Research shows that about half of employees have not asked their employers for a pay raise, which raises questions about the reasons why salary negotiation is so difficult?
In a report published by The Balancecareers, author Jane Hubley Lockwaldt stated that a PayScale survey showed that 28% of respondents have never negotiated a salary increase because they are uncomfortable with asking for a raise.
About a fifth of respondents said they did not want to be seen as opportunists.
But claiming your rights is not opportunistic, but rather you have to follow the correct method of negotiating a salary increase.
Here are the most important tips that you can follow.
1. Remember that you are negotiating with partners
Asking for a salary increase or negotiating a salary initially may seem like a confrontation, but the employer is not your enemy, because you both share the same goal, which is to be paid appropriately for your skills or experience.
Research shows that employees who feel they are being paid fairly are more productive, more committed, and stay in their jobs longer than those who are unfairly paid.
Replacing another employee is likely to be costly for the employer, and research shows that employers can expect to spend about 30% of a departing employee's salary searching for and hiring a replacement.
2. Select the right salary for you
Salary ranges can vary greatly from organization to organization, but it is still a good idea to get an idea of what is a reasonable salary for the job you are holding.
You can use free salary calculators from sites like Glassdoor, PayScale, and Salary.com to find domains for your job title.
And don't forget to add your skills and certifications and make a note about the standard of benefits and privileges.
Depending on your circumstances, it may make sense, for example, to receive a lower salary in exchange for longer leave or better health insurance.
But you will only be able to make that decision when you have all of these metrics.
When negotiating a salary, rely on those metrics, not your emotions, and try to avoid the temptation to vent your frustration or the temptation to share your personal circumstances while discussing the raise, and instead base your arguments on facts.
3. Prepare for siding
In a perfect world your skills and qualifications would be the only thing that mattered while negotiating a salary, but we don't live in a perfect world, everyone has a bias, and this unfortunately includes employers;
This does not mean that you should avoid negotiating a salary increase because you are likely to experience the effects of this sexism.
Instead, you need to be aware of this bias and take appropriate steps to work around it.
4. Understand salary policy
Social networks not only help in finding job opportunities, but also sometimes enable you to learn about the disadvantages of a new employer.
If you can get contacts in the company, you should not miss the opportunity to talk to them to find out some important facts.
If you can figure out their salary range that will be fine for you, but if they are reluctant to talk about numbers, you can find out their view of the company's salary policy in general.
5. When you have a job offer
70% of hiring managers say they expect candidates to negotiate a salary increase when they receive a new job offer elsewhere.
So it's always a good idea to ask for more when you're offered a job at another organization, even if the hiring manager argues for a budget cut, he probably won't turn down your application.
6. Choose the right time
Besides timing is important, keep in mind that there are a number of factors that you must exploit to your advantage so that your manager can support you.
Choose a time when the company's financial performance is good, and when your valuable work efforts are recognized.
Contrary to what you might assume, a year-end review isn't always the best time to get a raise because budgets are often set at this point.
But now is the time to tell your boss that you are eager to take on new challenges and the rewards that come with them.
7. Be honest
A survey revealed that 39% of respondents lie about being offered another job for a higher salary, but that lie may not be a good idea.
The author concluded that you can easily achieve your goals by doing your own research and taking some exciting opportunities to ask for a raise.