Negotiating A Pay Rise: Our Top Tips
Negotiation is a skill that everyone should master, and it is particularly important if you are trying to negotiate a new role or significant pay rise. For many of us, this does not tend to be a skill that comes naturally - but it can be learned!
In this article, we share our top tips on how to negotiate your salary, and what you need to do to get the best deal for yourself. You will be negotiating yourself into a higher paycheck in next to no time!
Know Your Worth
The first step to negotiating successfully is to know exactly what you're worth. If you don't have a solid idea of this, you won't be able to put together a strong case when it comes to negotiation. You will also find it difficult to make sure you're getting paid fairly.
There are lots of ways to check that you're getting paid fairly. Look at the average wage for similar roles in your area, compare your salary against others in your company, and check out websites such as Glassdoor.com.
Do research for jobs in your field and level, and compare the salary you are receiving to those being advertised for new starters.
Don't Be Afraid To Ask For More Money
It may seem like an obvious point, but one of the most common mistakes people make when negotiating is to assume that they'll never get what they ask for. This is because it's very hard to predict what someone else might say, and even harder to guess whether they will actually agree to your terms.
If you want to increase your chances of success, come up with a number slightly higher than your ideal figure and then work backward from there. This will usually result in the other party negotiating down, allowing you to settle at the rate you originally desired.
Have An Objective Approach
When you start negotiating, it's easy to become emotional about the situation. It can be natural to feel angry, upset, or frustrated when you think you have been underpaid. Remember, emotions are just feelings, they aren't facts.
You need to keep things objective by asking yourself questions such as, "Why am I so unhappy?" or, "What would happen if I didn't get this job?". These kinds of questions help you to stay focused on the real reasons behind why you want something, rather than letting your emotions cloud your judgment.
Get Your Timing Right
Timing is everything when it comes to negotiations, especially when it comes to pay. It is a good idea to time your salary negotiation with your annual performance development review. This offers a chance to use your skills and achievements to justify your new, higher salary.
As an added bonus, salary reviews for the business as a whole are typically carried out at the same time as the annual pay review. This can make it easier to raise your pay with minimal disruption to the company, making it more likely that your request will be accepted.
Keep Calm And Carry On
Don't let your nerves get the better of you when negotiating. If you panic, you run the risk of either losing the deal altogether or coming across as too pushy and unprofessional. Instead, take a deep breath, relax and carry on.
Remember: as long as you know you’re worth your new salary, you should be able to negotiate successfully. You have the experience, the expertise, and the evidence to back up your request.
The key thing to remember is that there is nothing to lose by trying to negotiate a pay rise. You don't need to be afraid to ask for more money, and you certainly shouldn't be worried about upsetting anyone if you do.