Strategies for successfully achieving a salary rise.
Are you regularly asking for a salary increase out of fear that your request will be denied? Here are some effective tactics to enforce your demands and even persuade decision-makers.
Discussions about salary adjustments can be uncomfortable for some professionals. Fortunately, you can practice this situation by preparing well.
The initial step is to be clear about your current contributions to the company and your past achievements. Have you saved the company money? Streamlined processes? Gained new customers? Showing that you've gone above and beyond can demonstrate your value and earn you a reward.
Transform your accomplishments into tangible benefits
Many people fail to recognize the benefits of their contributions, says negotiation expert Claudia Kimich. She suggests creating a list with three columns: column one for projects or skills/activities, column two for your contribution, and column three for the company's benefits. This will help you enter the conversation with greater confidence and a clear stance.
It's also crucial to determine your desired outcome. Is it about money, recognition, or a combination of both? Remember, salary isn't just a financial matter - additional benefits like job tickets, high-quality work materials, or paid training can be just as valuable.
Kick off the negotiation with "Yabadabadoo"
If you're negotiating for increased pay, set three goals: a minimum, an acceptable outcome, and a "Yabadabadoo!" Set your initial demand at about a 15% increase, representing the "Yabadabadoo."
In case the conversation doesn't go your way, be prepared with a backup plan. Kimich suggests not threatening unless you genuinely mean it. "If you announce it but don't follow through, you lose credibility," says Kimich. Instead, you could say, "I'm very disappointed. What I'm doing and what I'm getting don't match. I need to carefully consider whether I can continue in this role long-term."
Determining the right time for a salary negotiation
How often should you negotiate your salary? Once a year is a reasonable frequency, according to coaches. There's no perfect time for a salary negotiation, but you can plan around favorable or unfavorable circumstances.
Avoid negotiating when your supervisor is in a bad mood, when you're exhausted, or when your company is in financial trouble. Ideally, seek company support before initiating a conversation. Knowing the person you're negotiating with is key. Is this individual more of a showy leader, a details person, or a power player? Adjust your strategy and conversation style accordingly.
For instance, if you're facing a power player, ensure you're well-prepared. On the other hand, with a peacock-like leader, timing is crucial. If this person is unavailable before 9 am, it's not wise to request a meeting during that time.
If you're not familiar with the person you're negotiating with, try gathering information through observation, their online profile, or simply asking.
The power of words and the art of persuasion
Practice makes perfect in salary negotiations. Seek out professional help, rehearse with a coach, or even practice with children or partners. Select a critical, quick-witted opponent to sharpen your skills.
Moreover, pay attention to your verbal style and master the art of power speech. Kimich emphasizes, "Salary negotiations are all about the right combination of drumming and silence."
Read also:
- As an employer, it's important to understand that offering competitive retirement provisions can be a significant motivator for retaining valuable employees.
- Consumers often seek advice from financial advisors when planning for their retirement, considering factors such as their profession's average salary and retirement income goals.
- Employees may benefit from employer-sponsored retirement plans, such as 401(k)s, which can help them save money and make the most of their salary earnings for their golden years.
