Now, more than ever is the best time to speak up if you feel underappreciated or undervalued in your workspace. With a recorded 40 million resignations in 2021, workers are beginning to speak more freely with their employers on the subject of pay raises.
We understand that it might be difficult to negotiate a pay raise. Spending an hour or two defending why you deserve it and then providing counters to the inevitable push-back from your employer seated on the other side of the table can be quite uncomfortable but absolutely necessary.
In this guide, we would highlight the most important negotiation tools you should have on your belt, before confidently requesting that pay raise you deserve.
How to Negotiate a Pay Rise
According to a Salary.com survey, only 37% of individuals consistently negotiate their salary, while a startling 18% never do. Even worse, 44% of respondents claim to have never brought up the topic of a raise during performance reviews.
It’s time to develop your negotiation skills, regardless of your gender, employment status, or the number of jobs you’ve held over the years.
And below are some pivotal bits of information you need to know about the art of pay raise negotiation:
Know Your Worth
If you intend to get the pay you deserve, then you need to know your value.
Determine the competitive value of your job position in the industry you operate, and the contributions you make to the organization you work for needs to be charted out for clarity.
Do a lot of Research
Before going into a room for negotiation, you need to prep for likely and possible questions, as well as scenarios. Having your thoughts organized and your facts right is absolutely necessary, but most importantly you need to have a specific figure in mind, before walking into that room.
Master the Art of Negotiation
Remember that you’re only having a conversation, although it’s an important one, it’s still a conversation. You always need to remain calm and collected at every point during the conversation.
Do not go in there and deliver an ultimatum, or complain about how you can’t keep up with bills, that is unprofessional and you won’t be taken seriously. Instead, rely on your adequate preparation and calmly defend your reasons for that raise (without burning any bridges).
Be Flexible, But Don’t Take “NO” For an Answer
It isn’t uncommon to not get everything you asked for. You could be presented with a counter that is in line with your long-term goals but is not an immediate pay increase. Or you could be given alternative options such as benefits, bonuses, and a scheduled review in the immediate future. But don’t retreat to lick your wounds if you receive a no. Simply think of it as a prelude to a trickier negotiation aimed at achieving your objective.
Evaluate yourself, make sure you’re making a practical request, and prepare a clear and concise defence to your case. Once you’ve confidently done these three, you would have all the tools you need to professionally negotiate your pay rise.