Ask For More Money Now

Whether you are in a current job or interviewing for a new role, you need to ask for more money. Inflation is soaring and America is headed back to the 1970s. This week the Federal Reserve announced the first-rate hike since 2018 and indicated another six rate hikes would follow. Everything is becoming more expensive by the day from groceries to gas to rent.

You need to be as aggressive as rising inflation and go after higher pay. The key to asking for more money, whether you are looking for a new job or looking to stay within your current role, is providing a value proposition to your employer. This means having well-researched market data on your current role and industry and showing your employer why you are worth that salary or increase.?

This goes for both existing roles and looking for new roles. Part of the relationship between employers and employees is having transparency and honesty upfront. This avoids a lot of headaches in the long run. Employees need to be honest in what they require for compensation. Employers need to be honest in what they can offer in terms of compensation. When there is a mismatch this is where we see employees jumping ship for higher compensation or employers being limited in keeping up with salary payments in the long run.

Job Hunting?

Often the easiest and quickest way to significantly increase your wage is to change jobs. Yet many candidates feel uncomfortable or fear asking for a higher salary because they want to be liked by their potential employer. And it’s not a small number: 55% of candidates in the US didn’t negotiate for a higher salary. Yet you need to do your best to take the emotion away from money negotiations and approach your salary objectively.

Negotiating is all about relationships and having a good rapport with all parties. Negotiating shows potential employers that you are willing to cultivate a long-term relationship and shows your leadership potential. The key to negotiating is maintaining your composure while being open and sincere about your intentions. Hiring teams expect candidates to negotiate and are not surprised by the ask. It’s more surprising how few prospective employees do not negotiate.

The best time to open the floor for salary negotiations is when a job offer is made verbally. It is easier to have the back-and-forth conversations during this period and ahead of a written offer. It helps to explain to the hiring manager or hiring team that you are very interested in the role, but that you would like to negotiate. You want to demonstrate your worth and accomplishments and explain the value you bring to the organization.

It also helps to ask and discuss salary expectations upfront. You need to have an idea of the pay range going into the process. Remember, you are interviewing potential companies too. If they are not willing to give you a salary range or indication, be cautious as you proceed. Citing that you want to understand the potential pay range to ensure both parties are starting at the same point and ensuring everyone’s time is utilized in the best manner possible.

The worst response you can get from a hiring manager is that they say no to your salary ask. As a prospective candidate, this leaves the decision in your hands. The job market is hot. If you must make a certain salary and this is non-negotiable, it can make deciding on a job offer easier. You can also ask potential employers when you could expect a date to have a future pay review say in three to six months after the start date.

Staying in Current Role?

We aren’t advocating for jumping ship from your current role if you enjoy your job, have great benefits, stability, etc. The consideration comes into play when you factor into account that most workers are receiving an increase of 1% to 5% of their salary. Worse yet, raises are not guaranteed and only about 56% of full-time workers received a pay increase in the past year. Existing employees have a lot of leverage right now in a job market where it is tough to find candidates and retaining existing talent is crucial. Consider this: 74% of companies expect to raise their yearly budget for raises due to a tight labor market.

For existing employees, there is no single track to successful salary negotiation. The key is to build a strong case while you deserve a raise. It is crucial to understand where you fall within your existing organization's pay scale and how you compare out in the market. Utilizing these gaps can make it easier for employers to accept salary increases. Keep track of key projects that you lead or other successes that demonstrate your value. Additionally, look ahead to upcoming projects and the critical role you play in the day-to-day success of the company or division.

Keep it simple when you approach salary negotiations.

This can be achieved by doing extensive research on market trends related to your position. This gives you more bargaining power if your skills are actively being sought out and there is high demand for roles such as yours.

Prepare your talking points and bring notes with you if needed to discuss. Take the time to develop talking points and practice what you want to discuss. This takes out some of the uncertainty and gives you an opportunity to workshop your thoughts ahead of the actual discussions.

Lastly, remember to be confident. Confidence is when you feel the certainty that you can accomplish what you set your mind towards. When you have done your research, have key examples of strong work performance, and approach the negotiations objectively, you have all the confidence you need.

Still, feeling nervous? That’s why we are here at The Resume Rescue. Reach out to our team and we can provide consulting on how to approach a salary negotiation.