Ultimate Guide To A Successful Salary Negotiation

If you’ve spent enough time in your company to feel and know you deserve a salary boost, you’re probably looking for the perfect way to start the conversation. Well, don’t forget to consider these tips before you do:

Research The Company

Dig into the company’s finances and ask older colleagues what kind of compensation it offers and the market rate for other companies. Understanding where your company stands will give you a realistic idea about your boost.

Share Your Research Statistics

Don’t just ditch the research you’ve done; compile it in a handy notebook and bring out the big guns during your evaluation meeting. Back up your request with these statistics so employers know you’re coming with reasonable demands.

Assess Your Skills And Value

Naturally, we all want a salary boost, but it’s best promised to those who perform best. To avoid disappointment, assess your skills and worth to the team so you can discuss it with your employers during the salary boost meeting.

Pick The Right Time

Timing and tact are everything in salary negotiation. You might displease your employers if you speak up too early, especially when you’re still learning the ropes. Aim to discuss the boost when you’ve proven your worth and have a concrete portfolio to fall on.

Initiate The Conversation

Too many of us wait for our employers to mention a salary boost, but you can initiate the conversation yourself. Waiting for too long might affect your chances of growing financially, so it’s best to bring up the topic yourself.

Start With A Higher Number

Your employer will always negotiate a lower salary, so always aim higher. If you want a 10k boost, ask for 20k so you and your employer can negotiate until you reach a more suitable demand, like 10k, which will be your original ask.

Reach A Mutual Agreement

Although it feels like we’re being stiffed, employers have their reasons for holding out on a boost. Discuss everything in a balanced way and try to negotiate in a positive environment so you and your employer can reach a mutually agreed-upon figure.

Consider The Whole Package

It’s not always about the basic increment; you might get better benefits like health insurance, provident funds, and retirement contributions if you ask for it. You can even ask for a better fuel package or work-from-home flexibility.

Understand Their Budget constraints

Don’t assume your employer is against bonuses; they might be restricted because of the company’s finances. Stay empathetic and compassionate and understand their budget to develop a figure that works for you and the company.

Don’t Say Yes Immediately

Don’t immediately agree to your employer’s offer, even if it’s precisely what you want. Take your time and reflect to ensure you’re making the right decision. Accepting early also conveys that you’ll always grab what’s offered, which can impact future negotiations.

Consult With People On The Same Level

Discussing your chances of getting a boost with colleagues in similar roles and positions will help you assess your position better. Don’t reveal your demands, but ask around if theirs were met so you know what to expect.

Money Isn’t Everything

You should always work toward a financially secure future, but you can also consider other factors like career growth, work-life balance, and company culture. You can even discuss remote working possibilities to facilitate fuel costs.