Learning how to negotiate effectively could make a great deal of difference to our lives. In the end, if you don’t ask, you don’t get. Fortune favours the brave, so read on and learn how to secure that pay rise!
According to statistics from the Department of Work and Pensions, 30 percent of employees are unhappy with their current salary. Of those, 41 percent would consider moving jobs to achieve their ideal wage. That isn’t good news for employee relations, or company stability.
Knowing your own worth is a subjective process. You may have an opinion, and your current, or prospective employer another. By arming yourself with information and evidence of your worth, you can increase the chances of successfully negotiating a salary.
Many new jobs offer a fixed salary, so negotiation isn’t possible. If there is a range, or you have been in the job a while, there is always room to manoeuvre. Even in a difficult market, most employers value experienced staff, and will negotiate within reason to keep them.
The ideal figure is the best you can get without damaging relations with the employer. That will take a little research, but is worth it in the end. You will need to research salaries for similar jobs both within the company and outside it.
Research the current state of the company and how it’s faring in the market. If it is doing well, then a pay rise isn’t out of the question. If it’s struggling, it might be wise to wait a while. There are plenty of online tools to research companies, even private ones.
Then collect evidence of good conduct, positive reviews and anything else that will help your cause. Once you have a figure in mind, and the time is right, ask for a meeting with your boss to go through it. Make sure it’s in a room somewhere and not at your bosses desk. Ask for a rise, provide a figure, then present your evidence.
If the company is in a position to offer it, and you are valued, there may be a result to be had. Be calm, be polite and professional and talk to your boss, not at them. If they negotiate, be fair, be realistic. Be prepared to discuss and compromise. If the request is turned down, ask why and offer your thanks. It’s now time to evaluate your position.
It may be time to look for a new job, or keep on doing what you’re doing. Only you can decide what the right thing is to do there. Whatever you do, always negotiate when it comes to setting pay. Fortune really does favour the brave.
