Knack of Negotiating For A Pay Rise And Actually Getting It
Salary is often a touchy subject between an employer and an employee. Oftentimes, it is set aside for various reasons. Employers, for obvious reasons, seldom talk about it, while employees feel intimidated discussing it with their bosses for fear of getting rejected.
But is it normal to ask for a pay raise?
It is a bit tricky, but yes, it is perfectly normal to ask for an increase in salary if it is warranted. However, there are still do’s and don’ts that you need to follow to make sure that the salary negotiation runs smoothly regardless of the outcome.
If your motivation to ask for a higher pay is because your officemates or friends have bigger paycheck than you do, then you are entering the negotiation in a wrong premise. Whether you like it or not, your employer doesn’t care if you have lowest salary among your family and friends.
2.Leave Your Emotion Outside the Door
Money is an emotional topic, but never let emotions rule your salary negotiation. You may feel that your contribution to the company is unappreciated by the amount of your paycheck, but you cannot use your frustration as your bargaining chip.
3.Salary is Not about How Much You Need
Yes, there are bills to pay and food to be bought; but if the reason for asking for a higher wage is because you can’t make ends meet, then you might have to re-think your whole lifestyle and see where you can save more. You cannot also bring to the table mortgages, loans, and tuition of children. These things are all personal and the company has no obligation to meet your financial commitments.
4.Make Your Experience Count
This is especially true for those who are looking for new employment. Put value in your experience and show how your expertise can bring more earnings for the company. For first those who still have to build up a career, the best thing that you can do is to show your potential. In this case, you have to set a realistic expectation about salary. You may be the next Bill Gates, but you still need to prove your worth.
5.Learn about the Salary Range in Your Field
Doing a research on how much people who work in the same field as yours receive. This will give you a fair idea how much you are going to ask considering your expertise and years of experience. You may also want to include economic projections as well as the future of your company and how you can contribute.
Similarly, you also need to know the financial condition of the company. Remember, an approved salary increase of a single employee can have an avalanche effect on other employees who might ask for pay raise as well. Will this put the company in a financial dilemma or not?
6.Lean on Your Performance, but Emphasize Your Value to Your Company’s Future
Businesses will invest on human resource when they see the potential in the people they hire or work for them. Past performance is a big bargaining chip as it establishes your work credentials, but what will put you in a better light is how you market yourself as an asset to the company as it moves into the future.
7.Leave Yourself Room to Maneuver
Do not be inflexible when negotiating for a salary and do not come across as “I-will-resign-if-I-don’t-receive-a-raise”. There are many considerations that employers consider before they raise an employee’s take home pay, but the bottom line is profitability. Make sure that the increase you ask for will not break the bank, so to speak.
Secondly, you need to look at other means of receiving compensation if an actual salary increase is not possible. Flexible working hours, allowances, and additional vacation leaves are other forms of compensations that you can consider.
8.Request for a meeting
The most professional way of talking with your boss about salary increase is by scheduling a meeting just to talk about it. Do not just pop the “I need an increase” proposition in the hallway. Setting a meeting will help you prepare your proposition, compose yourself appropriately, and make you more clear-headed and less emotional. In the same manner, you will also give your employer ample time to prepare. It may come out to be a lively and interesting discussion, but the most important thing is that you and your employer both go into the negotiating table with openness.
You may or may not get what you expect or your boss may just tell you that you’re up for a pay increase. Either way, it is still important that you develop some negotiation skills when asking for a better salary. Sometimes, employers just need a little prodding and doing it the right way will increase your chance of getting a fatter paycheck. When done right, you can prevent animosity and friction in the workplace especially when your request is turned down.
(Article written by Rico Enginco)
Comment by Jack
I'd like to add that if you ask for a raise and don't get it, wait a while before trying again. I work in a small office, and I've asked my boss for a raise at least 20-30 times now. I'm pretty sure he thinks I'm joking or something.
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