If you’ve been working for your current employer for a few years and you’ve yet to receive an increase in pay, chances are you’re planning on broaching the subject with your boss soon. You are probably feeling anxious about how you can successfully negotiate your way into more money, which is a completely normal reaction to what is often a fairly awkward conversation.
1. Do Your Research
The thing about negotiating an increase from your employer is that you need to make sure that you are adequately prepared for it. Simply being employed for a long period of time does not necessarily entitle you to a raise in pay. Do your research beforehand so you go into the negotiation armed with facts about how much money people with the same title, responsibilities, and experience as you are getting paid in your area. If you discover that you are severely underpaid then consider hiring a wage dispute attorney to assist with the negotiations.
2. Consider Your Experience
When negotiating your next increase, make sure to take your experience into account. Your salary should be in line with your years of experience in your industry and within your role, particularly if you are an effective leader. Generally speaking, experience is measured in increments of 5 to 10 years for each rung of the career ladder. Keep this in mind when you meet your boss and be confident in the knowledge that the more experience you have, the more money you should be earning.
3. Consider Your Company
As much as everyone would love an increase each year, the sad truth is that not all companies can afford to do that – especially after the various restrictions that have been imposed and re-imposed on businesses due to the COVID-19 pandemic. You need to take into account the financial position that your company is in, you can do this by checking for news about your company or checking the average performance of companies in your industry.
4. Prepare Talking Points
Unfortunately, there is no way around this starting out as an awkward conversation, especially if the meeting agenda is known to both parties beforehand. To make it less awkward you need to make sure that you have prepared talking points that help you stay clear and concise – trust me, your boss will have prepared their own too.
5. Focus On Your Achievements
Whilst you may be completely entitled to request an increase, the way you ask for it will make all the difference in the world. Instead of only comparing yourself to others in the same post as you, make sure that you branch out by reminding your boss of the value you bring to the organization. Go over your recent achievements and the moments that you are most proud of, this will display your sense of eagerness to grow and flourish within the company. Be prepared to negotiate a higher salary increase if you are asked to take on more responsibilities, remember that this is a salary increase negotiation and not a promotion as such.