How to Negotiate for a Higher Salary

How to Negotiate for a Higher Salary

When it comes to getting a raise, you need to know what you are asking for and how to ask it.

Nobody wants to continue making the same salary, year after year. The more effective leadership you show and the longer you serve your company, the more likely it is that you’ll want to negotiate a raise. Depending on the situation, it can be perfectly reasonable to ask for a higher salary.

Employers expect you to renegotiate from time to time. But that doesn’t mean it’s easy to ask for a raise, especially if you’ve never taken that step before. You need to have evidence that you deserve a raise, knowledge of your positioning, and the willingness to advocate for yourself.

Before you call that meeting, though, consider these tips to help you build a compelling case for yourself. It always pays to be prepared!

Before You Start, Consider Talking to Recruiters to Get a Sense of Market Value

It’s very important to know your position in the market before you speak to your supervisor about a potential salary increase. You need to know not only your own value but also what’s standard for your position in your industry. A little research will go a long way when you head into negotiations. Remember, knowledge is power!

Reaching out to a few recruiters in your field can be a good way to get reliable and up-to-the-minute information about the job market. Not only will recruiters likely be able to give you an average salary range for your position, but they might also be able to give you an idea of what kind of demand there is for people with your skillset. All of this will help you in leveraging your value during negotiations.

Consider Adding On a Few Employee Perks or Benefits for Added Overall Value

Your negotiations don’t have to solely include monetary compensation. If some extra perks could improve your work-life balance or quality of life, then it can be worth negotiating for additional employee benefits to increase the value of your compensation package.

What benefits should you ask for? Many people negotiate for additional vacation time, flexible work hours, and even professional development opportunities. Some of these perks require an investment on the company’s part, while others simply require them to make minor changes to their processes and expectations.

The great thing about adding on perks like extra vacation time is that it increases your compensation without actually raising the payroll cost for your employer. Plus, you’ll be more productive and relaxed if your work-life balance improves, which is a win-win for everyone! Likewise, professional development helps to boost your career while benefitting your employer.

You don’t want to accept only additional benefits in your salary negotiations, but adding them to your request is something to think about.

Highlight How You’ve Put the Corporation First in Your Work

Employees who are committed to the goals and values of their organization are the most likely to provide value and to stick around. When you’re renegotiating your salary, it’s important to showcase how you’ve put the corporation first and that you see yourself growing and building your career within the company.

It’s all about the numbers for employers. It doesn’t make sense to raise an employee’s salary if they’re not committed and contributing to the value the company is providing stakeholders. When you’re negotiating, remember that your commitment to the organization and your ability to positively affect the bottom line are important considerations for your employer.

Make Clear How the Value You Provide Equals Your Salary

Obviously, negotiations can be tense. You know your boss as a person and you’re more than just another line on payroll, but salary negotiations involve a number of different factors. Your employer can’t justify raising your pay just because they like you as a person.

Remember, to keep an organization afloat and profitable, leadership needs to balance the needs of the organization with the needs of the shareholders and the needs of the employees. It’s a delicate balance and you have to make your value clear during the negotiation.

Before you enter into negotiations, take a step back and consider the value you’re providing. Be honest with yourself. Are you providing more value than you are earning in salary? If so, how much should you ask for? You deserve to be paid what you’re worth—you just have to make that value clear.

Go into your negotiations with confidence. Asking for a raise might be a scary prospect, but under-earning for years on end is even scarier. The salary you deserve is just a conversation or two away!