Love the current job but wished you could just earn a bit more? Fret not! Here are some tips that might help you reach that goal.
In many aspects, timing is everything. Approach your manager after a project or task you have completed well. This could greatly help in your case as you ride on the positive wave. Do also take into account the state of your company’s finances and milestones while planning the negotiation.
Know the Market
Keep up with the most recent pay rate of the specific job or sector you are in. Knowing the baseline rate offered for your particular skillset will allow you to better negotiate with your management. Do also bear in mind that if you are already being paid above your market pay rate, further negotiating for a pay raise can be a challenge.
Don’t Forget Benefits and Perks
A raise need not be always represented in absolute dollar and cents. If you have already reached the pay ceiling, consider other areas for negotiation such as flexible work hours, paid vacations or academic sponsorships that can enhance your career.
When making your case, don't compare yourself to co-workers. Going into a negotiation with a sense of entitlement may actually hurt your chances. Always remain professional and understand that the management has the tough task of balancing the needs of the company and the individual. State your case in a professional manner as it will go a long way in swaying the balance.
Ultimately, you must also be prepared to face a “No” from your management due to a myriad of factors. When faced with such a situation, a suggestion would be to ask for an upgrade to your role while remaining in the same pay bracket. This would make it easier for your employer to rationalise a higher pay out when you reopen for negotiations down the road.
Word of caution: Do not go into the negotiation threatening the supervisor i.e if you do not receive an increment, you will leave the company. Remember, no one is indispensable, if you choose to do or appear this way, it will affect the views that the management have of you and increase doubts of your commitment to the company.