Salary negotiation can be a tricky process; however, negotiating is also a skill many professionals lack. This can leave money on the table that could have been in your pocket. If you want to ensure that you are negotiating effectively when the time comes to ask for a raise, there are a few things you need to know. Don’t miss out on getting the raise that you want when these effective tips can change your salary negotiation game forever.
Understand the Process
The reality is that many professionals miss out on available funds because they lack an understanding of the negotiations process. If you want to avoid a costly and long-term problem, you need to understand the basics and art of negotiations. If you truly want to become a master, consider negotiation training to give you the tools and skills you need to navigate any conversation.
Know Your Worth and the Market
While understanding how to go about the process is immensely useful, it won’t help you if you don’t understand your circumstances, your worth and the job market. Everything from your years of experience to your education to your unique skills to your industry will be key to understanding your worth and what salary you should ask for. Without this vital information, you’ll be making a request that has no foundation or research and will likely lead to failure.
Start the Conversation With Your Manager
If you are looking for a raise, your manager will play a key role. You want someone who can advocate and fight for your best interests. Take time to strategize how to get your boss on your side. Have a record of your accomplishments, a clear statement as to why you think this is the right course of action and a request from your supervisor for their feedback and their help ready. Although this may not lead to immediate changes, they can be a strong ally and help you determine a path forward.
Don’t Make it Personal
If you want to increase your salary, you need to build your case beyond your personal needs. Whether your rent has gone up or you are feeling the impact of a higher cost of living, these personal matters often don’t matter to the company’s bottom line. Align your request with the company’s priorities. You may have taken on more responsibility, launched a project that improved the company’s client relationships or increased efficiency within the team. These are conversation starters when it comes to salary negotiations and the type of record that you need when you want more money.
Increase Your Value
If you aren’t sure how to boost your value in the job market or at your current company, talk to your manager or mentor. Ask for advice on skills or experiences that can make you a more valuable and marketable professional. Consider professional development opportunities like conferences or educational offerings, go back to school or show initiative by taking on additional projects to help you add value. Make yourself invaluable and find ways to increase your professional value if you want to get that raise.
Be Ready to Search Elsewhere
Raise requests may not always pan out. Whether your company doesn’t have the financial means at the moment, your manager is not advocating for you or for numerous other reasons. Your company may not be able to offer you what you want. The reality is that you need to be ready to walk away. Keep in mind that the grass is not always greener on the other side; however, you can negotiate for better compensation.
Boosting your salary can often be easier said than done. While this is true, with these tips, you can avoid common mistakes. If you want to earn the salary you are worth, stop leaving money at the negotiations table. Instead, use these tips and can put those funds in your wallet.
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