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A colleague of mine asked me if it was normal or even possible to renegotiate the salary of your current job. He discovered by doing some research on the job market that he was quite underpaid in his field. He was wondering if it was easier to quit his job, and come back to the same company with a higher salary after working elsewhere for a while.
Salary negotiation is not just reserved for new recruits. Anyone can negotiate their salary by asking for a raise. They must be well prepared with a deliberately planned strategy and a well developed supporting case to persuade the employer.
Of course, if you just accepted a job offer, it is not a good time to ask for more money, but once you have some time and accomplishments behind you, you should look to salary negotiation. If you just accepted the offer, you did so fair and square. That is why it is important to know your value before accepting any job offer.
Not only is a salary an important factor of the compensation package, one can also look at factors like improved benefits, more time off, stock options or stock purchase plan. You may look to other creative compensation strategies to entice your employer to bolster your income.
Consider taking these steps before you ask your boss for a pay raise.
1) Know the value of your skills in your area. Research multiple sources for salary data, and be aware that surveys conducted by HR will be more reliable than those that are self-reported by employees.
2) Your value proposition is a very powerful persuasion tool. Make sure you consider all the ways you ad value to the business. Profit, cost savings, quality, customer satisfaction are all value adds that literally translate into bottom line. You need to assess your contribution to the bottom line.
3) Prepare yourself to discuss this with the boss, and mention that you would like an increase to be in line with the current job market salary range.
4) Having done your research and having an intuition for where your performance falls within the percentile range, you will need to have a conversation with your boss and agree on the level you are performing at.
There are so many facets to salary negotiation. You should be prepared to do your research and know your facts. I highly recommend learning more about the art of salary negotiating and turn your career into high gear.
My preference would be to negotiate salary in a job that I was happy with rather than go through the effort of finding a new job in hopes of a higher salary.
Either way one strategy that helps in negotiation is to have another job offer in hand. With that in your back pocket you will have more leverage with you salary negotiation.
Salary negotiation is not just reserved for new recruits. Anyone can negotiate their salary by asking for a raise. They must be well prepared with a deliberately planned strategy and a well developed supporting case to persuade the employer.
Of course, if you just accepted a job offer, it is not a good time to ask for more money, but once you have some time and accomplishments behind you, you should look to salary negotiation. If you just accepted the offer, you did so fair and square. That is why it is important to know your value before accepting any job offer.
Not only is a salary an important factor of the compensation package, one can also look at factors like improved benefits, more time off, stock options or stock purchase plan. You may look to other creative compensation strategies to entice your employer to bolster your income.
Consider taking these steps before you ask your boss for a pay raise.
1) Know the value of your skills in your area. Research multiple sources for salary data, and be aware that surveys conducted by HR will be more reliable than those that are self-reported by employees.
2) Your value proposition is a very powerful persuasion tool. Make sure you consider all the ways you ad value to the business. Profit, cost savings, quality, customer satisfaction are all value adds that literally translate into bottom line. You need to assess your contribution to the bottom line.
3) Prepare yourself to discuss this with the boss, and mention that you would like an increase to be in line with the current job market salary range.
4) Having done your research and having an intuition for where your performance falls within the percentile range, you will need to have a conversation with your boss and agree on the level you are performing at.
There are so many facets to salary negotiation. You should be prepared to do your research and know your facts. I highly recommend learning more about the art of salary negotiating and turn your career into high gear.
My preference would be to negotiate salary in a job that I was happy with rather than go through the effort of finding a new job in hopes of a higher salary.
Either way one strategy that helps in negotiation is to have another job offer in hand. With that in your back pocket you will have more leverage with you salary negotiation.
About the Author:
Trevor Davide Grant is a IT manager in the IT field and has extensive experience in salary negotiation. Trevor has worked for global telecom, electric utilities, software consulting, and a prevalent web 2.0 site. He has learned how to negotiate a salary in the most effective way. Learn great tacticson the topic of negotiating salary at www.HowToNegotiateASalary.com.
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