A newsletter subscriber inquired whether or not it was possible to negotiate salary at a job your are already working at. After some investigating the local job market, they realized that they were quite underpaid and wanted to level set with their coworkers. Someone had advised them to quit their job and try to negotiate a higher salary elsewhere.
Absolutely! You can definitely negotiate a pay raise in your career. I recommend people start considering a number of things in order to approach their bosses for a raise.
Its not a good idea to ask for a raise too soon after accepting a job or receiving a pay raise. It is important before these events that you know your value to the company and you negotiate based on your knowledge of the job market.
There are many ways to increase your total compensation. Think about things like stock options, improved benefits, more days off, or pension plan contributions as other value adds to your compensation. Sometimes it is easier for the employer to give you what you want if you aren't looking at the hard cash bottom line.
Before going for a pay raise, one needs to do a number of things.
1) Know the value of your skills in your area. Research multiple sources for salary data, and be aware that surveys conducted by HR will be more reliable than those that are self-reported by employees.
2) Your value-add is a very powerful salary negotiation tool. You should be aware of all the ways you add value to the business and prepare to communicate it effectively to the boss.
3) Prepare yourself to discuss this with the boss, and mention that you would like an increase to be in line with the current job market salary range.
4) Having done your research and having an intuition for where your performance falls within the percentile range, you will need to have a conversation with your boss and agree on the level you are performing at.
There are many factors to consider. I recommend doing a lot of research. One thing is for sure, you will not likely get the raise as quickly or necessarily as much as you were hoping for without mastering your skills in salary negotiation.
My preference would be to negotiate salary in a job that I was happy with rather than go through the effort of finding a new job in hopes of a higher salary.
Having a job offer from another employer is a great tactic to give yourself an upper hand when asking for a pay raise. It is a trump card that you should only play if you feel you need to. - 15359
Absolutely! You can definitely negotiate a pay raise in your career. I recommend people start considering a number of things in order to approach their bosses for a raise.
Its not a good idea to ask for a raise too soon after accepting a job or receiving a pay raise. It is important before these events that you know your value to the company and you negotiate based on your knowledge of the job market.
There are many ways to increase your total compensation. Think about things like stock options, improved benefits, more days off, or pension plan contributions as other value adds to your compensation. Sometimes it is easier for the employer to give you what you want if you aren't looking at the hard cash bottom line.
Before going for a pay raise, one needs to do a number of things.
1) Know the value of your skills in your area. Research multiple sources for salary data, and be aware that surveys conducted by HR will be more reliable than those that are self-reported by employees.
2) Your value-add is a very powerful salary negotiation tool. You should be aware of all the ways you add value to the business and prepare to communicate it effectively to the boss.
3) Prepare yourself to discuss this with the boss, and mention that you would like an increase to be in line with the current job market salary range.
4) Having done your research and having an intuition for where your performance falls within the percentile range, you will need to have a conversation with your boss and agree on the level you are performing at.
There are many factors to consider. I recommend doing a lot of research. One thing is for sure, you will not likely get the raise as quickly or necessarily as much as you were hoping for without mastering your skills in salary negotiation.
My preference would be to negotiate salary in a job that I was happy with rather than go through the effort of finding a new job in hopes of a higher salary.
Having a job offer from another employer is a great tactic to give yourself an upper hand when asking for a pay raise. It is a trump card that you should only play if you feel you need to. - 15359
About the Author:
Trevor Davide Grant is a project manager in the IT field and has extensive experience in salary negotiation. Trevor has worked for large telecom, power utililties, software development consulting, and a prevalent web 2.0 site. He has learned how to negotiate a salary in the most effective way. Learn great tips on the topic of negotiating salary at www.HowToNegotiateASalary.com.
