How to Get Your Raise in the New Year

By Jon-Michail

 In this challenging economic environment, it is important to negotiate tactically for a raise. Opinions may differ as to what those tactics might be, but there are seven points the real world experts agree on.

  1. Ask the right person. This should be the person who makes the      financial decisions, rather than HR. A human resources manager or      assistant usually has no power over pay levels. Although they are      appointed by management to conduct pay discussions, important information      is often not passed on or is altered en route.

 

  1. Know what others are being paid. Find out what others in similar      positions or with similar responsibilities are being paid, not only within      the company but by competitors and others. Gather facts from published      data, word of mouth and recruitment companies. It is no longer enough      simply to rely on raises occurring alongside cost of living increases.      This is a con that has been sold as a fact. Do your research and negotiate      what you deserve. Never sell yourself short.

 

  1. Choose your moment. Timing is everything. Consider the work      patterns of your company, and select your interview time carefully. Book      an appointment rather than simply knocking on a door. You never know what      you may be interrupting and your unexpected appearance may prove to be      counter-productive.

 

  1. Be prepared. Always bring evidence of your value to the      company. A description of your role is not enough – that is what you are      being paid for right now. Market yourself. Find out what the      decision-maker places importance on (including personal not just business)      and ensure that your pitch plays to those principles. Emphasise how your      strengths and abilities are helping the company to achieve its goals and      success.

 

  1. Decide when to set your expectations. This is up to you, as even experts      have different ideas about when to set your salary expectations. On one      hand, you may be doing yourself a disservice by getting in early and      setting a rate which eventually may turn out to be less than those who      follow you. On the other hand, you may save time. Recent research suggests      that those who make a high request early on may end up with a better      result than those who wait to make a more measured request.

 

  1. Don’t make threats – remain professional. It’s unwise to threaten resignation      without actually having another job to go to. You may also be construed as      aggressive that can be used as an excuse to deny you, and if your employer      does not give you a raise, you have left yourself without any options. If      you make the threat and then stay on, your standing will have been      severely compromised and may hurt your chances in later salary      negotiations. Be diplomatic yet assertive and remain professional at all      times, no matter what the result of your negotiations. Self control is      your negotiating friend.

 

  1. Decide whether to bargain. Employers often anticipate that you   will negotiate, and for more senior roles, this expectation may be set  into the first offer. Consider the first offer carefully and decide if, in the current economic climate, it is worth asking for more. When you have settled on a figure (include benefits and bonuses), get it in writing immediately. Two people do not always have the same recollection of a meeting, and a good job is not worth the risk of later confrontation.

 

Is there any other tips you would like to share, we look forward to hearing about them.

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