Performance reviews and salary negotiations can be daunting, but you’ve worked hard all year and deserve to be compensated for your exceptional work. These tips for how to negotiate a raise will help you prepare for your upcoming salary negotiations so that you can come out on top.
Set a target figure ahead of time
When preparing to negotiate a raise, you may already have a desired figure in your head. This is a good place to start, but you should always do additional research to ensure that the figure you’re asking for is reasonable. Start by researching the average salaries for other professionals in a similar position and who have work experience comparable to yours. You should also look into the company’s performance over the past year to assess whether or not it’s in a good financial position to award the raise you desire. Additionally, if you have friends in your office and your company doesn’t require employees to sign nondisclosure agreements, you can ask fellow coworkers about their current salaries. Remember, however, that money is often a sticky subject and that some people aren’t comfortable discussing their finances with even their closest friends.
Track your accomplishments
Salary negotiations often go hand-in-hand with performance reviews. Start preparing for this negotiation in advance by tracking your accomplishments and completed projects each month. This way, you can provide your employer with concrete evidence regarding your abilities and the many reasons why you deserve this raise. Be sure to highlight any instances in which you have taken on extra responsibilities or exceeded expectations on a project. When speaking about your additional responsibilities, however, don’t compare yourself to other coworkers or talk badly about them. Building yourself up by tearing others down only reflects poorly on you.
Stay persistent
It’s important to remember that many factors go into awarding raises. For example, the company may not be in a financial position to give out raises, and- even if you follow these tips for how to negotiate a raise - you may be told “no.” Do not let this discourage you. Instead, set a time frame with your manager for the two of you to revisit the conversation. This will not only give you more time to take on more projects and further prove your qualifications for the raise, but also show your boss that you’re serious about this issue. Another option is to negotiate perks and benefits instead. Your company may not be in a fiscal position to award raises, but you can certainly negotiate more days off or a more flexible work schedule instead.
