Have you been working for many years in your current job? If you’ve given all your time and effort working for your present employer but your salary hasn’t kept pace with your responsibilities, you may need to ask for a pay raise. Asking for a pay raise can be daunting, but with enough planning and the right timing, you can successfully negotiate for a salary increase with your employer.
As with all other things about managing your career, you must handle salary negotiations with skill and appropriate strategies. One wrong move can damage your chances of getting a higher salary and can also damage your reputation.
- Know the market salary rate for your role and industry. Your compensation level is dependent on the role you do and current industry status. How your company is doing financially will also matter in determining your current pay. If you are receiving more than the average of the current market rate, negotiating for a pay increase will require you to prove why you are worth more than other workers doing a similar job. Your reputation and achievements are the key points that need to emphasized in this situation.
- Once you have completed your pay rate research, it is now time to plan your approach. List all the things that you have done for the company and any achievements that are relevant. This may include improvement in terms of productivity, excellent customer service, successful projects and other responsibilities which you have successfully completed.
- Learn the art of negotiating successfully. Resources are available online, in books and through networking. A career coach can also help you learn techniques about how you can successfully negotiate for a pay increase. Life Directions Institute help workers develop their career management skills through personal coaching sessions with an experienced career coach and other career resources which will assist you to manage your career.
- Negotiating for a salary increase is all about proper timing. I suggest setting up a meeting with your boss and formally discussing your compensation with him/her. During your discussion, emphasize all your merits and accomplishments. Make sure that all of these things are properly documented. You must also be specific with the pay raise you are expecting. However, make sure that you don’t appear emotional. Negotiate professionally and never threat to quit if you don’t get your request.