At some point in your career, if it hasn’t already happened, you will want to be paid more. Maybe a new job offer involves living in a city with a high cost of living. Perhaps after a few years with a company, you’ve tangibly contributed to its success without a corresponding boost in pay. At the same time, in light of International Women’s Day last week, the gender pay gap still exists. For every person looking for a boost in pay, it’s time to become familiar with how to negotiate a salary increase.
Keep track of personal contributions
When you come to the table to negotiate a salary, you need to prove that you are worth it. If you’re currently working, maintain a log of accomplishments as time goes on. If there’s growth in the company, track how you directly contributed. When you take on a heavier workload, show how you performed afterward. With so much data available, you should leverage every statistic you had an impact on when it’s time to negotiate a salary increase.
Research the salary ranges for your position
Where do employees at your level of expertise land on the salary spectrum? After a quick search of pay ranges, you can find out where you stand relative to others in your position. This range may vary depending on where you live and what company you work for. The same position in a different city can pay differently depending on the cost of living. Finally, look at other companies in the industry to see how your pay compares. All of these ranges provide justification for a higher salary.
Rehearse how to negotiate a salary increase
Preparing your talking points is crucial to successfully negotiating salary, but you need to articulate them confidently in order to maximize your chances of getting what you want. This is where practicing with a trusted individual comes in handy. Practice your argument until it’s practically memorized, and ask your partner to play an unpredictable role as your manager. The more variations your partner delivers, the better prepared you’ll be when the real negotiation begins and the pressure is on.
Respond confidently to other compensation options
When you negotiate a salary, your manager may offer other forms of compensation besides a pay increase. Whether it’s an improved retirement plan, commuter benefits or more vacation days, by considering these options in advance, you’ll feel more confident in responding to them.
Preparation leads to a confident decision
After compiling previous accomplishments, salary range data and rehearsing your negotiation with a friend, you’ll start to see clearly how valuable you are. In the event that the company doesn’t agree you need a salary increase, feel free to take some time to consider your options. If the facts speak for themselves, though, be confident in your decision to negotiate a salary with another company. Despite the tension and potential consequences, knowing how to negotiate a salary increase confidently is a vital skill you should start developing today.