Different careers have varying pay rates, but the one thing most workers have in common is that they would all be happy to get a pay rise. However uncertain economic times mean that being awarded a pay rise may be much easier said than done, but that does not mean it is impossible. With the benefits that earning a higher wage can bring, negotiating a pay rise is an important career skill. With that in mind, here are our top tips to help with your next salary negotiations:
Research the market value of your role
No matter how much you may be earning, a higher wage can allow you to achieve increased financial security and freedom. Additionally, getting paid what you believe you are worth not only improves your liquidity, it can also increase your job satisfaction and motivation. The first step in achieving this is by researching your market value: find out the wages of people doing similar roles in your organisation, other companies, and the sector as whole.
Many people may not be comfortable discussing how much they earn but the internet and employment agencies can be a good source for the figures you want.
Get your timing right
As much as discussing wages with colleagues may be uncomfortable, the same can be said for employers. A pay rise for one person can foment disgruntlement within a company and so a certain level of tact is required to get the result you want without being seen as a pain by your superiors. For a better chance of success, bring the subject up at opportune times such as performance reviews and the like.
Know what you’re asking for when you talk to your boss
The first tip above suggests researching your market value and is important in coming up with a reasonable figure to ask for. Once you have an idea of the going rate in your sector you can then contrast this with what you currently earn and decide on the amount you can reasonably ask for without being turned down. Having a ballpark figure shows your boss you know what you’re doing and how much your contribution is worth, which will make your efforts more likely to be successful.
Be ready to be flexible in negotiations
Once the opportune time to negotiate a pay rise comes, be ready to be flexible during the negotiations as your employer may offer less than what you ask for. Knowing how much you’re worth is crucial, as is being clear on your boundaries in terms of how far you can push and how flexible you’re willing to be.
Other important tips when negotiating a pay rise include presenting your case in a clear and indisputable manner as well as using the power of silence to your advantage. By following the tips above, you will have a better chance of getting the pay rise you’re aiming for and what your role is really worth. Good Luck!