Negotiating your salary
Negotiating your salary
You think that you have done a great job during the year, your boss looks happy and you do feel that this is time to knock on his door and start a conversation about your future perspectives within the company and possible wage increases?
In such case, start to focus on fulfilling the key points and goals that will most probably lead to a wage increase. If you work for a company that is transparent in the payroll policy, the entire process is likely to be managed by the HR department. Still, you should be well prepared for this meeting.
Schedule a meeting with your boss and prepare a summary of your work and achievements or other possible arguments that could help you during the meeting. It is not recommended to start similar discussions without a meeting pre-arranged meeting as it could not meet your expectations even if you feel that the meeting was constructive.
For example, your manager might suspect that you are looking for another job or feel underestimated, or that you are trying to put pressure on your boss. Also, do not forget to consider how the whole company is doing and in what economic situation it operates.
It is ideal to set up comprehensive personal interviews with your supervisor, ideally twice a year to assess your performance, outlook and set goals for the coming period. This is an ideal opportunity to open up the question of raising wages or acquiring new competencies.
When negotiating wages, you must be reasonably confident and convincing. Preparing for this interview gives you an idea of whether the time is right.
1. Do I deserve wage increase?
Think about your personal contribution to the business or a company. What have you achieved your last interview with your boss? This may include, for example, expanding the customers portfolio, new responsibilities, newly acquired qualifications or training. Be specific, it is not enough to say that your living costs have increased and that you are doing a good job. It is always more appropriate to present the your personal contributions to the company rather than to argue with inflation or wage increases within the market, no matter how relevant the topic is at the moment.
2. What is your price on the labour market?
Find out what salary is earned on similar roles with similar qualification, for example use our Salary guide. Do not forget to consider all aspect, such as the location, hours worked, or the business area of the company.
3. Good timing
Be smart when scheduling the meeting. Monday morning or Friday afternoon are not ideal for meetings of this kind. It is ideal to set up comprehensive personal interviews with your supervisor, ideally twice a year to assess your performance, outlook and set goals for the coming period. This is an ideal opportunity to open up the question of raising wages or acquiring new competencies. It's also not a good idea to start this discussion if your boss or company faces some serious issues.
4. Your additional benefits to the company
Point out your merits. Do you cooperate in the training of new-starters , are you reliable colleague in all circumstances, cooperation with other teams is not a problem for you, do you solve difficult situations with a rationally and you are able to achieve a successful result? This should not go unnoticed.
5. Don´t be emotional
Even if you feel that you are not being paid the market level, calm down your emotions keep in mind that this is a business meeting where pragmatic facts should come first.
6. No threats
Quite honestly - it is not good to threaten to leave the company or to mention personal reasons for the need of wage increase. This can raise concerns about your intentions and prospects for the future.
7. Get ready for negotiations
Your request should be realistic, based on facts and achievements. When negotiating, be prepared to compromise - the first proposal is not always accepted.
8. Are you ready for new competencies?
Wage increases can lead to new responsibilities, so make sure that is what you really want and whether you have the capacity for the new tasks.
9. Take your time
You do not have to accept the outcome of the negotiations immediately. If in doubt, take some time to think through.
If you came to specific conclusions with your supervisor during the meeting, summarize them in an email. This will help you to confirm each other what has been agreed and avoid possible misunderstandings.
We wish you best of luck in your negotiations!