Suppose your employer recently announced that the company is doing well and that everyone will be getting a raise. Great news, right? Not so fast. Maybe you were hoping for a more generous raise than the ones being offered?
Many people feel anxious or unprepared when asking for a salary raise. This may be because they don't know how to properly prepare for the conversation, or they're afraid of being told "No".
Some common challenges people face when asking for a salary increase include:
Not knowing what to say
Being afraid of objections
Not having enough evidence to support their case
Coming across as entitled or negative
Asking for a salary increase can be intimidating, but with a plan in place, you can make your case for a pay increase and increase your chances of getting what you want. In this article, we'll explore some ideas to help you get what you deserve.
1. Do your research
When it comes time to ask for a salary increase, it's essential to do your research first.
Know your market value
Knowledge is power, and knowing the market rate for your role will help you come up with a realistic salary increase amount to ask for. It will also show your employer that you're prepared and know your worth (to their competitors).
There are various resources available to research the market salary for your role. Some of these tools include:
Have a browse through the websites of recruiters who specialize in your sector. As well as live roles being advertised, they may also have salary surveys available for download.
Set your rate
Once you know the market rate for your role, it's time to set your target salary. Of course, this is the salary increase you would like to achieve in the ideal world. However, It's important to be realistic and understand that not everyone will get their perfect salary increase. So it's worthwhile setting a minimum level that you'll be happy with as a fallback position.
2. Make your case
When the time comes to ask for a salary increase, it's vital to make your case. This means having evidence to support your request. Employers are more likely to give you what you want if they see you're justified in asking for a salary increase.
There are various ways to support your case, including:
Providing evidence of your value to the company
Showing that you're an asset to the team
Demonstrating that you're a high performer
Highlighting your unique skills and experience
Collecting testimonials from past or current managers
Showing how your responsibilities have increased
Pointing to specific results you've achieved
Demonstrating how market rates have changed since you were last paid
Having statistics or figures to back up your claims
3. Timing your request
Timing is everything when it comes to asking for a salary increase. You want to make sure that you're asking for a raise at a time when your boss will be most receptive.
There are a few times when it's generally more favourable to ask for a salary increase:
When the company has just had an excellent financial quarter and is doing well
When the company is in recruitment mode and don't want to lose staff
After you've completed a major project or exceeded your targets
When your contract is up for renewal
4. Be prepared for objections
One of the main reasons people are afraid to ask for a salary increase is because they're afraid of objections. But if you're prepared for objections, you can handle them confidently and positively.
Some common objections include:
I can't afford to give you a raise
We don't have the budget for it
You're not worth that much money
You only do entry-level work
You're not indispensable
Your skills are no longer in demand
You don't have the experience for a bigger salary
There's someone else who could do your job better than you
When it comes to objections, it's essential to stay calm and collected. Listen to what the other person has to say and take the time to respond thoughtfully. Try to see the situation from their perspective. And always have some responses prepared for those objections.
Hopefully, your employer will accept your case for a raise and offer you the salary you'd like. However, it may turn into a negotiation, so you should prepare for that situation.
Preparing for a negotiation is key to getting the outcome you want. If you go into a negotiation without a plan, you're likely to end up conceding on points and not getting what you want. But if you have a strategy in place, you can stay strong and get the salary increase you deserve.
When it comes to negotiations, there are a few things to remember:
Stay calm and polite
Never criticize or attack the other person
Be clear about what you want and what you're willing to concede
Know your value, and don't be afraid to stand up for yourself
Don't be scared to walk away if it's not going well
To increase your chances of getting a salary increase, it is crucial to have a plan. This includes doing your research, preparing for objections, and knowing when to ask. Then, if you negotiate well, you should get the salary you desire.
Discussions on salaries are always challenging and emotional times. But with a solid plan in place, you can increase your chances of getting what you want. Follow our five easy steps, and you'll be on your way to a successful salary increase negotiation.
Kensington Additive are specialist recruiters for the 3D printing/Additive Manufacturing industry.