Why does talking about money make us feel so uncomfortable? Asking for a raise is NOT greedy. You just need to learn to do it right.
Your career is your business, and you are its product. Requesting a salary increase shows that you are confident in your abilities and professionalism. GetSmarter, an online education company specialising in short courses for working professionals, suggests these 5 steps to pull off your next salary negotiation like a pro.
1 Know your worth
The first rule of negotiation? Always do your homework. Going into the meeting knowing what is reasonable and what’s not will really give you the upper hand.
- Use payscale.com to find out what the average earnings are for colleagues in your position and geographical area.
- Call up a recruiter in your industry and get their pro advice.
- Chat to both men and women in your industry to avoid the dreaded gender pay gap.
2 Time it right
Before sitting down in your boss’s office, it’s important to consider the bigger picture. You need to understand your company’s compensation cycle. When do salary reviews happen: adhoc, annually, or only at the beginning of a new financial year? Asking during the right time period will increase your chances of getting the raise you want. Hint: According psychologists, Thursdays are the best days to ask for a raise as people tend to become more agreeable and open to doing you a favour towards the end of the work week. Shhh!
3 Create a cheat sheet
Go into your meeting armed with ammo. Prep a one-pager to back yourself up when it comes to why you deserve a salary increase. Ask yourself the following:
- What were my 3 biggest wins over the last 6 months?
- How have I recently proven my ability on a key project?
- What positive feedback have I received from clients and coworkers lately?
4 Practice makes perfect
The secret behind walking into your salary negotiation with confidence? Rehearsal. Before the meeting, practice a few phrases in front of the mirror (or your dog). Fill in the gaps and ‘memorise’ the following:
- “As you can see from the achievements listed here…”
- “My successes and cultural fit put me at the higher end of that salary range.”
- “Based on my research and understanding, my level of responsibility warrants … annually.”
5 Be flexible
Not going as well as you’d hoped? DON’T give up or back down. Instead show your boss that you are willing to take one for the team (for now, at least). Shift your focus and start talking about the whole in ‘less conventional’ terms. What perks or benefits could be introduced right now instead of financial remuneration? Or even better, ask to be upskilled. It’s the most impressive investment a company can make in you. Go into the meeting with some ideas for your continued education or training, and frame it as an opportunity to sharpen your expertise and make an immediate, visible impact on your work. Your boss won’t be able to say no!
GetSmarter partners with top-tier Universities to present career-focused online short courses, postgraduate programmes, and professional accounting programmes. Visit www.getsmarter.co.za.
Want some more tips to help launch your career forward? Check out these 3 steps for nailing LinkedIn, or bag your dream job in 4 steps.
