A hugely important career skill every employee should develop is the art of negotiating your pay raise. We here at Adzuna HQ in South Africa want to arm you with the skills to plan and execute a strategy to negotiate the salary you deserve.
Timing is key
We all know how awkward and disruptive it can be to ask for more money, so perfecting your timing is key. Get the timing wrong and you risk annoying your seniors and human resources department at a time when you should be proving your worth. A good time to broach the conversation is at your bi-annual performance development review (PDR). There is a good chance management will already be reviewing your salary at this time, but if not, your perfect window to bring it up.
For most companies at the end of the business’ financial year is another safe bet. Or after you have closed a substantial deal or completed something of particular merit.
What is your market value
What are you worth to the company? This is an important tool in your negotiation toolbox so do some research into what others are getting paid in a similar position to you. Lucky for you we have a nifty little tool which can help you do just this. Search for a job similar to your current position and click the ‘See More Stats’ button to see what the average wage is in your area for that job. Also speak to people in your personal network, people you trust, to see what their getting paid.
Have a clear objective in mind
Asking for a pay rise is not just about more cash in your bank at the end of every month. Think about why you are asking now, what is the reasoning behind this. Does this wage increase compliment your overall career plan? Also take a moment to consider how and when your employers award a pay rise. Who has the final say and what influences those decisions.
Know who to ask
How is your department structured and who is your boss? It is likely that they have a part to play in this process. Even if they don’t have the keys to the piggy bank, they will likely be consulted in the process, so find out what they are prepared to do for you and what they need in the process (we’re not talking bribery).
Present the evidence
Bring your A Game. Have a record of your most impressive merits and quantifiable achievements; your shining moments of glory. The big deals you brought in or the impressive projects you were on. You need to prove you have been doing over and above what was expected and you are a real asset to the company. Will your colleagues vouch for you and is there any supporting documentation.
What are you willing to accept?
Welcome to the negotiation table. Be prepared for some flexibility and have a clear idea about what you are willing to accept. It may not be just a case of more cash, come to the table with suggestions for a compromise. Work towards a package that works for you and one you you deserve. This could include a few trade offs such as additional benefits, holiday days, perks etc… Also take time to consider the offer and don’t sell out too early, use the power of silence, even if you take the deal on the table in the end.
Tie it up
Whether you get the offer you were looking for or not, you need to bring the discussion to an end. Don’t push the limits too hard. Finish by saying “Thank you for your time considering my case.” This is the moment when you have to accept or decline the current offer on the table. If it below what you were prepared to accept, perhaps its time to look elsewhere. Alternatively there is always next year, the choice is yours.