Salary talks: How to negotiate a raise?

“The approach to asking for a raise is more art than science, entailing a blend of self-assessment and market research,” says Rohit Kokane , Creative Director, Done For You Podcasts.?

Having navigated these waters before, he says that it’s all about showcasing your value and presenting a compelling case that is “irrefutable.”

And LinkedIn data reveals that more Gen Z and millennial professionals believe in pay transparency and are open to asking for a raise.?

From having salary talks at work to approaching conversations about hikes — we ask professionals and experts to weigh in with their experiences and insights in this article.?

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Raising the bar

Career coach Mary Tresa Gabriel believes that salary hike requests are a normal part of career progression. The project manager at Dell Technologies has already sailed through this course before and plans to go about it again.?

According to LinkedIn’s latest Workforce Confidence Index (WCI) report, 46% of the employed professionals in India plan to ask for a raise in the next six months. This report is based on a survey conducted on 3,114 professionals between June 3 and September 8 this year.?

The number, however, was higher among younger professionals with 54% of the surveyed Gen Z and millennials aiming to request a pay hike.?

The topic, however, comes with its set of challenges. Starting the conversation itself can be difficult, Tresa Gabriel says. “Many people feel uncomfortable talking about money, especially with their managers. It can be difficult to advocate for oneself, especially when it comes to financial matters.”?

The psychological barrier, or the fear of being perceived as demanding or ungrateful, also plays a role according to Kokane.?

This fear of negative consequences often keeps professionals from extending the request with employers, says Vikas Dua , Head of People, Weber Shandwick. Employees often believe that bringing up salary negotiations may damage their relationship with their employer, risk job security, or make these come across as greedy or discontent, he adds.

Money talks

Sharing insights from across the table, Dua says that market conditions and budget constraints in addition to company policies and performance evaluation for raise requests being denied.?

Which brings us to another challenge — how much raise should a professional ask for?

“If you ask for too much, you may be seen as greedy. If you ask for too little, you may be leaving money on the table,” says Tresa Gabriel.?

While there isn’t a set percentage or range that he can recommend, Dua suggests calculating it on the basis of current compensation and industry benchmark for the role. This approach has a higher chance of yielding positive results, he says.?

The best time to take the plunge, according to him, is when you have been consistent with your performance over a period of time, delivered tangible results and benefits, and received recognition from leadership.?

The case of transparency

The report also found that 45% of the surveyed professionals felt that discussion around pay was discouraged among peers in the organisation. And less than half (43%) of these professionals felt well-compensated for their work.?

“The movement towards pay transparency in India is akin to removing the veil from a long-held secret, empowering employees to understand their worth and negotiate accordingly,” says Kokane.

For Tresa Gabriel, pay transparency leads to fair and equitable workplaces. It not only helps employees address pay disparity but also aids employers in attracting and retaining talent.?

“Discussing salary, however, is often considered a taboo,” she says. Regardless, she engages in salary discussions with her colleagues and peers as it fosters fair pay and trust and determines value.?

As a word of caution though. She suggests against pressing fellow peers into these discussions and maintaining respect for privacy. Kokane too believes these conversations as sensitives and suggests leveraging emotional intelligence to tread this path.?

The number of surveyed professionals who felt anxious about sharing their pay information increased in 2023 by 5% compared to the same period last year, the report adds.?

So, how can organisations create an open environment with regards to pay discussions? Dua says that it starts with defining salary ranges and ensuring alignment between internal promotions and external hiring. Next, establishing clear objectives, criterias, and metrics for performance evaluation. And finally, leaving room for anonymous feedback and open avenues to air grievances.?

How to ask for a raise??

Keep a portfolio highlighting your achievements and contributions at the ready before initiating the conversation, suggests Kokane.?

Sharing some notes from her experience, Tresa Gabriels recommends the following tips:

?? Gather data on your performance and accomplishments.?

??? Conduct market research on salary range for the role and experience level.?

?? Schedule a meeting with the manager to extend your request.?

?? Present a well-grounded case incorporating your contribution and wins.?

?? Give a ballpark number for your desired range in keeping with the industry data.??

?? Click here to read the previous edition that talks about advancing in your career without having to take on a managerial role. ?

?? Don’t know how to initiate a conversation about salary hike? In this piece, Piramal Realty’s Head HR Aditya Adyar suggests eight tips to ease into the process.

?? From benefits to salary disparity — research associate Sumesh Raghwani details some gaps in the salary structure in India in this post .

• Do you tell others your salary? Salary transparency could be a key tool in shrinking gender pay gaps, research suggests. Read this post by LinkedIn’s Managing News Editor Siobhan Morrin for more insights.?
• Tips to master salary negotiations. In this piece by LinkedIn’s Editor Dana Moukhallati , executive recruiter Jack Kelly suggests advocating for yourself when offered a lower-than-expected compensation.?
• ?Talking salary as a fresher. Adopt a strategic approach to navigate first salary discussion, an HR trainee shares. Read here for more.

From researching salaries to communicating expectations — in this brief course, career coach Sho Dewan shares some secrets to negotiating compensation and getting the pay you deserve.?

This is the 20th edition of the biweekly newsletter from Get Hired by LinkedIn News India. Each issue aims to provide insights on everything jobs-related, combined with expert views and member voices.?

Stay tuned by subscribing here and share your comments and thoughts using #GetHiredIndia .

By Dipal Desai — LinkedIn News Editor covering jobs and career development in India

Creator Managers: Neha Upalekar

Source: Allison Lewis , LinkedIn Market Research