For many young professionals, negotiating for a higher salary can be an awfully intimidating situation. As frightening and uneasy as it may be to go to your superiors and ask for a higher pay raise, it may also be necessary, especially if you are making drastic movements within the company.
First and foremost, if you are going to get the pay you deserve, it is absolutely crucial that you know the going rate for your position in your specific industry. In addition, make sure you know your worth. Many employees complain about the amount and salary that they are getting. Before you even question whether or not you deserve a raise, ask yourself the following questions: Have you been at your job for a full-year? Have you taken on any new responsibilities since you were hired? What has your work looked like? Have you exceeded any expectations rather than just meet them? If the answers to these questions are positive, then go ahead and move on forward with the following action plan below.
Now that you have reflected on your position at the company, it is time for you to organize your thoughts. Think about your role now and where you want to go in the company. Having a deeper understanding of your own professional goals will allow you to support your reasoning of why you deserve an increase in your salary. In addition, begin listing specific instances where you have gone above and beyond at your workplace. This can be something minimal like helping and aiding a fellow worker to something bigger like running and entire project. Whatever is the case, be sure those situations are able to showcase your leadership, management, and strategic thinking.
Once you have fully internalized your position, your works, and your future professional goals, make sure that the timing is right. It turns out that when it comes to any type of salary negotiation, timing is everything. Most company’s wait until a performance review for a salary adjustment, others wait for a specific time frame. Whatever is the case, make sure you know the overall procedures before approaching your manager or supervisor.
Beyond timing, the logistics will play a large role in whether or not you will get your desired amount. During the negotiation meeting, make sure you know the exact number you are looking for. The more precise of a number you are in your initial negotiation request, the more likely your final offer will match to what you are hoping for. This is because the employer will assume you have done more extensive research into your overall market value to reach that specific number. In addition, to help aid your efforts, try starting off with a ‘reach’ or maximum number. This will give you leverage of what you can negotiate for in the meeting.
Now there will be a situation where things do not come out favorably on either party’s end. When considering your numbers, you should also a point where you are willing to walk away. Certain final offers are so low that you have to turn them down. This could be because of financial need, market value, or simply salary value. Make sure you know what you are worth. Understand that walking away from an offer will never be easy. But it is important to have the ability and power to say no.