Negotiating your salary can be one of the most stressful parts of managing your career. The art of salary negotiation is a key career skill that entails an extensive and delicate process.
Here are 4 tips on how to effectively negotiate a pay raise and confidently ask for what you want.
1. Know your value, but have reasonable expectations
Requesting an unreasonable increase can seem inappropriate. Before you decide how much of a raise to request, do some homework. It is important to become familiar with industry salary trends. Check out sites like LinkedIn, Salary, or Glassdoor to research the salary range for your position, credentials and your specific region. Remember that information is your strongest ally.
2. Build your case
Once you’ve done your research, make an appointment with the clear objective of discussing compensation. Be sure to conduct a self-evaluation. A deep dive in your performance will help you better explain why you deserve a raise. Gather up all evidence and create a “brag sheet” that you can refer to. This should be full of accomplishments, strengths, and concrete examples of what you did and how it benefits the company. If you want to strengthen your position, highlight your commitment to the company and refer back to your accomplishments.
3. Think beyond the paycheck
To avoid a stalemate, prepare a yes-able alternative. Salary negotiations often include some give-and-take. A pay raise is not the only thing worth negotiating. There are other benefits worth trading off for an increased payroll, such as bonuses, more paid vacation days, stock options, or working from home. Consider what’s valuable to you and what would make an offer more attractive.
4. Stay calm and stay positive
Remember that most managers don’t love negotiating either. Keeping your tone positive while negotiation salary and perks will help you more effectively navigate these discussions. No matter how the negotiation turns out, don’t lose your cool. If you don’t get what you want, be sure to react calmly, politely, and professionally. Thank your boss for hearing you out, and leave it at that. There may be legitimate reasons why you can’t get a raise right now. And, if there aren’t good reasons, it might be time to look for a new job.
While you may dislike doing it, learning how to negotiate a raise will benefit you in the long run. Even if your employer can’t accommodate your needs, it shows initiative and that you want to take the next step. You never know unless you apply yourself and make your case.