Should I Negotiate a Salary Raise?
Have you been beavering away, hoping the management will reward your efforts? Are you considering asking for a raise? Understandably, you might be worried about how to negotiate a higher internal salary. It's your lucky day cos the odds are in your favor.
According to a Jobvite survey, 84% of employees negotiate their salaries successfully. However, negotiating a salary is no easy feat. Where do you start? What's the best medium to use; phone, email, or face to face? Is it the right time? How much should you negotiate? What if the manager says no or fires you for initiating the negotiations?
Calm your fears with DoNotPay's faster, more convenient, automated, and less frustrating way of salary negotiations.
How to Negotiate Your Salary on Your Own
If you are lucky, the managers will notice your hard work and dedication and award you a pay increase. Well, that rarely happens in the real world. You’ll probably need to ask for it. In addition to grinding for hours, you most likely have to initiate that very uncomfortable conversation about a pay hike, even though the salary is negotiable.
So, how do you proceed? Check out the table below.
|Observe Your Timing||You must negotiate your salary when the time is right. Maybe you have accomplished a groundbreaking task; the company just launched a successful product in the market, or your manager isn't overwhelmed by work or pressure from senior management.
You have to time when the manager has some free time and enough resources available to fund the salary raise.
|Research||What are other employees from other industries in a similar position earning? What's your company salary increment policy? How much do professional and labor platforms, such as the US Bureau of Labor Statistics, Indeed, Glassdoor, and LinkedIn, recommend?
Researching such data will give you the leverage to make your case sturdier.
|Get Your Ducks in a Row||Like any other crucial undertaking, you should adequately prepare for the salary negotiations. After researching all facts, take time to rehearse your pitch to make it more convincing and understandable. Have mock negotiations and include the potential questions the manager might ask.
After prepping, craft an email to your manager requesting a sit-down. Briefly explain the reason for the meeting. On negotiation day, dress the part and go forth with a clean and sober mind.
|Play Your Cards Right||For your negotiations to be successful, you must make your case concrete and compelling. Persuade the manager by highlighting the value you are driving to the company, the qualifications and skills you've picked up in the period you've been working there, and your responsibilities.
Explain how you are positively influencing the company's bottom line, your future goals, and steps in your career.
|Opt For a Promotion||If you aren't negotiating your salary due to additional or increased workload, be ready to handle more work if you get the raise.
Alternatively, instead of negotiating with little guarantee of success, you can ask your manager if any promotions are available. Work for that promotion, which shows you are ready for more productivity, responsibility, and a pay hike.
|Keep an Open Mind||Sadly, there's no guarantee that the negotiations will yield a positive result. Be emotionally prepared if the manager rejects your request, but also have the courage to ask why.
In such a case, ask the manager if they can offer other perks instead, such as paid vacation, health insurance, or a professional development opportunity.
As the meeting ends, thank the manager for freeing their schedule for you. That'll leave a door open for further negotiations soon.
When Do You Negotiate For Salary?
When to negotiate a salary mainly depends on the duration/length of service in your position or that company. If you have just started working there, you'll have to wait six months before asking for a raise. This time is vital to building a rapport, and the managers can gauge your work.
On the other hand, if you've been an employee for years, you can negotiate your salary once per year. Your company probably has performance-based salary raises. The manager might hint at the end of the performance review about the increment based on your performance in the past year. If not, you are free to ask, but be ready to make your case if asked to.
Additionally, negotiate your raise when the company has enough resources to accommodate the raise. Maybe it opened new branches or won a major contract—your timing matters.
Reasons Why You Should Negotiate Your Salary
As an employee, you are the organization's asset that drives success, which gives you a right to a salary increment. Furthermore, a salary raise is a great way to boost employee morale, engagement, and satisfaction.
The reasons why more people should negotiate for a higher salary include:
Location and Job Sector
Various locations experience salary hikes differently. Data from the BLS indicate that between September 2020 and September 2021, L. A experienced a 6.5% salary hike, while San Jose experienced a 3.3% hike in the same job category.
Additionally, the same data shows a difference in wage increases across various job sectors. For instance, the private sector experienced a 4.6% pay hike in the same period, while the state and local job sectors experienced a 2.4% increment.
The more loyal employees are, the longer they stay in the same company,
A long-serving employee eliminates the high recruitment costs. Combine that with exceptional productivity; you get a genuine reason for a pay increase.
Whether you are handling your regular work or increased workload, exceptional results deserve exceptional rewards.
Maybe you have surpassed the set production targets for the quarter or closed a major account. Your impressive work should convince the manager to accept your request.
A pay rise doesn't only fund a new house, car, or vacation. You can base your negotiations on catering for added training and development to enable you to handle your position more effectively.
This mostly applies if your company offers limited learning and development opportunities.
Events such as the global pandemic have caused tough economic times. As a result, the Consumer Price Index (CPI) – measures the economic increase in carious costs – to increase, increasing food prices, bills, and fuel costs.
While the company also faces high operational costs, a pay hike is a great way to cushion employees against the tough economic conditions.
How Much of a Raise Should I Get Each Year?
To answer the bugging question, 'how much should i negotiate salary 2k18?' 3% – 5% increment. Sure, it sounds unsubstantial, but it's better than no increment. Moreover, that's the common annual salary increase most companies offer.
Nevertheless, that shouldn't stop you from asking for 10 – 20% higher than your current salary based on your performance, position, and other determinants.
Be confident in the figure you provide, as it's a solid baseline on which the negotiations follow. Whatever the counteroffer is, don't be too rigid as not to offer a lower figure than your initial offer.
DoNotPay Can Help With Your Salary Negotiations
It can be challenging searching for what to do when an employer says no after a salary negotiation. You must forge on despite your DIY negotiation methods failing. Introducing DoNotPay's salary negotiation feature will increase the odds of negotiating your salary.
The cherry on top, it's only four steps easy:
- Search “negotiate my salary” on DoNotPay.
- Enter the name of your company and the industry you work in, so we can find the right wage statistics for your role.
- Answer a series of questions regarding your qualifications and achievements, relocation expenses, and other job offers if applicable.
- Enter the new base salary you would like to request.
Voila! Once we finalize the information, DoNotPay will generate an official salary negotiation letter that you can then email or present to your employer. You'll be soon enjoying a salary raise; you deserve it.
The Benefits of Using DoNotPay
You shouldn't be content with the salary you are getting currently, not even when the answer to salary negotiation is no. If you feel like giving up because your DIY methods have failed, DoNotPay's method won't.
Consider using our salary negotiation tactic because:
- Lightning-fast process minus any annoying forms to fill
- Fast and convenient, you'll be done in a jiff
- High chances of success
- Save time and money
- Learn how to craft a compelling salary negotiation email
Take Advantage of DoNotPay's Vast Features
After telling you why you should negotiate your salary, we won't abandon you there. Not when other challenges such as Appealing Banned Accounts, Contacting Embassies and Consulates, or information regarding Divorce Settlement Agreements are bugging you. You can rest assured we'll help you accomplish:
- How to reduce property taxes
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