Salary negotiations are perhaps the single most difficult discussion between an individual and their employer. Let’s face it, it’s a tad bit awkward, you may be unsure of yourself, and what if it the conversation doesn’t go smoothly? Well, we’re going to show you the easy way to negotiate your salary.
We’re here to let you know that almost everyone has these fears. We’re all just as nervous and no-one really likes discussing and negotiating their salary. But we do so because the potential payoff is definitely worth it.
But negotiating your salary doesn’t need to be difficult. You just need to be prepared. The most effective way to negotiate salary is to come in prepared and ready for the conversation. You should have all available and necessary information at your disposal and should embrace this difficult conversation head-on.
Understand Your Value
While you may think that you’re priceless (so do we), every employee is tracked against a wide variety of different metrics which determine their salary range. With the proliferation of the internet, finding that information has never been easier. Some of this information is more personal and achievement based, while others are based on location and external factors.
Once you’ve pieced these parts together, you can research compensation details for similarly modeled employees.
The factors that affect salary compensation the greatest are:
- Geographic location where you are based out of
- Years of specific industry experience
- Your education level
- Your career level or band
- Years of management experience
- Skills (typically non-transferable)
- Licenses and certifications you’ve acquired
By piecing these parts together, you should get a good sense of your career band and track and what similar employees are being compensated. By checking online, you should be able to find the range you should be in.
This research will give you a baseline of what other similarly skilled individuals are being compensated at. You may find that your compensation is above or below that range and will need to assess your next steps carefully.
Prepare Your Pitch
Under the assumption that your salary compensation is below the average range, you will want to list out talking points to frame the conversation in your favor. By framing the conversation, you can show your employer why you deserve better compensation.
However, this conversation cannot be an emotional one. It is one that must be based on quantifiable facts and reasoning. You must show your value to your employer for them to consider the salary increase.
With that, come into the conversation with a list of accomplishments and achievements you’ve made over the past 12 months. These should be accomplishments that are as closely related to revenue and cost-savings as possible.
If you can prove that you are saving more than you are being employed, your employer may find it more justifiable to provide you with a salary increase.
In-addition, you should come in with points regarding your years of experience, years with the company, and relevant skills you’ve attained which are paramount to the company’s success.
Go in Confidently
When discussing a salary increase, you need to be confident and self-assured with your request. You should practice your pitch and ensure that you are prepared to make it to your employer.
Your pitch should be clear and there should be no confusion as to what you are looking for. When you do finish your request, you should request a salary increase higher than the average salary range.
Because in a successful negotiation, both sides should feel like they gave a little and won a little. If you give your target number, your employer may negotiate that down with you and you may not be totally satisfied.
Be Tough, Yet Understanding
You don’t want to burn any bridges or leave a bad taste in your employers’ mouth. You should be tough and assertive with what you want but must also be understanding with how your employer answers.
If layoffs are imminent, then perhaps ease off on the discussion. If you see that your employer is trying to get a salary increase for you but isn’t able to meet your request, be thankful.
How you act during these difficult discussions will be remembered. If you are graceful, courteous, and understanding, your employer will be more likely willing to assist you again in the future.
In addition, if they see that you remained calm and collected, they may be willing to work with you to ensure that you remain with the company.
Salary negotiations are often the most difficult topic to discuss. However, if you go in confident, with a good sense of why you deserve an increase, then you will be more likely to succeed and get the increase.