No one likes the idea of having to ask for a pay increase. Even if you know you deserve the salary increase, it can be hard to get up the courage to ask and have to prove you are worthy of it. Salary increases typically don’t just fall into your lap. You are going to have to prepare yourself to ask for it. With the right timing and proper preparation, you’ll have less anxiety over it and more confidence when making your request. To ensure you have the best chance at getting that raise, below are the top three tips to keep in mind when negotiating a salary increase.
Prepare Your Pitch
According to Forbes.com, the best tip to negotiating a raise in salary is to be prepared. Attend the meeting with a list of your specific accomplishments to show your boss how you are of value to the team. Point out any instances you can think of where you went above and beyond your job duties. Prepare your pitch around the idea that your pay is based on how well you contribute to the company. The more ways you can prove you have benefited the company beyond your current job responsibilities, the better your chances will be to get that raise.
Compare Your Salary
If you want an edge on getting that salary increase, try to show your boss examples of what others in your field are getting paid. Knowing how much others in your same career field earn will help you show your boss your worth. Once this is proved, you can begin to negotiate. During the negotiating, keep in mind that a raise doesn’t always have to come in the form of a bigger paycheck. According to an article on Kiplinger.com, you can also try to negotiate in other ways. Some bosses may not want to pay you more. However, they might be willing to offer perks or benefits such as flexible work hours, vacation time, tuition reimbursement and stock options. Other options to negotiate on could include the ability to telecommute or get a better job title.
Plan A Meeting
When you want to ask for a salary increase, it is best not to surprise your boss with the request without notice. Instead, set up a meeting time with them and discuss what your expectations are with regards to it. Through scheduling a meeting ahead of time, you are giving both yourself and your boss time to prepare for the meeting. This can ease the stress for both parties and sets you up for a better outcome.
No matter how much you prepare for negotiating a salary increase and how well you prepare for the meeting, there is always the chance your boss will say no. Do not let this discourage you. Stay calm and ask what they would expect from you going forward in order to be considered for the salary increase in the future.