Whether it’s time for your annual raise, or you’ve taken on more responsibilities at the workplace, there will come a time to request a higher salary. By taking advantage of these 5 ways to negotiate your salary, you’ll increase your success rate.
It’s Better for the Company, Not Just You
Everyone wants more money for their job, so simply asking your boss for a higher salary will likely fall on deaf ears. It’s up to the boss to keep the company in the black, and to boost revenue. Instead of simply requesting more money, point out how the higher salary will benefit not just you, but the company. Identify your expanding role, point out how improved compensation will allow you to spend more time focused on the job at hand.
Ask for a realistic raise. Going in, requesting a 40% raise will not only not happen, but it may stop the negotiation before it even starts. So go in asking for a realistic raise. It also helps to know what other professionals, in the same line of work, with the same job experience, make.
Know Your Boss
Your boss will have concerns when asking for a raise. They may point out the company’s tight budgetary restraints, or indicate areas the money is needed for instead. By knowing your boss’s needs, you can offer solutions and suggestions.
Provide Multiple Solutions
Raises do not come in a one-size-fits-all method. Perhaps instead of a 12% raise, you accept a 6% raise, and the company increases the amount it pays into your 401(k). Different solutions make it harder for the boss to say no.
Know Your Alternative Options
Maybe it’s time to consider other working environments. Look at other hiring opportunities, so if you are not offered the raise, you can begin applying for positions who will pay you what you’re worth.
By following these 5 ways to negotiate your salary and basic preparation, you’ll substantially increase your success rate. From offering a persuasive argument to aiming for a realistic increase, you have the ability to ask, and receive, a higher salary. However, should the raise not come immediately, make sure to analyze your request and look for ways to improve your negotiation the next time you approach management for a higher salary.
Edward L. Taylor Jr currently serves as a Clayton County Business Banker with Heritage Bank. With over 15 years of experience in the banking industry, Ed can provide you with the best business products and services to serve your needs now and well into the future.
Vice President Business Banker • 770-515-7032 • [email protected]