It’s hard to know what to do to get a salary raise when your company isn’t openly dishing out raises and promotions. You know you’ll have to negotiate, but it’s an intimidating task. Nevertheless, there are things you can do now to make a salary raise more of a sure thing.
At my current employer, I knew I was not getting paid enough, and asking for a raise was anxiety-provoking. But after taking many of the steps below, my last negotiation ended in a promotion with a 45% salary increase!
Take these steps now to make salary negotiations easier and to secure the salary raise you deserve.
1. Research your salary
Research what the market average salary and maximum salary is for your current position and experience. Then, find out the average and maximum salary for the position you want to be promoted to in the future.
This equips you with the numbers you need to discuss your salary and desire for job growth with your employer at any time. You will also be ready when they ask for your salary requirement at a job interview.
Citing these numbers is an objective way to prove what you are worth. You can find these numbers by looking at 2-3 salary websites (Glassdoor, Salary.com, Indeed, Bureau of Labor Statistics, etc.) and calculate the average across the sites.
Additionally, if possible, learn what your coworkers are making. Knowing that your coworker earns more money will give you the confidence to play hardball when your boss tells you the company is not able to offer you more.
2. Apply for higher-paying jobs
Even if you like your current position, start applying for higher-paying jobs regularly. First of all, starting a new job for a promotion and higher pay is a solid strategy.
Second, if you would like to stay at your current employer, an offer for a higher-paying job is a great negotiation tool. Your employer will need to offer you a raise to keep you at the company.
3. Do exceptional work and keep proof
This is a simple tip, but one that makes a significant difference. You should make sure you are a high-performer; that your boss views you as a valuable member of the team. So valuable that it would hurt the company if they were to lose you.
Additionally, write down the valuable things that you do. You can show it to your boss during negotiations, in case he or she needs reminding of the results you have brought to the company.
4. Express a desire for career growth
Have open conversations with your boss about job growth that has nothing to do with salary.
If your boss knows you would like to advance in the company, or even in certain job skills, hopefully, you will be given these opportunities to improve yourself.
You will develop new skills that warrant more money, and your boss will keep you in mind when there is a promotion available.
5. Practice negotiation
You should be comfortable, confident, and objective during negotiations. To help you get there, study tips on how to negotiate and practice with a friend or family member.
One of my favorite financial experts, Ramit Sethi, provides helpful tips on how to respond to common situations during salary negotiations, such as the dreaded “there is no room in the budget right now” response. Check out his advice here.
These steps will set you up for a successful salary negotiation in the future. I hope you are now more confident about how to secure a salary raise. If this blog post helped you, share it with your friends on social media!
Learn more about personal finances in 8 Powerful Financial Moves for Women in Their 20s and 30s.