Looking For a Salary Increase in 2020? You May Have to Speak Up Now!
Negotiating a salary increase strikes fear in the hearts of even the most seasoned professionals. With the New Year coming, now is the time to set the stage for success in 2020.
Successful salary negotiation involves more than believing you deserve more for all your hard work. You have to tactfully present your case and be prepared to negotiate.
So how do you ask for a raise in a way that will get you serious consideration?
Timing is Everything!
As with most things in life, timing could mean the difference between success and failure. If your manager is in the middle of an important project, it’s probably not a great time to raise the issue.
According to an article by Glassdoor, it’s a good idea to find out when your company does their fiscal budget planning. When do the annual performance reviews take place? When does your company make salary decisions for the next year?
Look at the overall financial health of your company. The Indeed career guide also suggests you look at other companies within your industry, do company research and look at financial reports to get a better idea as to how your company is doing.
Build Your Case
Take the time to do your research and be prepared. Show proof of your success stories and how the company benefited from your work. If possible, show data as to how you contributed to ROI. Remind your boss of any accolades you may have received after having completed key projects.
Know Your Worth
Again, do your research (sense a theme here?). What is the market value of your position at your level of experience? Check out salary guides published by companies in your area of specialty. Set a range in advance of what you’d like to receive as a salary increase and go in with that range in mind. That said, it’s also important to be flexible in case your boss has other ideas as to what’s fair and what’s not.
It’s All in the Delivery!
As important as it is to have a clear message, the way in which you deliver your message can be just as crucial to success in salary negotiation. Practise your pitch in advance and anticipate potential objections. Be confident and enthusiastic.
Present your information in a clear and logical way with data and/or stories to back it up. Keep it simple and don’t overcomplicate things. Talk slowly and remember to breathe to ease your nerves!
Believe in Yourself
When preparing to negotiate a salary increase, remember that you’ve earned the right to ask! Be confident in your abilities and with your message. If you’re unsure of yourself, chances are your boss will sense it and it won’t help your position in the negotiation.
While it’s important you aim for what you want, it’s also important to show gratitude for the opportunities you’ve been given. Remember, for you to even have the job means that someone (or several people) believed in you at some point. If you’ve tried everything and really don’t feel that you’re being fairly compensated, then it might be time to move on and find another company that will appreciate your skills and attributes. It’s your life and career and you deserve to be happy!