Money isn’t everything, so they say, but it can be very valuable when it comes to measuring if a job is worth your time.
Before beginning to negotiate a pay raise, it’s important to figure out your value toward a company and what you can offer an employer. There are several factors that can help influence the negotiation process, such as:
Talent
What skills have you acquired since starting this job? With time and patience, an employee will learn new skills and master others. When looking at a pay raise, one important factor is if the skills have improved. Better skills equal higher pay. If your skills have surpassed your jobs initial competence requirements, it’s time for a pay raise.
Length of Time
How long have you been with the company? Many companies look at employees as added value when they have been with the company for many years. They understand the culture, the functions of the business and are familiar with what needs to get done and when. It takes time and effort to train new employees. So your time with a company can be very valuable, and deserving of a pay raise.
Beyond Expectations
Are you a hard worker and get stuff done? When an employee goes above and beyond and helps achieve goals in the process, that’s a huge contribution to the company. Going beyond an employers expectations is something that needs to be rewarded.
Now that you have gone through a few of the influential factors in determining higher salary, do any align with where you are with the company? If so, it’s time for the next steps: negotiating.
Choose the right time – timing is everything when it comes to a raise. Employers are usually swamped with things to do and things to think about. The best time to bring up a raise is usually during your review period, which is is when your contract is expiring, during a pay review time, at the end of fiscal year, or during a performance review.
Know how much you are worth – your market value should be a great factor in negotiating what you deserve. Research what other people in your same position and location are making and compare it with yours. If your skills outmatch your position, see the industry average for people with your skillsets and include that as justification. Having this data can help support a more successful negotiation.
Show off your accomplishments – build a case on why you deserve a raise. Present a list of how your contributions have positively affected the company. Show them how your skills are a huge value at achieving the business’ goals. Provide numbers if possible, and include and certifications or classes you have taken to improve your skillsets.
Offer options – if a pay raise is a little stretch for a company to increase, think of other options that might help justify your hard work. Ask for more vacation days, a company car, equity and stocks, or even a gym membership.
Take your time to prepare with key talking points and create valuable reasons why you deserve more. Be confident. Show appreciation in your work and your company. If the outcome is not what you wanted, maybe it’s time to search for a job that values your efforts. If you succeeded in negotiating a raise, congratulations!
These tips should help guide you towards a positive result, but we always love to hear your feedback. Let us know if you’ve ever negotiated for a salary raise. What are some things that helped make the conversation successful? Comment below!