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Here's how you can gather salary benchmarks and research information before negotiating a raise.

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Knowing your worth is critical when it comes to negotiating a raise. It’s not just about having the confidence to ask for more; it’s about arming yourself with data and facts that justify your request. This is where critical thinking plays a pivotal role. By thoroughly researching salary benchmarks and gathering relevant information, you can enter negotiations with a strong case for why your salary should be increased. This article will guide you through the process of collecting the necessary data to back up your claim for a raise, ensuring you approach the negotiation table well-prepared and with a clear understanding of your market value.

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Steffi Singh

Award-Winning Senior Leader Data Center Security

1 Understand Role

Before diving into salary data, you need to have a clear understanding of your job role and responsibilities. This includes not only your current tasks but also any additional duties you've taken on since your last salary review. Compare your role to similar positions in the industry to get a sense of what others with comparable responsibilities are earning. Knowing where your role fits in the larger job market is essential for setting realistic salary expectations.

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2 Industry Standards

Next, investigate the standard pay range for your position within your industry. This requires looking at the average salaries for similar roles across different companies, which can vary widely depending on factors like company size, location, and sector. Understanding these industry standards will give you a benchmark against which to measure your current compensation and form a basis for your raise negotiation.

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Steffi Singh

Award-Winning Senior Leader Data Center Security
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There are many easily available resources now online to benchmark industry trends and standards. Plus it’s very useful to engage with your peers and competitors.

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3 Experience Level

Your experience level significantly influences your earning potential. Reflect on your years of service, skill set, and any specialized knowledge you bring to the table. If you've gained new qualifications or had notable achievements since your last salary negotiation, these should be factored into your research. Salary benchmarks often vary by experience, so ensure you're looking at data relevant to your career stage.

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4 Company Health

The financial health of your company can greatly impact its ability to provide raises. Research your company's recent performance, such as growth, profitability, and any public financial statements if available. This information can help you gauge what kind of raise might be feasible. Approach this step with sensitivity; if the company is not doing well, it may not be the right time to negotiate a raise.

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5 Comparative Analysis

Conduct a comparative analysis by looking at how your salary stacks up against the industry standards you've researched. Consider the cost of living if you're in a different geographical area than your benchmarks. This analysis should give you a clear picture of where you stand and help you determine a reasonable range for your desired salary increase.

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6 Plan Approach

Finally, plan your approach to the negotiation. Decide on a salary range that you feel is fair based on your research, and be prepared to justify it with the data you've gathered. Practice articulating your achievements and how they've benefited the company. Remember, negotiation is a two-way conversation, so be ready to listen to your employer's perspective and find common ground.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Debajyoti Ray

Analyst@Deloitte USI||Oracle EPM Consultant || Narrative Reporting(NR) || PBCS ||ARCS || Oracle Certified EPM Consultant || Oracle Fusion || Reporting || EPM Automate ||
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To prepare for a raise negotiation, gather comprehensive salary data. Utilize reputable online databases like Salary.com, Payscale, or Glassdoor, filtering by your job title, location, and experience. Supplement this with information from professional networking sites like LinkedIn and industry association salary surveys. Remember to adjust salary data for cost-of-living differences. Don't rely solely on benchmarks; focus on showcasing your unique value and contributions to the company when making your raise request.

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Here's how you can gather salary benchmarks and research information before negotiating a raise.

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1 Understand Role

2 Industry Standards

3 Experience Level

4 Company Health

5 Comparative Analysis

6 Plan Approach

7 Here’s what else to consider

Critical Thinking

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Here's how you can gather salary benchmarks and research information before negotiating a raise.

1

2

3

4

5

6

7

1 Understand Role

2 Industry Standards

3 Experience Level

4 Company Health

5 Comparative Analysis

6 Plan Approach

7 Here’s what else to consider

Critical Thinking

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