5 Tips for Negotiating a Higher Salary
I am sure you have heard of the term "Great Resignation". It's the movement of people quitting their jobs voluntarily that started in early 2021. After the COVID-19 pandemic, people started to value their time, mental health, family time, and working from home more than their hectic jobs.
Research has found that 63% of people are quitting due to low pay. They relocate to different employers that are more flexible with their work schedule and pay higher salaries.
This makes it a great time to either consider switching jobs or negotiate a salary with your current employer. However, you must be prepared before going in on your manager to ask for more money. Here are five tips to help you take control of the conversation and get a higher raise.
1. Speak to a Recruiter
It is time to actually pick up those calls from recruiters or reach out to a couple on LinkedIn. They have the most updated information about how much your experience is worth in the current market.
So it is best to have a conversation with a recruiter who will give you an idea of the range for your current position. They can also help you change positions based on your skills and responsibilities if that is what you are looking for.
It is crucial that you get a specific salary or range for the current market since that will be the basis of your negotiation. If you are able to get an actual offer, that is even better, so you can use it for leverage.
2. Prepare Your Work
Take a look at the job responsibilities of your current job title. Then write down all the responsibilities that you have currently been doing for the last 3–6 months.
Compare the work you have been assigned with your job title responsibilities and take note of all the extra tasks you have been doing.
Additionally, prepare a list of all your accomplishments in your current role. Also prepare any emails from your co-workers or customers’ testimonials that show off your great work ethic and your value to them.
3. Plan Your Meeting
Reach out to your manager via email to set up a time with them to discuss your current performance. Picking the right time is essential, so pick a time and day where you know your manager is usually in a good mood.
Once the meeting is set, it is time to practice. Do not enter the meeting unprepared. You have to practice what you are going to say, the questions you will ask, and counterarguments for any negative feedback.
Practice makes perfect, so practice this meeting with a friend or family member multiple times before meeting with your manager.
4. Meet Your Manager
When it is finally time to sit down face-to-face with your manager, stay calm and confident. Start off the conversation positively and state why you like your current role and enjoy working for the company.
Then steer the conversation into the responsibilities that you started with at the beginning and how they expanded over time. State each one of the responsibilities that do not fall under your current job title and emphasize that they fall under a higher position.
It is also important to show him/her the value that you add to the team by highlighting the testimonials you have received from other co-workers or clients. This puts emphasis on the value you bring to the team.
Finally, mention that you would like to discuss adjusting your compensation. Start off by stating the specific number that you are looking for. Remember that salary range you got from the recruiter? Ask for the top of that range.
Always state a number higher than what you are happy with. They will try to negotiate that number 90% of the time, so give yourself some wiggle room. Mention that this is the current market value and the competition is paying this much for your role and expertise.
5. Reflect
After you have had the negotiation meeting, it is time for you to assess how you feel. If you were able to negotiate a good salary increase that you are happy with, then congratulations.
If you still feel underpaid or did not get a raise at all, then maybe it is time for you to really look for another job that values your skills. This is a hard step, and many people shy away from it.
However, you should always understand your priorities and know your value. Do not be afraid to consider or look for other opportunities.
Conclusion
I hope this gives you the confidence to negotiate your current salary or seek a higher-paying position. Best of luck in your negotiations, and never forget your worth!
Have a great week!
Muhamed
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Muhamed Muhamed
📖 Quote of the Week
The truth is, what you do matters. What you do today matters. What you do every day matters. Successful people just do the things that seem to make no difference in the act of doing them and they do them over and over and over until the compound effect kicks in.
From The Slight Edge, by Jeff Olson