When you’re just getting started in your career, it’s hard to know your worth. But, after a while you’ll start you feel that you’re worth more than just an entry-level salary. So what can you do to convince your boss that you deserve a raise? With end of year reviews right around the corner, it’s the right time to ask your manager for a pay increase. In order to successfully navigate a raise, you’ll need to master the art of salary negotiation. Here’s what you can do to avoid being shot down and get the salary you deserve.
Step 1: Compare.
Use tools like PayScale or Glassdoor’s Salary Calculator to see how your pay aligns with industry norms. Make sure to include the city you work in, level of experience, and other background information. If you find that you’re being paid less than the industry standard, information from tools like these support your justification for a pay bump to bring you at least up to industry standards.
Step 2: Compile.
Leading up to your review, it’s important that you prepare a strong argument if you’re planning to ask for a significant raise. Part of the art of salary negotiation is having enough information to demonstrate that you deserve more money. Take stock of all that you’ve accomplished this year. Were you instrumental in rolling out a major initiative? Did you consistently meet (or surpass) expectations for your key performance indicators? Detail the quantifiable impact of your work. Whether you drove more sales, had amazing customer feedback, or took on responsibilities outside of your job scope, now is the time to bring it up. Don’t be shy about the value you’ve brought to the table.
Getting all this information gathered together helps you assemble an organized pitch that will land well with your boss.
Step 3: Confidence.
Once the big day is here, stand tall! You deserve the raise you’re asking for. Be aware of how you carry yourself and your body language. Feel like you’ll be extremely anxious during the talk? Be sure to practice beforehand. Going over your pitch in the mirror or with a friend will help you become more comfortable, and that will help you exude the confidence needed to master the art of salary negotiation.
If you suffer from impostor syndrome, talking about your achievements can be difficult. To get around this feeling, imagine that instead of pitching for a raise for yourself, you’re doing it for a close friend. A salary negotiation is a time to tout your accomplishments and contributions.
Step 4: Counter.
It’s very common to get some push-back from your boss when you ask for more money. You could get told that there’s no money in the budget to give you the raise you’re looking for. If that’s the case, counter with a request for increased benefits or additional perks. More vacation time, a flexible work schedule, or stock options are all great and valuable alternatives to cold, hard cash.
Alternatively, they might offer you a lower sum than your initial ask. If you’re still happy with the increase provided, go ahead and take it. Otherwise, counter with a smaller, reasonable increase and a benefits bump to even out the difference.
Trusting the Tactics
These tips work for raise negotiation, but they all apply to initial salary negotiation as well. So if you’ve gotten an offer that’s lower than you deserve, these are still your steps to success. One additional suggestion if you’re negotiating a salary for a new job: don’t disclose your current pay and let them tell you the salary range first. You can wind up accidentally tipping your hand. If they were initially planning to offer $60K, but you say you’re happy with $50K, they aren’t going to give you the additional $10K you deserve. Even though it was already in the budget. Negotiation is normal. More than half of employers are expecting it. But you need to understand that they’re going to offer you the lowest amount that they think you’d accept.
Keep in mind that it’s both normal and expected by your boss that you’ll eventually ask for a raise. Most of the time, there is more money in the budget – you just have to work for it.