Finance Nations
Table of Contents
INTRODUCTION
Have you been having that nagging feeling to negotiate your salary? Don’t worry, it’s normal especially if you deserve it. Negotiation is a skill that you can be used in all aspects of life, most especially towards professional development so there’s no reason not to learn how!
Negotiation refers to an agreement or settlement reached through prior discussion between two or more people who disagree about something.
Negotiation is oftentimes misinterpreted to revolve around lawyers arguing over a contract in court, however as stated above negotiation is involved in all ramifications, salary included.
This article covers all you need to know about negotiating your salary, and you would even feel guilty about it!
Are you ready? Let’s go!
Understand the market value of your skills
There is no better way towards negotiating your salary than creating a valuable demand for yourself. You should consider yourself as someone open for improvement.
As an employee, you should strive towards developing sought-after expertise in fields such as digital skills, networking e.t.c. These would contribute to your appeal for a salary increase and help you stand out among others.
Understanding your market value entails both art and a science. Gather as much information as you can to know how others are been paid for doing jobs like yours.
A strategic way to figure out the market value for your skills is by conducting inter-researching, intra-researching, and online research.
Choose an appropriate time to ask for the increase
As an employee, it is advisable to wait a minimum of six months before asking for a raise. Employers in most companies are most likely to increase their employees’ salaries or wages if they have been employed with the company for at least a year.
Deciding to ask your employer for a raise can be very stressful, however when you want more money and you believe you deserve it, then it’s worth it.
Therefore, you should be sure you have conducted well research before proceeding with your request.
It’s a good time to ask for an increase in salary when:
The company is doing well.
When there isn’t any schedule for raising.
If you have solid salary research.
If you have an Advocate beside you.
Ask in person, not over email or text message
Even though it is acceptable to schedule and conduct a meeting via email, if possible, you should avoid asking for a salary raise via text message or email.
Negotiation of salary is a very delicate topic in business and therefore should be done in person. You’d be at a higher chance of explaining why you deserve the raise and what numbers you are expecting.
When discussing it in person with your boss, it portrays how serious you are about the issue and also allows you to digest the reaction of your employer.
Research the salaries of other people in similar positions
You should venture into salary questions without prior knowledge of the salary ranges for the work you do and the geographical area where you work ( this greatly affects the salary range of an employee due to variations).
If after making your research and you draft out that you are been underpaid for the value you offer, that can be a dealbreaker to use when asking for the raise. However, if you’re already been paid within the ranges, then you’d have to consider that when considering a reasonable raise.
Make research and gain insights about other people in similar positions as you are, which would help you in asserting the actual value you’d ask for. However, you should consider the company’s perk and its growth potential.
Find out how much the company is making and ask for a raise within that range
Assessing the financial condition of the company you work for is one of the first steps you should take before asking for a salary raise from your employer. If there is enough money flow, your petition might most likely be accepted.
If the company is not financially sound, then is not the right time to ask for a raise. As an employee, you should be aware of the company’s income flow, keep track of financial reports, and make company research.
Be confident when talking to your boss about why you deserve a raise
Confidence is an excellent virtue and implementing it when asking for a raise can result in a positive response from your employer. When you portray confidence, your employee will tend to consider your appeal more.
The words you say and the confidence with which you deliver them are of utmost importance.
When requesting a raise in salary, it’s normal to feel nervous, however, you should prepare for it, research market value, be confident, and go get that raise!
Know that it’s okay if they say no
You should feel bad if your employer says no that it’s okay however don’t give up too easily. You should consider other company privileges you could as for such as a reduction in workdays, more vacations e.t.c.
These sorts of perks are often more accessible to employees than monetary increases. That isn’t bad, is it? Therefore, you should feel bad if it doesn’t work out.
Be prepared with backup offers just in case they say yes!
One fundamental rule involved in salary negotiation is having a salary range in mind. it’s advisable to use a range not a number when asked for the price you want. For example, it’s ideal to ask for a 10% to 20% raise from your initial salary.
You should choose a price range that even when the employer negotiates down, you’d still end up within the salary range you’re comfortable with.
If you’re not comfortable asking for money, talk about your skills instead
Not all people feel comfortable asking for money directly from their employers, discussing this topic can be nerve-wracking even though there is nothing wrong with asking for a salary raise especially if you deserve it.
However, if you’re not comfortable asking for a salary raise, you could discuss your skills and accomplishments. some approaches that would result in an impeccable outcome.
Discuss with your employer how your performance and contributions to the company have greatly increased due to your skills, and portray it in a way that would lead to salary improvement, company perks, and promotion.
CONCLUSION
Salary negotiation is a critical topic in every business organization, by discussing with your employer when you feel you deserve an increase in your salary, you’d be able to help employers value and appreciate your accomplishments and contributions to the development of the company.
Therefore, make use of the tips mentioned above to successfully scale your pay improvement, have the discussion smartly and confidently, be ready, prepare and go get that salary raise!
