A newsletter subscriber inquired whether or not it was possible to negotiate salary at a job your are already working at. After some investigating the local job market, they realized that they were quite underpaid and wanted to level set with their coworkers. Someone had advised them to quit their job and try to negotiate a higher salary elsewhere.
Salary negotiation is not just reserved for new recruits. Anyone can negotiate their salary by asking for a raise. They must be well prepared with a deliberately planned strategy and a well developed supporting case to persuade the employer.
Of course, if you just accepted a job offer, it is not a good time to ask for more money, but once you have some time and accomplishments behind you, you should look to salary negotiation. If you just accepted the offer, you did so fair and square. That is why it is important to know your value before accepting any job offer.
Salary is not the only means of increasing your compensation package. You can also consider things like extra vacation, time off in lieu of overtime worked, and stock options as extra ways to add value to your compensation, and make it more easy for the employer to accept.
Before going for a pay raise, one needs to do a number of things.
1) Know your market value - do not rely on just one salary survey source. Also, make sure you trust their data. Self-reported salary surveys are far less reliable than those that are reported by the human resource departments in the industry in your area.
2) Your value proposition is a very powerful persuasion tool. Make sure you consider all the ways you ad value to the business. Profit, cost savings, quality, customer satisfaction are all value adds that literally translate into bottom line. You need to assess your contribution to the bottom line.
3) Get yourself ready to discuss this with your employer. You may need to educate them that you are below the salary range. Either way, you will let them know that you know what the market is.
4) Having done your research and having an intuition for where your performance falls within the percentile range, you will need to have a conversation with your boss and agree on the level you are performing at.
There are many factors to consider. I recommend doing a lot of research. One thing is for sure, you will not likely get the raise as quickly or necessarily as much as you were hoping for without mastering your skills in salary negotiation.
My preference would be to negotiate salary in a job that I was happy with rather than go through the effort of finding a new job in hopes of a higher salary.
One tactic that can give you an upper hand is to first get yourself another job offer. With that as your back up measure, you will have more leverage in negotiating salary.
Salary negotiation is not just reserved for new recruits. Anyone can negotiate their salary by asking for a raise. They must be well prepared with a deliberately planned strategy and a well developed supporting case to persuade the employer.
Of course, if you just accepted a job offer, it is not a good time to ask for more money, but once you have some time and accomplishments behind you, you should look to salary negotiation. If you just accepted the offer, you did so fair and square. That is why it is important to know your value before accepting any job offer.
Salary is not the only means of increasing your compensation package. You can also consider things like extra vacation, time off in lieu of overtime worked, and stock options as extra ways to add value to your compensation, and make it more easy for the employer to accept.
Before going for a pay raise, one needs to do a number of things.
1) Know your market value - do not rely on just one salary survey source. Also, make sure you trust their data. Self-reported salary surveys are far less reliable than those that are reported by the human resource departments in the industry in your area.
2) Your value proposition is a very powerful persuasion tool. Make sure you consider all the ways you ad value to the business. Profit, cost savings, quality, customer satisfaction are all value adds that literally translate into bottom line. You need to assess your contribution to the bottom line.
3) Get yourself ready to discuss this with your employer. You may need to educate them that you are below the salary range. Either way, you will let them know that you know what the market is.
4) Having done your research and having an intuition for where your performance falls within the percentile range, you will need to have a conversation with your boss and agree on the level you are performing at.
There are many factors to consider. I recommend doing a lot of research. One thing is for sure, you will not likely get the raise as quickly or necessarily as much as you were hoping for without mastering your skills in salary negotiation.
My preference would be to negotiate salary in a job that I was happy with rather than go through the effort of finding a new job in hopes of a higher salary.
One tactic that can give you an upper hand is to first get yourself another job offer. With that as your back up measure, you will have more leverage in negotiating salary.
About the Author:
Trevor Davide Grant is a IT manager in the IT field and has extensive experience in salary negotiation. Trevor has worked for global telecom, electric utilities, software consulting, and a prevalent social network. He has learned how to negotiate a salary in the most effective way. Learn great tips on the topic of negotiating salary at www.HowToNegotiateASalary.com.
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