What are Salary Negotiations?
Negotiating your salary should be a clear-cut conversation to have with your boss or a representative of the company after a specific performance evaluation period. Requesting for a salary increase should revolve around your value and contribution to the company and shouldn’t be dependent on politics or any other subjective factor. While you like to canvass a raise, do not forget your employer has fair reasons he can’t pay you as much as you want.
Before knowing how to negotiate salary increments, you must evaluate your worth, identify your rights, and the arguments that’ll hit the mark with your employer. This goes a long way in helping you build an evidence-based argument that’s adaptable to the company’s success and the image it portrays to the local, national or international economic context in which your company operates.
How to Negotiate a Salary Increase
Are you well compensated for your current job, or you’re interested in negotiating a better salary with your boss? The truth is, at specific points in a job, there always comes when you feel like you’re getting underpaid for the value you’re contributing to the organization. And that’s where salary re-negotiation comes in. But when it does, it is essential to take the right steps to understand your worth by estimating your work’s value and quality to back up your argument with an evidence-based negotiation.
The Essence of Negotiating Salary
Whether during the job interview or in front of the boss, you need good arguments and the right communication skills for successful salary negotiations. The benefits of negotiating a salary increase are not one-sided in all its essence. It profits both the employer and employee. To the employer, the conclusion of the negotiation will keep the wheel of business moving. As an employee, negotiating a salary increase will likely get you the higher pay rise that you deserve. And on mutual grounds, salary negotiations also deepen both parties’ knowledge about collaboration and communication.
Ways to Know your Worth
As an employee, negotiating a salary increase is ultimately about your value and worth. Thus, it would help if you got an idea of what amount you should be asking for by researching your market value. You could speak to people doing similar jobs within your company and in related organizations.
Ensure you talk to friendly colleagues you know well and comfortable discussing personal income matters with. You could learn a thing or two (from them) about how much they’re earning and how much they have their eyes on.
6 Proven Tips for Negotiating your Salary
The art of salary negotiation is a key career skill. It’s do-without. When used right, it helps you secure the salary increase that you deserve. Here are some essential tips that offer you some of the best ways of negotiating a salary increase.
- Project A Salary Range Rather than a Fixed Number
What are you earning right now, and what do you want to earn? Set yourself a personal salary goal or margin. With a margin of negotiation, you can then, based on the structure of a job role and any secondary services, specify the increase up or down.
When projecting a salary range, you need to provide honest answers to some questions. Why does this have to be done now? Where does your salary fit into the overall career projection? Ensure to understand your company’s process for awarding payment. Please find out how it works, who is involved, and the power and influences regarding the decision.
- Avoid Selling Yourself Short
You sell yourself short when you don’t believe in your abilities and capacities. Or when it appears like you don’t believe in yourself. More so, no one wants to appear arrogant or overly egoistic. You have to find a perfect balance. You’ve probably learned how valuable your role is to your employer, and you’ll likely have a faint idea if they don’t want to lose you.
The idea of losing a good employee doesn’t seem pleasant to most employers. So your employer will likely try to make you an excellent offer. And if they don’t, you may consider looking elsewhere for a new job.
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- Practice to Perfect your Pitch Before Negotiation
Come prepared. Nothing compares to a salary negotiation exercise where the employee is well prepared with useful facts and convincing points. This will help guide the conversation’s direction and show how your desired outcome creates value and how it will be a win-win situation for both of you.
- Deliver Your Pitches with Confidence
Begin your negotiation with a goal in mind. Be clear about why increasing your salary is so important to your motivation. And be confident about how you present your pitch.
Don’t talk too much, and neither should you be too loud or impatient while explaining the rationale behind asking for a raise. Instead, keep calm and negotiate with your boss without arguing. Listen to your employer’s opinion and carefully pick points here and there – to add to your case. Salary negotiation is a win-win situation where both the employer and employee walk away with great benefits.
- Never Be in a Hurry to Accept the First Offer
Should you accept the first offer? Or should you wait for another one? Even if it isn’t what you want, the temptation that comes with jumping at the first offer is quite understandable. But you need to review the strength of your first job offer, evaluate the work-life balance, and determine whether the first offer is a smart career move. If the first job offer does not align with your priorities, you should avoid selling yourself short.
- Have a Deep Thought with Some Personal Questions
Take the time to mull over some critical questions that relate to you. Why do you deserve a salary raise? Are there any recent changes in the salary structures in your industry? Think about your excellent achievements these past years and estimate whether you are well compensated for your noble efforts or not? Are you regularly given additional tasks? In this case, it should be honored.
If you have job offers from another company, you can risk more than without. If you have a good point, they should work. If you come across reviews, take them seriously. Remember, the worst possible outcome of salary negotiation is that, with your current employer, you cannot earn more.
But one important thing is knowing your employer with deep regard for their needs. What is your employer’s corporate objective? What are their core values and inspiration? These are vital parts that form the basis of any salary increment negotiation. For more informative articles about human resources management and workplace ethics, feel free to check our blog section.
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