Every person thinks they deserve more compensation for the work they perform. However, there is a delicate procedure which can be mastered for earning what you think can be earned. You must know that your company has invested time and money in you. Savvy bosses know that unhappy and underpaid employees are often underperforming ones, which is not god for the company and the employees. It is waste of time for the company to re-hire and train a replacement that fits the company requirements. Therefore, if you have a legit request, you have a certain amount of leverage for a hike in your salary. Here is how you can negotiate for a higher salary:
1. Understand your value
You must do sufficient research to find out your real worth, even if it means you need to go to interviews or use resources such as glassdoor.com and payscale.com. If you find out that you are underpaid, then you must use this info for negotiating an increase in your salary. When you do the research, find out what you think is a fair amount of money you are going to request. Keep that number in your mind when you ask for a hike.
2. Set up a meeting
Find a time which works well for your boss and you. Give your supervisor a head’s up that you want to talk about an increase in your salary with your boss. You must also practice salary negotiation. Rehearse what you want to say with a colleague or a friend who can be a tough negotiator.
3. Begin positively
You have to start the conversation in a positive manner. You can start saying ” I really enjoy working here and my projects are quite challenging and interesting.” Or ” I believe my responsibilities and roles in the company have increased and my contributions have to. I would like to discuss with you the possibility of increasing my compensation.” Make a case of why your salary needs to be hiked. When you are making your point you must also speak and show results of your contributions to the company and how the company specifically benefitted from your work.
4. State your point and then wait
When you have made your point you must listen to what your manager has to say. You must be polite and not make any idol threats or mislead your employer to think you have an offer from another company. You have to make your case based on research and results of your work. You must be specific and give your boss a range for the rise in your salary and explain why your boss must provide in that range. Say ” after plenty of research and based on the contributions I have made, I would like you to consider an increase in salary ______to ______.
Provide the time period your salary was last reviewed and finally thank him for the consideration.
5. Bring a list of your achievements in the company
Bring a list of your key achievements and focus especially on your areas of accomplishments in your job which are important in the eyes of your boss. Show up your talents and strengths and your accomplishments, your desire to do more and your ideas, plans and goals for the future of the company. Do not be too aggressive. Just be diplomatic, well prepped and assertive, not aggressive.
6. No threats
Whatever you do and whatever your boss says you must never threaten to leave if you do not get a raise you wanted. Never threaten with other job offers, recruiter conversations or interviews. This will make your boss miss struts you, or it can make say that you can take up the offers from other companies and leave this job, it could totally backfire on you.
7. Request for endorsements
One of the best and effective ways of asking your boss for a raise is by asking him for endorsements. This can be done through a phone call to your manager or an email. The more your manager hears about your work contributions to your office’s goals and results, the stronger will be your position to be considered for a raise at times of no raises or recognition.
8. Patience please
You must not bring up personal issues when you are requesting for a hike. Never tell your boss that you are not being able to pay your rent or loans or you need a raise for covering your personal experiences. You have to just stick to your accomplishments and your value to the company when asking for a raise. There are all the chances that your boss will not consider a raise in salary request you have put up in front of him, so be patient after you made your point. Give him some time to think and take a decision. Patience pays after all.