or even anxieties of being fired. No matter how terrified you are, you will have to ask for a raise at some point. Otherwise, even if you are worth more, you will labor for the same income. Because of fear or a lack of negotiation abilities, your peers who do the same job will make more money than you. It’s not uncommon to discover two employees that do the same job but are paid differently. Negotiation is the key to unlocking the secret.
It is time to move from your comfort zone and get remuneration befitting your skills. These 7 tips will help you negotiate your salary in a smart way.
1. Establish your value
It is suggested that an employee be compensated 5% of whatever they bring into the organization. This is where you should begin. It’s not an easy math problem, but determining how much you contribute to the firm will make your work a lot easier. You must believe that you are deserving of the raise you are seeking. Don’t just ask for a sum you think you’re entitled to because your peers are getting that much. Because you don’t know what you want for a wage, you’ll be exposed to the recruiting manager, who will control the dialogue and leave you with a small or no rise.
Prepare a precise figure, and if possible, increase the figure to allow for negotiation. Calculating how much you contribute to the organization isn’t the sole approach to assess your value. Your worth is determined by your experience, abilities, educational achievements, and knowledge of various professions. Because the employer will be getting you as a whole, with all of your talents and qualifications, you must make the most of them. When assessing yourself, you must be practical. Demonstrate your abilities by resolving current difficulties that the firm is facing. This will strengthen your skills/argument for problem-solving.
2. Do a market research
To begin your research, speak with recruiting agents. Recruiters are highly qualified individuals who understand how much a person like you should be paid. Engage with them and tell them about your experience in the field, your contributions to the organization, your educational background, and so forth. Recruiters may not be able to give you a precise figure, but they will give you a decent estimate of what you are worth. Conducting research will assist you in being objective rather than subjective in your estimations.
You’ll be able to compare your personal totals to third-party totals. In the process, you’ll have a deeper grasp of your profession’s wage valuation. To find out how much you should be making at your employment, go to a website like payscale. You may use a filter on Payscale to adapt for your level of experience and qualifications.
3. Be open minded
Keep in mind that you’re entering into that negotiation with the intention of going above and beyond the base compensation. Have a range of salaries in mind, from your ideal to the lowest you’re willing to accept. If you don’t get the optimum amount, be prepared to make up the difference by requesting a higher retirement package and better medical coverage. You can match your compromise by requesting a greater retirement package and medical plan. The Supplementary Agreement should be more than merely monetary.
Negotiate for extra vacation days, vacation days, and work-from-home packages. As a compromise, these are more likely to be accepted.
4. Mind your timing
When it comes to asking for a raise, timing is crucial. Many people wait until their annual review to ask for a raise. It’s likely that your managers have already assessed your worth based on their own criteria. Consider going to your supervisor with a preconceived notion of what you genuinely deserve. It’s not going to end nicely. Request a raise months before the next salary review period. Companies prepare their budgets ahead of time, so that by the time the pay review period arrives, the budget will be complete. They might not be willing to adjust their budget only to make room for you.
Instead, request a raise before the upcoming year’s budget is finalized.
5. Prepare for a rejection and ask high
It’s time to shoot now that you’ve established a salary range. The minimum is the amount you are willing to accept, and the maximum is the amount you are eager to take home. As a result, your intended increase must fall somewhere between the minimum and maximum. Begin by requesting the largest amount possible, but keep in mind that your offer has a tiny probability of being granted. Prepare to communicate with your company or recruiting manager on a regular basis. Expect a “no” on your initial offer, but if things go well, you will be better off.
6. Explain why you want the increase
Use the information you gathered from your investigation to demonstrate why you deserve the amount you’ve mentioned. It’s all about persuasion, and the best way to persuade your boss is to offer them the facts and proof you obtained. Explain things objectively and include both the company and yourself in your explanations. Going the extra mile for a raise can entice your boss into better understanding your predicament. Whether or not they agree with your request, he or she will admire your efforts.
7. Be Confident
The way you conduct yourself will reveal whether or not you are deserving of a raise. It isn’t equitable, but it is what it is. If you come in and sit down with your hands wrapped about your waist and feeling small, you are indicating that you are unsure of what you are saying or that you are worried that you are asking too much. Allow yourself to be free, maintain eye contact, and expand your presence in the room. Your presence will be felt in this manner. Your tone of speech should be more authoritative, confident, and professional.
When it comes to employment openings in South Africa, the competition is fierce. You must be cautious in your approach to requesting a pay. Work from a knowledge of your employer’s current economic situation. Companies can operate on a tight budget, so keep that in mind. The level of competition at your place of business is also crucial. Do your homework and ask for what you genuinely deserve.