Salary Negotiation Tips 2013

In finding a new job, what is it which most interests us? Our fellow employees? Perhaps. Our boss? Not particularly. Our pay packet? Absolutely. For some, employment is rewarding enough to overlook the niggling fact that we could be paid more for our skills. However, for many, the difference between making a living and making a killing is hugely significant and can make or break a new job.

The process of asking for a salary raise is awkward, and it is difficult to gage when best to approach the subject. When is the right time? How do I ask? Is it appropriate for me to ask?
Don’t feel that it is a forbidden question; it’s just a case of going about it in the right way.
Do your homework

You first and foremost need to understand your company’s benchmark. How do they calculate each employee’s salary? Many companies realised a long time ago that higher wages doesn’t necessarily equate to employee loyalty, and so they tend to:

Compare their salaries with other companies in the area.
Compare the average wages of other professionals in your field.
Compare the average wage of professionals in your field in your area.

It’s vital that before you even take a job or relocate, investigate these salary averages yourself. As James C. Penney once commented, “the best way to stop a bad habit is to never start it”.

To be worth £1,000,000, you have to look £1,000,000

Before the interview and dreaded salary discussion, practise exactly how to approach the subject and to ask for a raise without sounding pretentious or undercutting yourself. I suggest seeing a careers coach in order to gain honest feedback and genuine suggestions on the best way to phrase exactly what you want from your employer. If you’re unsure of what exactly you are after, you won’t be taken seriously.

As I have said before, take the time to do your homework. Do not enter that room without a solid idea of exactly what you want. Get in the know about companies in the area, the national average of wage in your professional field, and your company’s economic situation. If the company is struggling, knowledge of this can interpret as sympathetic with a mature awareness of the company’s infrastructure. Doing your research strengthens your claim and stops you from being caught out or looking under prepared and rash.

Practise walking into the office with your shoulders back, a confident smile, and an outfit which immediately says you are here to do business. Your appearance and attitude have to scream “I’M WORTH IT!”

Patience

Usually in the job market, good things come to those who wait is an awful sentiment. However, I’m afraid it can be a waiting game when it comes to pay rises. Finding the appropriate moment to steer the conversation around to money can be very difficult. It’s best to avoid it during the actual interview process; it will distract from the impressiveness of your skills base and make you appear more interested in what they can give to you than what you can give to them. Showcase your skills and wait until you have secured the job before approaching the subject.

Employers tend to leave 10-20% manoeuvre room on your original pay packet, so don’t panic if you have taken a job with a salary below your expectations. Do a good job in the first couple of months and this 10-20% becomes a possible raise on your salary.

Focus on what you bring to them.

On asking for a pay rise, focus more on what you can offer them, rather than what you are expecting them to give you. State the rise you would like, but use past achievements to strengthen their cause to give you more money.

If, in past employment, you have secured successful investments or generated more revenue, highlight these and suggest this could be in store for your new company. Suggest your pay rise could be achieved through performance based bonuses or a better pension scheme. This then becomes a giving to receive contract rather than a full pay out by your boss. It shows you’re motivated to increase profits and work with your employer to better your company. Ultimately, it puts you in a much better light.

Keep Positive

It is almost like securing the job all over again, and it can feel draining. However, remain positive and motivated and you’ll appear to be a better investment. Keep your abilities and strengths in mind, and keep reminding yourself that you are worth a better pay packet. Persist – nothing good comes to those who give up. You are worth more; as long as you believe that, they will too.