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Pay
Raise Tips |
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Salary Negotiation Tips |
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Good Reasons For Pay Raise |
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Best Time To Negotiate Pay Raise |
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Salary
Negotiation Tips |
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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. |
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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. |
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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. |
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1) Assess the situation and
know what to target for |
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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. |
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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. |
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2) Be confident with the
negotiation |
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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. |
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3) What else besides monetary
rewards you should negotiate |
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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. |
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4) Draft a letter to request
for a meeting on salary increase |
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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. |
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5) Prepare a package to sell
your contribution |
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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. |
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6) Build good credibility and
demonstrate your value |
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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. |
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7) Ask smart questions and let
the employer do the talking |
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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. |
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8) Start negotiation by
setting an aggressive goal |
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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. |
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9) Be prepared to move on for
a better job |
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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. |
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Conclusion |
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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. |
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Find out more
on
how to ask for a raise |
