How to Negotiate Salary with your Boss

How to Negotiate Salary with your Boss

Salary negotiations are crucial especially when talking about the perfect time. Asking for a pay increase or other freebies don’t have to be aggressive. Negotiations can be daunting, but it is a lost opportunity when you don’t do it. Research reveals that only 37% of people negotiate their salaries while 18% never do. Additionally, 44% of respondents never bring up the topic.

Negotiating for compensation is a skill that most of us don’t have. These tips below will help you have a positive result with your negotiation:

Wait for the time

Some experts say that there are situations when negotiating a salary isn’t necessary. The key here is to know how much your job is worth. If you go to the interview without knowing the going rate of your position, you’ll end up being at the mercy of experienced recruiters. You can do your research online or ask recruiters about the rate. Once you know how much you should be earning, you need to be patient. Never bring up compensation during the interview unless your interviewer asks.

Be patient

Don’t jump in too quickly when asked about numbers. Ask for the possible responsibilities of the job and the role you are going to assume prior to discussing the salary. However, if you are forced to give a number, provide a range. It is likely you are going to a range that represents your market value. Don’t go for the middle range but opt the top range. This is to give a room for your employer’s negotiation. Discuss your experience and what you have to offer and stay away from discussing your personal finances when negotiating.

Be prepared

Before scheduling a meeting with your employer for negotiation, ask yourself first about these crucial questions. Have you been performing well in your job? How long have you been serving the company? If the answer to this is yes, then you can plan your meeting with your boss. Most people wait for their performance evaluation, but your employer may already have certain numbers in mind for a raise. Start talking subtly to your employer about the raise you want months before the evaluation.

Showcase your value

Schedule a meeting with your immediate supervisor and put your best foot forward. Prepare a one-page summary of your skills, contribution, roles and the challenges you have overcome during your tenure. Include the reviews and awards you received. The goal is to show to your employer that you are worthy of the raise and the compensation you are asking. Rehearse your request and write down what you want to say. You can rehearse in front of your mirror or even videotape yourself while rehearsing. Don’t ask for an immediate answer after presenting your request and documentation. Your employer is most likely to discuss it with other departments involved.

Amidst your preparation, it can be that your company may not be financially prepared for your pay rise or compensation. However, it is best that you try your luck using these tips above.