HOW TO NEGOTIATE THE SALARY THAT YOU DESERVE
by John Lloyd
Are you being paid what you are really worth? Do you
deserve a salary increase? The chances are that your boss won’t
voluntarily shower you with a huge bonus or more than the annual
inflation-related raise. To rectify this, you have to make the first
move and it requires skill and preparation to effectively negotiate a
salary increase. Here are ten tips to get a better than average
increase:
-
Be
honest with yourself.
Do you
deserve an increase? You need to believe that you have
delivered an outstanding and measurable performance within your
company that deserves an increase. It helps if your company is doing
well and that your boss is aware of your contribution.
-
Think
like the boss.
Clearly determine what standards your employer uses for measuring
performance. Focus on the achievements that they value and
concentrate your efforts in these areas. These accomplishments will
help you achieve a higher than average increase.
-
Have a
plan.
Successful salary negotiation requires clear and focused thinking.
Be prepared for any objections and start the discussion by carefully
explaining why you feel that you deserve an increase. Present your
work accomplishments, especially records of good performance from
customers and superiors. You should always keep a journal. Let your
actions show that you deserve an increase.
-
Know the
standards for your industry.
Do some research to determine what others are earning in
your industry and position. Look at recruitment adverts in the
newspaper or online. Speak to friends or contacts in the industry at
other companies. Be careful though - companies do not enjoy people
discussing salaries, but gaining this knowledge is vital in your
preparation.
-
Ensure
that you set the correct tone.
Avoid ultimatums and threats. Let your employer know that
you will understand their point of view, but make it clear that you
expect the same courtesy.
-
Be
persuasive.
There is a difference between being effectively convincing and
annoying and obstinate. Attempt to persuade your employer the
benefits of increasing your salary. Try not to argue, but be
prepared with strong points on why you deserve this salary.
-
Aim
high, but be realistic.
Be
reasonable and professional in your approach. Use a win-win
partnership style of negotiation. Base your figure on what the
market is offering someone of your experience.
-
Be
objective.
Your presentation will be more powerful if based on objective
criteria like what other related companies pay to people with
similar experience.
-
Be
positive, enthusiastic and confident.
People
are sometimes reluctant and nervous to ask for an increase. Your
research of the marketplace, coupled with effective preparation
should give you the confidence to present your request for a raise.
The worst thing that can happen is that your boss will say no, but
you will have positively tabled your feelings, and this is valuable
for your next meeting.
-
Be
patient.
Your
boss is probably rewarded for controlling costs and not for awarding
better than average increases. You may therefore not succeed with
your first attempt, and the negotiations could result in a series of
meetings. Be patient, and remember that good increases are achieved
with effective strategy and a professional approach.
One of the biggest career mistakes we can make is not
negotiating the correct salary at the commencement of a new job at a new
company. Once you are the chosen candidate for a job, you have more
power than you think. Your negotiation style and strategy will determine
whether you gain the maximum starting salary. A company won’t just offer
you the highest possible salary. You can pay a long term financial price
if you accept a lower starting salary than you or the job deserves.
Don’t make this costly mistake.
The concluding step of an effective salary negotiation is
to meet with your manager and gain absolute clarity as to what kind of
performance will lead to a larger increase or promotion in the future.
Agreeing on future performance, expectations and rewards together in
advance helps both of you to understand what is expected of you, and
simplifies the reward process – it’s all been worked out in advance. It
also creates a very favourable impression and helps conclude the
negotiation on a positive note.
There is no time like the present to start making your
case for a deserved salary increase. Go for it! I wish you every
success.
INSPIRATIONAL QUOTE
“In business, you don’t get what you deserve, you get
what you negotiate”.
– Chester
Karrass
John
Lloyd is a speaker, seminar leader, marketing consultant and
columnist. He is a regular speaker at international and local
conferences.
john@earthquake.co.za
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