Negotiating a Higher Paycheck
The art of negotiation is precisely that—an art form that must be honed through practice and experience. Our friends at Resumeble are sharing a few tips on how to properly negotiate your pay check. It can take a long time to master, and many people are reluctant to apply it because of the fear of appearing greedy. However, it’s an essential way to add more to your pocket, especially when it comes to your earnings. Both you and your employer are in it for the profit after all, and by negotiating a higher salary, you help ensure that you are adequately compensated for the skills and experience you bring to the table. And with that, here are the Top 10 ways to get the monthly paycheck you deserve.
1. Know how much your job should pay
Entering into negotiations would be useless if your salary is already maxed out for the position you hold. Compare how much you currently earn to those being offered by other employees. Check online, consult working friends and family, and talk to managers in your industry to find the salary range for your position based on your industry and geographic location. This is so you can have leverage going into negotiations. Do your homework, and you gain the upper hand the salary negotiations process.
2. Know your value
Even when you know how much you should be paid, it helps if you understand your real value to the company. Are you the only one in your department who consistently meets quota? Does the company have a hard time finding someone to add to your team? Can anyone match your level expertise at your job? If you know for sure that you play a massive role in the company’s efficiency and productivity, you have the potential to earn more than the average salary that your job commands. The key here is to provide your HR with a proof of the value you add to the company. If you can, come up with exact figures on how much you impact your employer’s bottom line.
3. Drum up the courage to ask for more
You won’t get anywhere if you’re too afraid to ask. So, get ready with your justifications, gather your wits, and with confidence, tell your employer that you deserve more. To flawlessly execute your ask, practice the conversation in your head. Think of their possible answers, and how you’re going to counter them. Try roleplaying with a friend to make your words as convincing as possible. Focus on being gentle but firm with your words.
4. Reach for the skies
After doing your research on the salary range for your job, you probably know by now, which is too much, and which is just enough. Though your natural disposition would be to ask for a ‘middle-of-the-road’ number, you’re better served by requesting to top pay from the get-go. After all, your employer will likely lower your ask, so beginning negotiations with a considerable number gives you leeway to end up with a paycheck that you’ll still be happy with.
5. Time it right
Timing can be everything when it comes to asking for a bigger paycheck. Most people are inclined to wait until their performance review before asking for an increase, but more often than not, it’s already too late to negotiate at this time, because the company has already finalized the raises to be handed out to you and your fellow co-workers. Don’t wait for your performance review—instead, talk to your boss three to four months ahead of time, when they’re still deciding on the budget.
6. Let their initial offer marinate
It would be a mistake to say yes to their initial offer right then and there—you’ll only end up lowballing yourself if you do. Ever seen ‘Pawn Stars?’ In any negotiation, nobody lays their best offer first. When you say yes immediately, you’re not only sacrificing what you can potentially earn in the short term, you stand to lose a lot in the long term as well, as your future raises often take into account your past salaries. When they hand you their first offer, ask for a week to think about it. Who knows? If they want you hard enough, they’ll increase their original offer even before you counter.
7. Listen to their reasons
Both you and your employer will have reasons to justify your negotiation amounts. This is when practicing becomes useful because you’ve prepared yourself for what they might say. Of course, you should never let negotiations be completely one-sided. What you’re striving for is a win-win situation, and for that to happen, you need to listen. By truly paying attention to what your employer is saying, you can understand what they are asking of you and use the information to find a solution that hopefully benefits you both.
8. Learn to say ‘no’
You’ve done your research, and you know your worth. And yet, they can’t give you the increase you’re asking for, even if it’s entirely reasonable. Just as you have to muster the courage to ask, you also need to have the audacity to say no. With that in mind, you need to look at other job opportunities before asking for a raise. When you know your options, and it will be easier for you to reject their offer in case it fails to meet what you’ve set out to do.
9. Stay classy
Even when you can’t get what you want, it’s important to remain decent. Avoid making threats, such as telling your boss that you have other job offers lined up, that it’s their loss if they let you go, and other similarly destructive responses. You don’t want to go burning bridges, as your future employer may contact your current one for reference. Decline the offer politely and thank your employer for the time you’ve been with them, making sure to keep the conversation positive.
10. Impress them with a great resume
If you are applying for an internal promotion, do not think that just because they know you, your resume doesn’t matter. Impress them! Resumeble is committed to providing you with a well-written CV/resume that will get you noticed by a recruiter and land that interview. Upload your resume today for a free analysis, and get started on your way to career success.
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