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The Art of Negotiating a Salary Increase – Effective Tactics

Words and Phrases You Can Use to Negotiate Your Salary Successfully

It can be difficult to talk about a salary increase, especially at a time when the economic situation is far from being the most favourable one. Many employees are afraid that their request might be misunderstood and rejected. Let’s find the best way to talk to your boss if you think you deserve more than the salary you are currently getting.

How to Understand That You Can Ask for a Salary Raise?

Before you go to your boss with a salary increase request, you should work in your current position for at least six months. If your range of responsibilities has dramatically increased and you have begun to spend more time and energy on work, then it is critical to have your salary reconsidered.

You must believe that you deserve more money and be ready to substantiate this with strong arguments and specific examples. People often say that they should get more money because life is becoming more expensive. However, it is wrong to justify the increase in wages by your personal needs. You have to explain not why you need money but why you deserve a promotion. Show how your contribution to the company has increased.

If you’re feeling insecure, you need to figure out what it is all about. Perhaps you should wait a few months to realize that you really deserve a higher paycheck. Usually, a salary increase is requested after you work in a company for one year or so. However, it all depends on the area of ​​your work: in fast-growing areas with high competition, for example, in IT, you can ask for promotion more often. Competition in this area is high; companies are forced to lure employees to avoid losing valuable personnel.

How to Calculate Your Expected Salary?

Instead of voicing a random amount when requesting a salary increase, you should follow a more logical and effective approach. You should have a clear strategy, just like a bullish candlestick in India for Forex trading. Armed with an effective tactic and professional tools like the Forextime platform, you can reach impressive results in trading in India. When it comes to communicating your salary expectations, stick to the below:

  • Keep your requests and expectations realistic: talk to your colleagues who work in the company more time than you. It is also worth consulting with the HR department about a salary increase provided in the company.
  • Conduct research: compare your salary with the average market rate, find out how much your colleagues with similar experience in other companies earn.
  • Completing courses and training: acquiring new knowledge in your field makes you more qualified and, therefore, a more “expensive” specialist. So your educational “portfolio” should also be considered when determining your expected salary.

Alternatively, when talking with the management, you cannot name a specific amount of the desired amount you want to earn but leave the choice to the management. They may offer even more than you would dare to ask. Of course, there is also a risk of the opposite – that your expectations won’t coincide with the opinion of the management.

How to Choose the Right Time to Talk?

Timing is important for negotiating a pay rise. First of all, you need to make sure that the company you work for can afford it. If things aren’t going well, the staff is cut, and various bonuses are cut as well, it is better to postpone such a conversation.

Don’t go to your boss during the busiest times of the week. Monday morning and Friday evening are also not the best times for such conversations. It is better to choose a less stressful time, for example, free hours after lunch or make an appointment with the boss in advance. The key is to make sure that there is no rush. The more relaxed the atmosphere, the more chances of success you have.

How to Start a Conversation?

Getting this conversation started is perhaps the hardest part. There is no universal answer; however, there are several recommendations about phrases you should use when negotiating a salary increase.

It is worth approaching the conversation as prepared as possible. Prepare a list of ironclad arguments why you deserve a pay rise in advance. If possible, it is better to operate with specific numbers that can make the management think that you are really underestimated. You can prepare a presentation showing how you have contributed to the company’s success and the list of important things you are doing. Here are some of the approaches you can follow:

  • Think from the point of view of a business: what benefits do you bring, does your work affect the company’s profits? Some of the good arguments might be your heavy workload, readiness to take on new and more complex tasks, etc.;
  • Don’t be unfounded in your statements: if you say that you are overworking and fulfilling other responsibilities, give specific examples. Most managers consider new responsibilities, an increase in the volume of work, and an expansion of the employee’s area of ​​responsibility as a significant reason for raising wages.
  • Don’t just talk about past achievements: talk about your future at the company. Managers love loyalty, so what you say about the future indicates that you are with the company for a long time.

You shouldn’t ask for a salary increase from a weak position, take this conversation as a negotiation of equals. Of course, your employer has a lot of resources, but your time and competencies are also valuable.

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