How To Negotiate A Pay Raise

As inflation rises and cost of living continues to increase, has your salary kept pace? If not, you may need to have a conversation with your employer about a raise. This can be a scary proposition to undertake, which is why I would like to provide some tips and suggestions to help make this process easier.

Preliminary Research

To begin, it is important to conduct initial research, to determine the current situation at your workplace. The following should be taken into consideration:

1. Assess the company’s current situation. Is it struggling, thriving or somewhere in between? Some key indicators of a struggling company include, lack of leadership or top management leaving the company, dwindling sales, cuts to employee perks, as well as a lack of planning.
2. Have you researched salary data for your position, to determine if you are being paid what the current market dictates?
3. Perform a self-assessment to discover if your performance merits a raise. Are you able to highlight a specific area where you’ve made a big contribution and/or your work has made a significant positive impact to the company?

If you answered negatively to any of the above questions, the last thing you should consider is asking for a raise.

Preparation for the Negotiation

Before going into a negotiation, think clearly about what you want and build your case. Write down your request(s). Don’t sell yourself short. Know your market worth, define your salary range and determine your raise request. Don’t overlook additional benefits such as time off, flexibility in your schedule or remote workdays, as your manager might have more flexibility in these areas. Strike a balance between what is firm and what is flexible.

In preparation, don’t forget to try and understand your boss’s perspective. You can better position yourself for success by bringing up the topic gradually, during one-on-one meetings with your boss and gauging their reaction. Choose your moment wisely. For example, when your manager is impressed with your performance, it is more likely you will have a successful outcome.

Prior to the actual formal negotiation, practice your pitch with someone you trust at least once. They will be able to provide you valuable feedback to help you succeed.

Delivery

Go into the meeting with an egalitarian “we are both adults” attitude, rather than that of a subordinate asking for a favour. Begin the conversation by reminding your manager that you’ve been building up to this. Be sure to mention how committed you are to growing your career?within the company?before diving too deep.

When you have the meeting to present your raise request, be confident in your delivery, while remaining calm. In your opening statement, define the raise you are seeking, followed by highlighting an example explaining why you deserve it. Be firm and persuasive when stating your case. Show flexibility, while also demonstrating graciousness.

Statements to avoid

When it comes to compensation negotiations, here are five phrases that set people back the most, followed by an alternative that has more impact:

‘More money’

• What to say instead: An exact salary range

‘I think I deserve this because…’

• What to say instead: I deserve this because…

‘I was hoping for…’

• What to say instead: Based on how my experience is valued in the market and in this organization, I would expect…

‘I’m going to have to go to the competition…’

• What to say instead: I’ve received other offers, but I’m more interested in making this position sustainable

‘Thanks anyway…’

• What to say instead: When can we pick up this conversation again?

If you believe you deserve better compensation that what your current career is providing, please feel free to reach out to me.