Do you have the feeling that your employer is continually taking advantage of you? It maybe the right time to plan for a salary negotiation if you feel that you're constantly contributing good value to your company and not getting the pay that you deserve. Effective negotiation helps to resolve situation like this and find solutions that are acceptable to both parties.
Most people are very uncomfortable discussing on the topic of salary increase. This kind of feeling is very common as we are all having fear of being rejected or worry to upset someone during the negotiation. To demand for the right salary that you deserve, you'll need to learn some negotiation fundamentals.
Asking for a salary increase has to begin with a strategic plan, and preparation is the key to be successful in any form of negotiation. You can get a pay increase even if your company is under salary freeze. Here are some effective salary negotiation tips and tactics you can use to fight your case without fear.
1) Assess the situation and know what to target for Before asking for a salary increase, you need to explore your company's policy on salary. Check out if there is any established range for your position. Find out if there are other people in your organization doing similar work, and how much they are being paid. If there is no constraint from the pay policy and you're indispensable, you should feel optimistic and confident with the salary negotiation.
You can bench mark "job search" web sites on the internet to determine how much other companies in the same industry are willing to pay for a comparable position. Different organization may use different job title for the same work. Therefore making comparison of the job scope maybe needed. Understanding the current market value for your position will determine how much you're worth. This allows you to set a figure in mind to shoot for during the salary negotiation session.
2) Be confident with the negotiation If you are a key person in your organization making good contribution, you are armed with bullets, and you can ask for more during the negotiation. Don't worry of losing the job. At the end of the negotiation session, you'll either get a salary increase or you'll figure out you're not in the right organization that can meet your salary expectation. You may want to start to explore other job opportunities.
3) What else besides monetary rewards you should negotiate The remuneration package needs to be evaluated as an overall deal. Don't leave out rewards such as share options, leave passage, pension plans, bonuses, subsidies, etc. The negotiation can be for a raise of any of these rewards. Other non monetary rewards you can demand are the medical coverage, insurance coverage, annual leave, flexible working hours and company car.
4) Draft a letter to request for a meeting on salary increase Never discuss you salary matter with the boss in an ad hoc manner such as after a meeting. If you want to get good result, write a formal letter to your boss by declaring your purpose and arrange suitable time for a discussion. If you're having difficulties to get started, you can seek professional help or refer to the proven pay raise letter examples for ideas on the appropriate format and contents.
5) Prepare a package to sell your contribution You need to package and sell your special skills, accomplishments and contributions for your job objectives, and not to forget to emphasize your special achievements.
6) Build good credibility and demonstrate your value The discussion will be very much smoother if you have built good credibility with the company. Holding the meeting at the right time, for example after delivering some good value to the company, will lower the resistance in getting approval for a salary increase. Attend the meeting with confidence and discuss the case as professional as possible. Personal needs such as "I require more money because of my eldest kid is going to college next year" should not be used as a reason to support the pay raise.
7) Ask smart questions and let the employer do the talking Ask intelligent open-ended questions and lure the employer to do the talking. Be a good listener and let the employer bring about giving you what you want. The employer always thinks that their decision is the best, and they strongly believe in it. Don't challenge their viewpoint, but make them convince your worth and get them to approve your raise.
8) Start negotiation by setting an aggressive goal One of the tactics often use in salary negotiation is to "demand for higher and compromise for lesser." Get the employer to make the first offer to you before you tell them your target. They may offer more than what you expect by surprise. If you've done your homework well on the pay range, you can set your target slightly higher then the upper range. Explain and justify why you're an outstanding employee.
9) Be prepared to move on for a better job If you can demonstrate to the employer that you are prepared to walk away should the negotiation fails, you have created tremendous power and pressure to make the employer compromises. Never show the employer that you are desperate for the job.
Conclusion The objective of a salary negotiation is to find solutions that are win-win for both parties. To ensure the negotiation is successful, you need to prepare all necessary information, learn negotiation tactics for effective bargaining and set up a face-to-face session to discuss the case professional. If you can show the employer that you are willing to move away, you will have more leverage on your bargaining. If you're not easily replaceable in your organization, you should feel confident with the negotiation. If you wish to learn more on salary negotiation tips and tactics, visit our website for more info on all aspects of career resources.
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