Planning a Salary Negotiation? These Tips from Experienced Managers May Come Handy
Negotiating for a better salary is what everyone thinks of during the annual appraisal cycle. However, not everyone knows what to expect from their boss. Due to Coronavirus, things have become quite tricky as every business is facing a downturn. Hence, employees may hesitate to express their appraisal demands. But know that there’s no harm in politely discussing the possibility and finding out if there’s a chance.
A salary hike or increased compensation is the expectation you have from your organization in exchange for your dedication and hard work. But to ensure you at least get heard, keep the following things in mind.
Research and then ask
The primary thing on your mind should be an evaluation of the industry and your company. Don’t put blunt figures in front of your superiors; back them with proper data to make more impact.
Know your worth
After you’ve completed the research, the next step is to assess your worth. That means you have to compare the average compensation with your market worth. Find your personalized estimated market value as to what others in your field and your position are paid.
Build your case
Whether it is an annual appraisal or a job interview, you need to prove that you are worth investing in. To build a strong case for yourself, portray the value you have given to your employers and the business.
You can negotiate
The hiring process has a step in which employers intentionally leave a space for you to negotiate. So you must speak to them. If the inventory of your skills and the employer’s expectations match to an extent, things might end in your favor.
Many cases for a salary increase can face resistance. You might come across some tough people. So prepare to answer a few questions like, “Why do you deserve this salary?”
A firm-yet-flexible attitude
If you accept any amount offered by the company, say a minimal salary increase, you might lose an opportunity to express what you originally had in mind. Hence, try to go back and forth while discussing and accept an acceptable value from both ends.
Leverage your internal moves
A new role in the same organization comes with a great opportunity. Understand that the management will give staple answers, but you need to prove yourself to be a better choice than a new hire. So negotiate openly.
Your job might become harder when you start handling new responsibilities or may have a promotion in your career. Therefore, you need to raise the bar higher consistently. If you possess some additional skills that the employers do not demand in the job description, your value might surpass your salary expectations. It’s a win-win situation.
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