SECRETS TO NEGOTIATING A PAY RAISE (WITH EXAMPLES)

Negotiating a Salary Raise

If you ask for nothing, you receive nothing! If you feel you are entitled to a pay raise, be prepared to convince your employer.

Do you think you deserve a pay raise? Ask for a pay raise. Because only a few companies will take the initiative to give you a pay raise when due.

What does a Pay Raise Mean?

A pay raise is an increase in your daily or monthly wage, salary or income, which you receive from the work you perform in the company or organization you work for. Pay raises may be a percentage of your existing salary or a lump sum increase.

Negotiating a Pay Raise

Preparing to Negotiate Your Pay Raise

Any negotiation begins with precise preparation. It is necessary to ask the right questions. How much pay raise can you request? What is the right moment to approach your boss? What arguments will you use in your favour? Follow this guide to score yourself a pay raise.

  1. Timing is important

Asking for a raise can be upset some employers, so timing is essential. Get it wrong, and you can annoy your organization’s top executives, and destroy your chances of being considered for a pay raise. A period of financial crisis for the Company may just be the worst time to ask for a pay raise. Choose a good time to ask.

Pay raises are usually considered as part of the performance management process, annually or sometimes every two years. If your company doesn’t have a pay review deadline — or you just missed it — talking about your salary during your performance development review or performance appraisals are also good options.

  1. Find out Your Market Value – Know the level of remuneration in your sector

Negotiating a pay raise is all about proving your value to your Company. Before you approach your boss or line manager to ask for a pay raise, you must have already established a calculated estimate of pay in your industry, taking into account your position and value in the labour market. This way, negotiations are based on rational and precise arguments.

Get an idea of ​​what you should ask for by talking to people who play a similar role at your company, in the same industry, and in similar organizations. Talk to people you know well so you feel comfortable asking how much they are currently being paid and how much they plan to request in their next performance appraisal.

Tips

The level of remuneration depends on numerous factors – seniority, profession, track record, valuation of the work carried out, place of activity, etc. To find out if your salary is up to par, look at salary surveys and auditors, as well as interviews with recruiters.

  1. Investigate Wages in Your Company

Beyond the general context, it is also necessary to situate yourself within your own company, in order to understand how much room you have to manoeuvre. Again, your employer may not be receptive to conversations on pay raises due to the state of the business’s finances. It all depends on the financial health of the business.

Understanding the internal mechanisms and culture of the company in terms of salary policy is essential. Is it the collective or individual performance that is the determining factor? Why must this be done now? Make an effort to understand the organization’s compensation process. Find out how it works, who is involved and the power and influences on the decision.

  1. Prepare Your Arguments – Know How Much to Ask For

Talking about money shouldn’t be a taboo subject, unlike we’ve been made to believe. Preparing to ask for a pay raise involves preparing a solid argument that focuses the negotiations on your valuable contribution to the company.  To have a convincing argument, you will need a solid case and evidence of your skills and performance. It may be important to review the files you’ve handled, tasks carried out successfully, quantified results, gains obtained, etc. Record specific things you’ve done and important moments and events. Include examples of your work and projects, how you work with different teams, and your relationships with key people. You must show that you have worked well on tasks that exceed what others are doing. Part of preparation is knowing how much to ask for. Begin with the end in mind.

Be aware of your failures and the difficulties you encounter and your areas for improvement. The manager can very well point out these negative points, which has the effect of a cold shower if you are not prepared for it.

Talk to your line manager, even if he or she is not the one to make the final decision. He will have to be involved at some point, even if he doesn’t have the power or influence to make the final decision. Knowing what he will do for you is as useful as knowing what he needs.

Tips

It is rare for the desired salary increase to exceed 15%. Develop the arguments that work in your favour. Are your profile, skills or profession highly sought after? Have you been given new assignments or responsibilities, without a commensurate increase in Pay? Have you enabled measurable savings for the Company? Is your salary lower than what is practised on the market? Use all this information to your advantage.

  1. Assess Your Acceptable Pay Range

Review your financial situation. This includes your total gross annual salary including the thirteenth month, history of increases, variable part (bonus, premium, participation, profit-sharing) and any other financial benefit (company car or housing, works council, schedules, telework, etc.) in your possession. This allows you to define your proposed raise. It is better to have a minimum and maximum financial proposal than to put forward a precise figure. It indicates flexibility and shows that you are open to negotiation. In addition to the amount of salary, you can mention teleworking, new benefits, or a bonus.

Read More: What Exactly is Competitive Pay – And How to Earn It.

Negotiating a pay Raise

Negotiating Your Pay Raise

  1. Be Constructive in the Negotiation

Salary negotiations can be intimidating and even stressful. Staying calm and serene avoids turning the process into a confrontation. An employer will appreciate a structured and reasoned approach that legitimizes the request instead of an outburst. You have to be assertive, without appearing confrontational, while also giving your employer a chance to speak during the process if he wants to. Saying “I’ll stop working if I don’t get a pay raise” is a very bad calculation.  It’s best to appear dispassionate on a subject that can quickly become controversial. Your form is almost more important than the substance of your speech.

2. Rely on Concrete Evidence to Prove You Deserve the Pay Raise

When presenting your case to your employer, highlight the successful projects you have been involved in. Draw attention to quantifiable data, such as numbers and deadlines you have met. Review your track record producing results and other milestones in your work history that demonstrate your worth. Be sure to direct decision-makers to your colleagues’ recommendations and any supporting documentation. Invite Jane in marketing, for example, to tell them about the work you’ve done for the company. You have to be concise and rely on indisputable evidence you know they cannot disagree with.

Tips

Among the mistakes to avoid; do not cry foul or formulate your request through an ultimatum. Do not appear overconfident or attacking as a conqueror. Explain intelligently that you deserve a raise having established your value to your employer.

3. Identify the Right Moment and Person to ask for the Pay Raise

Asking for a raise is often seen as an unpleasant moment because it is not certain that the response will be favourable to you. However, ask in person and orally for a meeting with your manager or employer if possible at the start of the day or after the lunch break (this is more conducive to a productive and relaxed exchange).

Above all, no request by email or telephone or a stand-up lunch discussion! Direct contact is essential to broach the subject calmly.  Employers prefer not to link the question of remuneration to the performance appraisal so as not to make it systematic and miss out on other aspects of the appraisal. Also, be sure to speak to the right person. Depending on the size of the company, the right person may be the boss, a person from the local human resources (HR) department or the HR director.

4. Be Ready for Discussions and Negotiations

You have prepared for this moment so be ready to discuss your desired pay at the negotiation table. Make sure you know what you deserve and be clear with yourself about your limits. What are you ready to accept or not?

You have the option of coming back with a compromise and other suggestions. Think of a solution that would fit well with your strategy. There may be different elements of your payroll package that could be interchangeable or interchanged. Identify what those options are so you know your bargaining chips. Be clear about what you want and why you deserve it.

Don’t be tempted to commit to a counteroffer too soon. Bargaining is about achieving your desired figure. An appropriate response to the first offer might be, “Thanks for your offer, I’ll get back to you on that.”

5. Use Facts During the Negotiations

Salary negotiation is a moment that crystallizes tensions and creates frustration on both sides. To get out of an emotional state, be dispassionate about the subject and rely on proven data. It is important to have a conversation based on facts. It’s easier to talk about what you have accomplished than money. Your argument should be built on your lists of achievements and on areas of progress. Do not aim too high or too low. Be as fair and as realistic as possible.

Salary Check_Pay Raise

6. Manage the Outcome of the Negotiation

The answer to your request for a pay raise is rarely immediate because it requires reflection. Expect the possibility of an inferior counteroffer, or even a refusal. The manager knows that his decision is not devoid of effects on your motivation to work.  The negotiation is not over yet. To overcome your frustration if your request does not fit the budget and is not granted, set a date for further negotiations, or negotiate other elements: benefits, training, work arrangements, etc. Once the negotiation is complete, thoroughly thank the manager. Your approach remains an important aspect of the negotiations for a pay raise.

7. Take the time to consider the offer

Every situation is different, and you may need more or less time to consider the offer depending on how close you are to what you want and what other options are available. If they ask you how long you need to think about the offer, tell them you’ll let them know that day or you’ll think about it, depending on how much time you need. Even if you think the offer is perfect, I recommend giving yourself at least one night to think about it.

It also helps you stay in control of the situation. The people negotiating with you need to know that this is important, and it’s only fair that you take your time to make a decision or think about what your next move will be.

8. Summarise Your Pay Raise Negotiations

If you get an offer that isn’t what you wanted, you can easily say it’s close enough or it’s not close enough. Whether or not you get what you want, you need to end the discussion. Do this by saying, “Thank you, I appreciate your time and your offers. I appreciate that you considered my case and listened.”

In Conclusion,

No matter the outcome, if you’re happy to stay, stay. If you are not happy to stay, you will have to consider leaving. If you want to try again next year, that’s up to you too. If your request for a raise is successful, all the hours spent on preparations would have been worth it!

Find Out the Answers to 17 FAQs on the Thirteenth Month Salary

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