4 Tips to Negotiate a Salary Increase (That Actually Work!)

by Talentese Team 22/03/2018

Salary negotiation is more of an art than a skill. Although many career professionals consider it a necessary skill, it should be approached as an art to be mastered. The art of negotiating a higher salary is rarely as easy as it sounds. You cannot just walk up to your boss or supervisor and demand a higher raise. Not only is it impolite, but it also shows your dissatisfaction with work. There are very few people who are good at negotiating higher salaries and pay raises. More often than not, most professionals are unaware of what they deserve and how to speak about it.

You do not want to come across as gauche or greedy while you negotiate a salary increase. The worst part is that most professionals end up settling for what is the standard norm and end up missing out on hundreds of thousands of dollars in the long term of their career. A correct salary start and steady pay increase are as important as planning which companies you would wish to work for. A good career guidance counselor will be able to help you understand, according to your skill sets, education, and experience, how you should peg your salary and its yearly increments.

Let us help you with a few tips and tricks to negotiate a salary increase.

#1 – Select the correct time:

Timing is King! Figure out when your company has salary negotiations for employees or if you work for a startup, then when the increments are. Before you start off on directly approaching your boss, you must take an appointment first. Be sure to mention the reason for the meeting and how long you would like it to be. You can get help on how to set appointments and correct wording by receiving career counseling for experienced professionals from a reputed career guidance counselor.

Ensure that your request for a meeting does not coincide with any other important meetings or reviews that you know might be equally important. Most supervisors are busy in the first half of the day with some free time towards the second half. Avoid requesting meetings on Monday morning as they are usually hectic and Fridays since most people want to leave office and start their weekend early.

#2 – Research your value:

You should first get an idea of what you should be asking for. The correct way to do this is to speak to a career guidance counselor who is well versed in your field of work and your skill sets. You can also speak to people in the same field, sector, or company so that you are better prepared with multiple options when you negotiate your salary increase. While you’re doing this, only speak to people you trust and are comfortable approaching the topic of finances with. You do not want to give people the wrong impression about your personal branding and company loyalty.

Ask around for what percentage of increase people get annually and what the ideal increase for you would be. When speaking to your boss, always peg your salary increase slightly higher than the norm so that you can negotiate and settle at a figure that seems adequate to you. If you would like a thorough appraisal done of your current job before you speak to your supervisor or boss, seek career counseling for experienced professionals to check for your salary and pay grade.

#3 – Have a precise figure ready:

Whether you’re interviewing for a new job or are asking for a salary raise in your current one, it is absolutely essential that you have a precise figure in your mind. The hiring manager or your supervisor will already have a precise figure in mind and will try to negotiate you towards it. When you ask for a raise or increment, it becomes easier to find common ground if you are both aware.

Conventional career guidance counselors will advise you to keep silent till you are given a figure by your boss or hiring manager. We advise you to speak first. The first figure that is set for negotiations becomes a marker for the future talk to revolve around. If the figure you set is higher than the manager, it would be difficult for you to seek your asking figure. In order to speak better and groom yourself towards this meeting, set an appointment for career counseling for experienced professionals so that you receive adequate training and guidance before you sit with your manager.

#4 – Fit your request with the company growth:

Most managers or hiring managers will be aware of the results that you can deliver. Base your asking figure for your salary increase around future progress based on your past achievements. This is especially crucial for people negotiating salaries for new jobs. Always show (in figures, percentages, and statistics) what growth you can bring to the company in terms of relatable goals, revenue figures, and any problems that you can solve successfully.

Ensure that your boss or hiring manager know that you are able to deliver more in combination with the growth chart of the company and will be able to put in more effort to achieve it. When negotiating for a salary increase, keep it strictly professional. Do not bring in your personal reasons like kids’ education, mortgages, loans, or medical reasons. Also, remember not to show a comparison of what others are getting paid for your position or company.