Whether negotiating the salary for your new job or asking for an increment in an existing one, the thought of talking about you remuneration package can give your butterflies. Chickening out of it though because it’s a difficult conversation to have and leaving your employer to pay you what they want will see you lose quite a lot of money that you totally deserve to earn.
In fact, salary negotiation skills are an essential professional asset to have since it will help you improve your earning for the length of your career. Here are the salary negotiation tips that you must know.
You will definitely be asked to justify your request and you must be prepared to lay the facts back up your request. For this you must have a good record of consistently delivering and even surpassing your targets and the industry rates for your role which you can get from sites like the Highersalary.Com.
Knowing that this is a negotiation, be prepared to compromise but have your boundaries so that you are not arm-twisted in accepting an unsuitable offer.
The time at which you initiate your talks will determine whether you are successful or not. For instance, asking about the prospective pay during the preliminary stages of your job interview is not only tactless but will also see you lose out on the position altogether.
Bid your time until the recruiters ask or until the advanced stages of the interview process where you feel you almost bagged the job.
If you are already on the job and you want to ask for a raise, the best timing would be during your performance reviews. This works to your advantage in two ways: you have the performance to back up your requests, and chances are your company is also doing a salary review during the same time.
Understand the company policy
The company policy should best guide you on how to go about asking for your pay rise. Some companies do an annual salary review in which case it doesn’t make sense to ask for a raise before the review period comes because the management will simply tell you to be patient.
Others do it on merit in which case you can ask for an audience if you can justify your case. Yet others have no formal salary review policy, in which case you have to simply take a risk and ask for a raise.
Remain civil and professional
Do not let your emotions get the better of you that you use foul or threatening language. Do not threaten to quit either, no matter how invaluable you think you are to the organization.
You might just be taken up on your words which will render you unemployed if you didn’t have an exit plan, or awkward encounters when you have to beg to remain with the company. Even you already have an offer from a different company, you shouldn’t burn down your bridges.
If you don’t get a favourable outcome from the talks, appreciate them for their time and reflect on the actions you need to take thereafter without much drama.