Negotiating a raise can be intimidating. There are many important factors that weigh into the negotiation. It is important to thoroughly prepare and strategize how you will approach the conversation. Here are a few tips to prepare.
It is essential to know if your company is in good financial health. If the company doesn’t have the resources to fund a pay raise they most likely aren’t going to consider promotions at the time. Have the conversation before performance reviews. Typically, employers consider a raise during performance review time. Making it known before the review will help them better decide during the time of the review. If you have recently picked up new skills or knowledge it is the perfect time to ask for a raise. These new skills are adding to your value as an employee.
Know your Worth
Know what skills and attributes you are bringing to the table. Ask yourself, how you are adding value to the team? Being aware of your strengths and knowing how to highlight and utilize them to add value to the company is very important. Know what you have accomplished in previous months and talk about the skills and knowledge you used to achieve those. It is helpful to track each of your accomplishments so that you have concrete examples to give your employer. Highlight the positive impacts you have made on the company and team.
Go into the conversation knowing that negotiation is a two way street. Listening to the other perspective is important and you may need to come to a compromise. Be flexible when asking for a raise because most of the time employers come back with a counteroffer. There is the possibility your employer will say no and can’t give you what you are asking for. Make sure you hear them out and understand their reasoning.
Do your Research
It is important to know what other professionals at your level are being compensated for. Your understanding of market information such as competitive compensation packages will give you the ability to negotiate for an increase if it is merited. This will also help you go into the conversation with a number in mind with supporting evidence to why you deserve a pay raise.
Practice, Practice, Practice
Going into the conversation prepared will help alleviate nerves and show confidence in your pitch. Knowing what you are going to say will help you make sure you hit every point necessary to why you deserve a raise. This will also demonstrate that you have invested a lot of time and thought into this conversation.