Become a powerful negotiator.
Following these steps make it easier and increase your chances of receiving a suitable pay increase. The preparation for a negotiation often is unpleasant. It’s common to feel nervous, but remember good negotiating is centered on a win-win state of mind. Try to reframe your mindset and the convocation to simply discuss what is best for you and the company.
Choose the right time
During work changes, times can be a good opportunity to ask for a raise. You must do your homework and be confident. The ball is in your court when you ask for a raise. Asking for more should be based on ability and value, not just merit.
Your employer has a lot of things to think about, not just one individual. Help make it easy for your boss to decide on a pay raise. The best time is during the regular pay review time, which is when most companies do it.
Know your market value
Do your homework. You should research what other people who hold the same position in other companies in the industry are getting paid. If you realize you’re underpaid, make the case for a rate adjustment. The key is to know how much the industry is paying people who have the same job and skills.
Like pro athletes, use our compensation rates of ours to your advantage when you choose to have the pay discussion with your boss. Just make sure you’re comparing apples to apples.
Have a strong business case
If your job duties have expanded substantially, and your to-do list is getting longer, it’s time to ask for modifications. Taking on more responsibilities, not in your original job description or you’re supervising more people, are solid grounds for asking for a higher salary. Of course, it all depends on how well you are doing with these added responsibilities. The additional workload is a gauge of your ability to manage greater responsibilities.
Negotiating a pay raise isn’t as easy as withdrawing money from an ATM. Your request must make business sense. Therefore, don’t base your negotiations on an emotional appeal. Take the time to build a business case to support your position, based on your skills and efforts toward achieving company goals.
It is more than just money
When considering a raise, be sure you’re not asking for too much. Otherwise, your credibility is compromised. And, it may be clear to your boss, it’s too expensive to keep you. You must be honest about your worth and value to the company.
Although more money is the aim, there are other things that you should consider as benefits. You can negotiate for a company car or a more flexible schedule and work environment.
Be patient
Take the time needed to build a good business case. When negotiating an offer, don’t react too fast. Carefully analyze it and think it through. Be thoroughly prepared, and take time to build rapport, when you have a strong sense of what you will be happy with, make the first offer, the first offer usually sets the bar. Now listen and search for wise tradeoffs. Once you agree or decline the offer, you don’t go back.
Finally
Negotiating a pay rise shouldn’t be a stressful event. When it is done right, it’s not personal, it’s just business. Proper negotiations will illuminate the honest relationship and the mutual desire for company success.
DaMar Staffing Solutions of Indianapolis is a full-service, contingency-based recruitment firm, focused on administrative and professional staffing for all industries. There are many staffing agencies, but you want a staffing agency that will work for you. With over 20 years of experience, DaMar Staffing Solutions has built a reputation for providing quality service, top-notch professionals, and flexible recruiting solutions for Indiana companies.