How to start salary negotiation conversation
Very few people get paid the exact amount that they are truly worth. For some, it’s a case of being overpaid compared to the services they offer while others get under paid. Sadly, the latter is a common occurrence for most people. Such is the disparity and unfairness in life. However, we can change our fate by negotiating for the amount that we believe is rightfully ours.
The perception most individuals hold is the main reason they get underpaid or receive an amount they aren’t comfortable with, even if it’s not an underpayment. For instance, most people find talking about money a taboo, or it may lead to them getting fired among other reasons. There is no truth to these beliefs, and they are just petty issues holding you back from negotiating for better pay with your employer.
In almost every job, there is that person getting less pay compared to the effort that they put in, or the work they accomplish. How does one save themselves from such a predicament? It’s simple, take the time to negotiate with the boss your salary.
Here are 6 ways that will help you with your negotiations, and this also applies when getting employed or when we feel a raise is justified:
Prepare for the Negotiations
Going into any kind of negotiation dictates that one be fully prepared to argue out their proposals with factual backing. The same applies to a salary negotiation. As an employee going for a salary increment negotiation, the first step is to do sufficient research to back up your request. Let your boss see the reasoning behind your request and understand you so that they can respond positively.
Doing extensive research and writing down your main negotiation points will give you a boost. Examples of points you can write down include the current market rate for the services that you’re providing including industry practices that work in favor of both you and the employer.
It’s also crucial to practice how you’ll argue them out. How well you present your negotiating points is just as important and will determine if you’ll get that raise or the amount you’re asking for. Therefore, take the time to prepare for the meeting.
Have an Exact Figure
Beating around the bush has never been helpful to anyone but rather a waste of valuable time that could have been spent doing something more helpful. What this simply means is that when you decide to ask for a certain amount, be direct. Let the boss know exactly what you are looking for. Managers are busy people, don’t waste their time getting a meet only to not let them know what you want by being ambiguous in your request.
Take time to analyze why you need the pay, write down the exact figure and the perks you expect. Think of this as a business proposal. When writing the business plan, you would break down every figure and justify it. Do the same for your request for a pay raise! However, let the boss be first in proposing a figure before you let them know your expectations.
The other trick is to present an odd figure, an amount that the boss isn’t expecting, but within the current market rate for your position. Don’t exaggerate the amount as the employer will not take you seriously and your negotiations will obviously be unsuccessful.
Find the Right Time for Your Request
Timing has a significant effect on the success or failure of your negotiations. The main point is to be careful not to make the request when the company isn’t in a good place financially. You will end up being that unreasonable employee. Yes, it may be rightful for you to get a rise, but it’s important to let your employer see that you also understand whatever challenges the company is undergoing. With this approach, should you find the appropriate time to present your request, your employer will be more in your favor.
Timing also tests your patience, and good timing has its rewards, it will make negotiations go smoothly and bear more fruit. Plan your negotiations to fall at a time when the business is making more profits, you’ll get your boss in a more favorable mood.
Irrespective of how negotiations turn out for you, the most important thing will be for you to maintain professionalism. Don’t start acting out or performing poorly just because the employer said “NO” to your request. You will be confirming that you were truly not worth the raise. Your boss expects some level of maturity on your part, which includes treating your employer with the same level of respect and performing as before or even better.
Focus on Your Potential
We may be tempted to argue out our salary figure based on what we’ve achieved in the past but this is a mistake. The goal is to make your boss see the potential you have and how it can be beneficial to the business. Therefore, just negotiate on the basis of what you’re “bringing to the table”. The past is just that, the past! Your achievements then may not help the business at all, but your potential, on the other hand, is a gold mine waiting to be exploited and the possibilities for you and the business are endless!
Schedule a Meeting with Your Boss
So, you’ve taken the time to write your proposal and practiced how you’re going to present it. The next step is to request a meeting with the boss. Ambushing your employer with a salary negotiation meeting isn’t a decent thing to do, and chances are your proposal will be shut down even before they can hear you out irrespective of whether it’s rightful.
The basics of communication skills all play a part in your salary negotiations and its success. Follow these 6 guidelines and look forward to a bigger paycheck!