Working for and writing about startups has taught me that the people who deserve a raise the most are frequently the ones who are least likely to ask for one. Every firm tends to have that one workhorse who completes a big amount of things but doesn’t seem to recognize their own worth. People frequently neglect to inform their employer or client that their new expertise, knowledge, and skills are more valuable than they were previously, when they had not obtained the skills that they now have.
While it might be a frightening experience, it doesn’t have to be as bad if you follow these eight tips for negotiating a higher wage.
1. Look At Salary Averages To Justify A Pay
Sites like Glassdoor, Indeed, Payscale, and Simply Hired may be useful to you. You can even limit the statistics to your state and city to support your pay discussions. You can also check at internet job posting sites to discover what current positions like yours pay. This information is useful to contribute to your debate.
2. Share Your Track Record Of Success
This is a great method of demonstrating why you deserve a raise. The goal is for you to be able to list all of your accomplishments that are linked to an existing performance plan. You’d be able to cross off specific goals that you and your supervisor had previously devised together. It’s an efficient method to demonstrate your value in words that the firm can grasp while also showing them how much it may cost to replace you.
3. Prepare A List Of Pay And Benefits To Negotiate
Consider the big picture when it comes to a better wage. This includes (but is not limited to) additional vacation time, working from home, increased responsibility, a larger job, further training, or even a flexible schedule. If your boss believes it is the only thing you want, you may find it easy to get a raise. Make sure you’ve considered all of the benefits you believe you deserve, and then decide (or at least consider) what you’re willing to settle for.
4. Don’t Be The First To Name The Salary
It is advisable to wait until your manager provides pay details. If you go first, you may be underestimating yourself. In the moment, you may doubt yourself and lower your standards for fear of upsetting your boss. If your supervisor agrees right away, you may have set the bar too low. If they specify a figure for what they believe you deserve at this point, you’ll have a clear understanding of where you are and can investigate whether there’s room to go higher. I propose requesting a few days to consider the offer. It will give you the opportunity to examine how you feel and either accept or counteroffer.
5. Plan A Time To Talk About This
This may appear to be common sense. Unfortunately, I’ve seen people storm into their boss’s office and try to start a discussion. Make an appointment that allows you to prepare and ensures you get their entire attention. You can do it during a scheduled performance review or at another time that seems like an appropriate moment in the year to discuss a raise, preferably directly after a strong financial quarter.
6. Practice Before Making Your Presentation
If you’re presenting a presentation to your boss about why you’re worth more money, you should be prepared and confident in your delivery. This necessitates practice in front of a mirror. Even better, practice with a friend or family member who can throw in any questions or roadblocks that the manager might throw at you during the conversation. This way, you’ll be prepared with a variety of responses, especially if you get pushback or a flat “no.”
7. Whatever Happens, Maintain Your Professionalism
Negotiating is challenging, especially if you are not getting anywhere. Whatever you do, leave emotion at the door and you’ll do better. Whatever happens, stay calm, cool, and collected because getting furious will not get you what you want. Don’t compare yourself to coworkers, belittle others, or make arrogant or greedy demands. Being entitled or intimidating is also ineffective. Maintain a professional demeanor and know that it is usually all about negotiating a compromise.
True, negotiating a higher wage is difficult. However, these raise methods have been shown to work for a wide range of employees since they focus on highlighting the value proposition you provide, which is what entrepreneurs generally consider when deciding whether or not to give you a raise.
8. Consider What A Raise Might Achieve For You
Positive thinking and affirmations that remind yourself you deserve to make more money go a long way. This becomes easier to achieve as your job skills and talents improve and you deliver results for your firm. If you believe you can earn a raise, it will show in your body language and the terms you negotiate with your manager, making you more likely to persuade them. However, if you appear unsure, this may be communicated and disrupt those compensation negotiations. Make sure you approach the talks as a team effort rather than “you versus them.” This may help you relax and relieve stress.