If you’re like nearly 40 percent of professionals in North America, the prospect of asking for a raise is an anxiety-inducing experience. A LinkedIn study further found that 37 percent of men were confident negotiating a salary, compared to 26 percent of women. Regardless of gender or profession, you can successfully negotiate a pay raise by following a few tips.
Know what to say
The most successful salary negotiations start well before you sit down and have a face-to-face with your manager. The discussion should begin months prior to this conversation. With a well-defined job description in hand, your first step toward asking for a raise involves establishing your value to the company.
If you’re performing within the confines of the job description, from what basis will you ask for a raise? “Understand exactly what results your boss expects of you, so you can demonstrate that you’ve exceeded them,” agrees Katherine Reynolds Lewis in an article in Fortune. You need to be able to show how you’re exceeding the tasks outlined in the job description and taking on additional responsibilities successfully. Consider: How many new clients have you landed? How much revenue are you bringing in? Have proof of how your performance is exceeding expectations in order to merit having a discussion about salary.
Know when to say it
In Business Insider, Katie Donovan advises professionals to “Ask when you realize you are underpaid, regardless of where that lies in the fiscal year.” Donovan goes onto say, “Do not wait for the annual review. By then the budget has already been decided…You are best served by being off cycle so you can get a ‘salary adjustment’ now or be budgeted for a large raise in the new year.”
That said, timing is not just a matter for the corporation at large. You’ll improve the chance of being granted a raise if you approach your boss when you have proof of how you’ve saved the company money, improved efficiency, won an award, or generated profit for the business. Carefully evaluate the completion of a big project or onboarding of new clients, and then schedule a meeting with your manager.
Know what to ask for
Along with the accomplishments and achievements above and beyond your job description, come to the meeting armed with salary data. Look to multiple sources to effectively gather information:
- Check national salary ranges. You can consult with your organization’s Human Resource department, or visit sites like salary.com or payscale.com.
- Gather data from other sites like monster.ca or glassdoor.ca.
- Ask your professional association. These organizations often provide salary resources for professionals in the industry.
- Network with headhunters and recruiters and ask for salary information.
- Check job postings for positions similar to yours and then compare the numbers.
Keep in mind that salary ranges are just that, and what you’re worth will differ if you’re based out of Timmons as opposed to Toronto. Deanne Arnath in Business News Daily recommends that workers “factor in the company size,” too. You can’t expect a 20-employee business to match the salary offered by a Fortune 500 company. Presenting cold hard facts, however, can help you build a case. “This strategy works because it’s not personal, it’s based on the position,” Arnath says. “You’re asking for a raise to compensate you at the current market rate for people with your same title, not on your merit. This makes it difficult to deny your case.”
Do you think you’re ready to showcase your recent accomplishments? Before you schedule a meeting with your superior, make sure you can prove that your net worth is more than your current salary, and perform due diligence when researching salary ranges across the nation. Clever applications like PayScale’s LinkedIn program lets users identify the best salary range, depending on the experience, professional title and keywords outlined in their profiles. The service is free.
Author: Joanne Loberg of JL Careers Inc. is a Certified Executive Coach and Internationally Certified Career Management Professional. She specializes in coaching professional and executive clients, and providing career advancement strategies. Copyright JL Careers Inc. All rights reserved.
Wishing you much career success!
Joanne Lead Career Coach – JL Careers