Salary negotiation tips

Asking for an increase in salary is a stressful situation, here are some tips that can help prepare you for negotiations.

Asking for an increase in salary is a stressful situation, especially if you believe your current wages are well below what you deserve. This anxiety and pressure leads to reduced productivity and increased illness along with opening the door for a host of other issues in and out of the office.

The best way to counter act the stress and nervousness associated with asking for a higher salary is preparing yourself to have a discussion with your manager. In this post I highlight some ways to get ready for negotiating this nerve-wracking event.

How to Ask for the Salary You Deserve

  1. Timing is Everything. There’s a right and wrong time to ask for a raise. In the article “Asking for a Raise,” from career expert and strategist Mary Jeanne Vincent, she suggests asking for your next salary increase during these times:
    • During your annual review: Discussing your performance with your boss is a great time to approach the subject of a raise. Reviews are time to reflect on your growth and accomplishments as well as for you to seek guidance and offer ways to improve your job happiness; all these are factors that can be tied to your salary.
    • After successfully completing a challenging project: Successfully completing a difficult project demonstrates your skills, perseverance and dedication to your job and the company.
    • When you’re offered a promotion: As Mary states, “If you have earned a promotion, then you have earned a raise. Don’t be shy about asking for it.”
    • Before the annual budget is developed: Asking for a raise before the budget is determined allows for upper management to allocate the increase in pay into their figures.
    • After the end of a profitable year: If you’re aware of the financial health of your organization and you know it’s been a prosperous year, consider asking for a salary increase. After all, the company’s success is tied to the success of their employees.
  2. Do Your Homework. According Mary Jeanne Vincent, before you go into your meeting to ask for a raise, make sure you have evidence to back your request. Gather previous performance reviews, research comparable job salaries and make note of any specific accomplishments you have achieved to show your supervisor you are worth every penny you’re asking for.
  3. Be Confident. One of the benefits of doing your homework before coming to the table is that you also get a clear picture of what you have done and your efforts, which is quite a confidence booster. Being confident in your skills, abilities and worth will be projected during your negations and will help achieve your goal of a higher salary.

As the saying goes, “Work to live, don’t live to work.” Asking for a raise you deserve will affect your work and personal life. By determining the opportune time, doing your homework and being confident, you’ll greatly increase the chances of your request being granted.