When it comes to some of the most uncomfortable situations and discussions that arise in the workplace, mulling over the issue of your salary might be one of the most intimidating and stressful topics to deal with.
Since the cost of living rises over time, it may be left to you to bring up the subject to your employer when a raise hasn’t been granted.
At other times, you are just starting out in the work world or new job and need to negotiate the terms of your impending salary.
The reason asking for a raise is a stressful and difficult task is because employees aren’t usually trained to handle this type of situation.
Under these circumstances, there is a proper way to ask for more money and a right time to seize the opportunity.
Successful salary negotiations occur when you have received a favorable response and the communications between your employers is still kept positive.
During your conversation regarding salary increases, it is important to keep in mind that whatever you say or the type of stance you take will still follow you for the duration of your time at the company.
Assess Your Chances
Before you put yourself out in the open by asking for a raise, you should first assess your chances of receiving one.
When you work at a job and you are making noticeably lower than the salary cap, asking for a raise is not unreasonable.
Usually, salary caps increase for employees that have been with a company for many years. If you do not negotiate your terms of salary, you will soon see newer, untrained employees with less experience making more than you.
Since it takes more time and money to hire and train new employees, your record as a qualified, cooperative employee that has good job performance and attendance will work in your favor.
This is because companies benefit more from keeping a worker that has served the business well over the years. Often, the best way to keep a valuable employee is to increase their salary.
If you notice that the company has undergone recent financial difficulties, you will most likely suffer a denial when asking for more money.
During this stressful time in a business, executives are more concerned with cutting their losses than rewarding their employees with higher salaries.
It is best to wait for a salary discussion once the company bounces back from a disappointing quarter.
When Salary Negotiations Turn Sour
Just because you feel it is the right time to ask for a salary change, doesn’t mean you will automatically receive one. Even if you have flawlessly plead your case, there is still a chance that you won’t get the terms you have negotiated.
One of the most common mistakes that an employee will make is threaten to quit if they do not receive a raise.
Before you receive an answer or after you’ve been denied (unless another job is readily awaiting your arrival), threats will only hurt you. Some people spend at least five months trying to locate a new job.
What Your Employer Will Assess
When a worker comes to an employer looking for an increase in their pay or a new employee is making a salary negotiation, the boss will look at many different factors.
They will assess the skill level of your job within the company.
If you work in a branch of the office that showcases scarceness of skills and experience necessary to complete the job, you will have a bit of leeway to negotiate.
This means as an employee, you are needed. If you have progressed within your position, this will help you when you ask for a raise because it shows that you have a legitimate reason to receive more money for the contributions you offer to a company.
An employer will also do a little research to see whether or not you are currently getting paid the amount that is comparable to your geographic location, company growth, and other surrounding economic conditions.
Tips on Discussing Salary
Before you approach your boss with discussions regarding a salary increase, you should consider the following tips:
- When speaking to an employer about salary, you should be well educated on the amount of money you should be making based upon your current degree, type of duties, skills, and other demographic details. This will help you properly negotiate without asking for too much or too little. You will also have concrete evidence to support your desire for a salary increase.
- If an employer won’t negotiate a salary, you may suggest other ways in which to receive extra benefits, such as receiving more vacation time or other long-term compensation.
- Before starting a new job, take a few days to review salary offers before giving a final answer. This allows you to make the best decision for yourself.
- Plan what you are going to say before you have your meeting so you sound well prepared and confident.
- Set a target salary for yourself, but present a minimum and maximum range for your employer to consider.