Tips to Negotiate a Raise

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Asking your boss for a raise can be one of the most anxiety-inducing things you ever do at your job. Because of how nerve-wracking it is, many people wait too long to get the raise they deserve. Too many people fail to understand that there’s no reason to be anxious about asking for a raise, especially if you’ve been working hard and helping the company grow. However, there are some ways to ask for a raise that are better than others and have a higher likelihood of getting you what you deserve.

Even if your manager praises you daily, you’ll still need to give them a reason why you deserve more money, and you should be prepared to negotiate your rate. Here’s tips on how to ask your boss for a raise.

Collect Feedback

Your resume has changed since you applied for your current position. As you’ve worked for  the company  many years, you’ve picked up new skills and found new ways to help the business expand. Whether you have quarterly or annual performance reviews, the odds are you’ve received positive feedback since your last review. Keep all the praise you receive  organized, so you can use it to build your case for why you deserve a raise.

You should also give yourself an evaluation. Make a list of all you’ve accomplished for the business. If anything goes above and beyond your job duties, make a note of what it is and how often you do it. You should also add any long hours you’ve worked to the list and include everything from your managers’ reviews to coworkers’ feedback.

Have Data Prepared

People respond best to facts and data. If you want a raise, you’ll need to bring numbers to the table. Now that you have a list of all of your accomplishments, try to add details by adding numbers when possible. You can even use invoices to track your pay stubs.

For example, if your department benefitted from your work, try to include how they benefited, such as an increased rate of productivity or time and cost savings. Be as specific as possible. If you increased sales by a certain percentage or led a team who did, add that to your list. Bringing  details to the conversation gives proof as to why you deserve a bump in pay.

Consider the Future

Employees ask for raises because they have a track record of working hard and succeeding. However, managers and bosses need to know you’re looking for an opportunity to grow within the company, and not just for the money. When you ask for a raise, consider talking about next steps, more responsibility, or what is necessary to rise to the next level. You can also come prepared with a detailed explanation of where you see yourself within the company and where you want to go in the future.

Check the Handbook

Knowing when to ask for a raise can help you be successful in getting gone. For example, an upcoming performance review allow you to advocate for yourself to HR or the business owner so you can get a raise exactly during a time when the company is considering your future with them.

Your employee handbook will give you an idea about how raises and promotions are handled within your company. While these career milestones can happen at any time, they typically happen during performance reviews, which allow you to prepare for the right moment to ask for a raise.

Give Them a Number

Asking for a raise and not knowing how much you want or need to stay with the company can be detrimental to your cause. If you want a raise, you should have a number in mind—determining the amount and sharing it with  your boss is the reason why many people have anxiety in these situations. However, if you have done your research and know your value, as well as your contributions to the company, you feel confident in what you think is fair, and, you’ll have a higher chance of success.

Don’t forget, your boss may  try to negotiate. So be prepared to compromise. Consider other non-monetary perks, such as vacation, education benefits, etc. air rate would be by 10%.

Book a Time

This is not a discussion that you want to have in the hallway. Book a time with them when you know they’ll have nothing else on their mind. Consider the company schedule, as well as their responsibilities.

Practice

Asking for a raise can be intimidating, but the worst thing that can happen is being turned down. Most people will not get fired because they want more money. HR professionals expect that almost all employees will eventually ask for a raise or a promotion to improve their work/life balance.

By practicing with your friends and family, you can make the ordeal less stressful. You’ll be able to go into the meeting anticipating what your boss will ask or how they’ll reply to certain parts of the conversation.

 

Matt Casadona has a Bachelor of Science in Business Administration, with a concentration in Marketing and a minor in Psychology. Matt is passionate about marketing and business strategy and enjoys San Diego life, traveling, and music.

 

 

Salary Growth and Underemployment

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The news is still full of stories about the large numbers of unemployed people in this country. However, the untold story is about people who face chronic underemployment. Not only are their skills sets not utilized fully, their salaries and salary growth suffers as well. Once a person finds herself taking a salary offer that is half of what she used to make, it is then a struggle to regain ground and raise the salary back to where it used to be.
Employers do recognize that the salary growth gets reset every time you accept a position at a lower rate than you normally would because you need a job. However, reputable salary calculators are your best defense against getting low-balled or offered a miniscule salary. Gather your information. Search several different salary calculators for your position in your geographic location. Take careful notes, or even better, print out the salary graphs you find for your particular job of interest. Make sure that the figures you will take into salary negotiations with a potential employer match your education and work experience on your resume.
You may find that the employer will not raise the salary offer even after you have tried to negotiate it. You may also find yourself in a perpetually temporary position, one with low wages and no benefits. If you have to take the temp position, go ahead and do it. However, you will need to set yourself a goal for leaving this position to find something else that pays better, is full time, and is more of what you want.

What Are Your Salary Requirements?

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What Are Your Salary Requirements?
It seems rather unfair that even after submitting a great resume and cover letter you still have to deal with tricky interview questions. The salary question is one of the most dreaded of all interview questions. It’s not surprising that few people are able to answer it in a professional manner beyond the standard “I expect to be paid what I’m worth” statement. For the job hunter, you need to understand what it is that your interviewer is really asking.
When the interviewer asks, “What are your salary requirements?,” what he or she is really asking is whether or not you have a realistic salary expectation and if you are flexible about the amount. This is also why the interviewer would like you to list an actual dollar amount.
Finding out what you are worth is easy enough. Visit one of the websites that offer salary ranges and see what you can expect. Be sure to account for your education and experience. Location is important as well; salaries in New York City are generally far higher than in Trenton, Tennessee. Once you have that information you are ready to respond.
How should you respond to that question? Don’t shout out a number, but state that based on your education, experience and responsibilities of the position that $60-65,000 (or whatever amount you found) would be reasonable. Mention that you are flexible and would certainly consider benefits.
While it is important to be seen as flexible and as someone who can be negotiated with, don’t settle for less than you can honestly afford. Most companies will be fair simply because if they aren’t you will move on to one that is and they have time invested in you. Still, find out what you are worth before your next interview and you will be prepared for this tricky question.

Quickly Increase Your Salary at a New Job

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Quickly Increase Your Salary at a New Job
Salary negotiations are always tricky. The worst part is that while this is going on you almost have the new job but not quite. You have to get through this sticky situation to be hired. When the economy is poor that makes salary negotiation even more difficult; there may be several great candidates vying for the position.  You know what you are worth, but the company may not be willing or able to pay it. Breathe easy– there is a medium ground to this problem.
The way around this problem is to be open and honest by simply telling the hiring manager that you had hoped for more money but you are willing to accept their offer in exchange for a performance review within six months of taking the job. I think this is a pretty reasonable request and most hiring managers will be happy to accept the deal. This can seal your offer in more ways than one.
Not only is the company getting you at a premium, and believe me they know what you are worth, they also have an employee that is ambitious, realistic and willing to prove himself right from the start. Being reviewed within six months also gives you a head start on any bonuses that your company may be giving out because you will have just been reviewed.
By the simple and reasonable request to review your job performance a bit earlier than they might otherwise, you are showing yourself to be a strong and decisive employee that is someone who can be worked with and is results oriented.
 

Why Companies Ask For A Salary History

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salary history
Salary can be a very touchy subject when it comes to negotiating a job offer. It’s an issue that can cause candidates to walk away, force employers to spurn one candidate in favor of another who will work for less, and make for tense dialogue between an employer and a would-be employee. Many job seekers are uneasy talking about their salary history with prospective employers. Divulging salary information first can often put you at a disadvantage, but you may have no choice. Potential employers may require a salary history before even considering you as a candidate. In this case it is helpful to know, ” Why do some companies ask job applicants for a salary history?”
The answers are fairly simple and they even make sense.
Requesting a salary history may just be a part of the employer’s screening process. It is their policy with every job applicant and that includes you. Give them the history, get in there and set the hook, get the offer, and then be a good negotiator.
Now, while that is a perfectly reasonable answer, there is one that is even better. As an applicant, you are a “business of one” and you are selling your services. With that in mind, would you buy from a business that, when you asked how much the product cost, responded with “We are not going to tell you until you buy?” In order to “make the sale” to your potential employers you need to name your price.
Your best course is always to do your homework before going into a negotiation. If you know what you are talking about, then you are more likely to get what you want, even if you have already given a salary history to your potential employers.

5 Steps To Negotiating Your Salary

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negotiating salary
Negotiating salary is a scary proposition for some people. It’s also quite difficult if you are rusty on your negotiation skills. I’ve put together a few tips for helping you get through the process with less sweat and more leverage.
Step 1: Don’t discuss salary until the employer makes an offer
A good rule of thumb is to refrain from mentioning salary expectations in your resume. If the the ad you are responding to requests past salaries as some do, then comply. Otherwise, don’t bring up salary at all. If asked during the interview, try to avoid the question. Respond in a manner such as:

  • “If you decide I’m right for the position, then I’m sure you’ll pay a fair and competitive rate, right?”
  • “I’d love to discuss salary with you, but before we get to that, I’d like to know more about the position. Tell me more about ______.”
  • “Is this a formal offer?”
  • “The going salary range for that level of responsibility is between _______________ and _______________. You pay in that range, correct?”

Step 2: Allow the interview to make the offer
She who speaks first loses. In salary negotiations, the first figure mentioned is the starting point. You don’t want to sell yourself short. Let the interviewer make the offer and you go from there. That way, if the salary they offer is way off base and you don’t see any way to meet in the middle, then you can gracefully bow out.
Step 3: Do the research
Don’t negotiate in the blind. After your potential employer makes an offer, do a little research to determine the going salary range for your level of skill and experience. Check a variety of sources for the sake of comparison or you could end up getting less than you deserve.
One useful source of information is the U.S. Department of Labor (Bureau of Labor Statistics). They publish annual salary data by occupation.
You can also perform a Google search to find other salary information online. Be aware that salaries can vary according to location and whether or not will be employed in the public or private sector or in a profit or non-profit organization.

Step 4: Let negotiations begin
You want to get the highest salary possible. Your employer wants to pay the lowest amount to increase their bottom line. You should strive to be fair while maximizing your own value.
Determine your value to your company and make an offer based on that.
Step 5: Close the deal and keep negotiating
Your salary is only one component of the negotiating process. You can also negotiate perks and benefits such leave time, profit sharing, bonuses, etc.

How To Negotiate The Salary You Want During A Job Interview

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Salary Negotiations
You have accepted a job offer knowing that the salary is not as much as you were hoping or needing. But you need the job, thinking that you will get raises. What if you don’t? And to top it off, the next person they hire for the same type of work just a few weeks later is making quite a bit more. What happened?

  • You need to negotiate in the beginning to get the salary you want, or else you just may be stuck, just like you are. It’s not as hard once you get the hang of it. If the company just will not negotiate, you still have a shot and at least know you tried.
  • One important thing to remember is that the company is going to try to go with a wage or salary as low as possible. You want more and they want less. This is the basis of negotiation. Be confident in what you bring to the table and how your expertise will help the company. That will be your focus in negotiations.
  • Remember that it is give and take. It’s almost like bartering for an item (garage sales, eBay!). You eventually meet in the middle. So, recognize that you may have to agree to something that is still less than you want but more than was originally offered. This will be a positive bargain for you.
  • Make sure you are flexible. If the company thinks you are being too constrictive, they will back out. Be sure to watch the body language and you will be able to tell if they are listening to you or are backing up.

The first couple of times may be nerve wracking but once you get used to the process, you will be able to negotiate like the pros. You never know, you just might get what you want.