Negotiating Your Salary in 2023:
Whether you’re looking for a new job and get asked about salary requirements during an interview or you’re trying to negotiate a raise with your current Manager, there are several ways to go about it successfully. It’s always a good thing when your salary request aligns with the market value of those in your same position in the same industry because it means you’re being compensated fairly. Don’t be afraid to negotiate your salary, you can be successful, as long as you employ some or all of these tips.
Know What You’re Asking For
Before you make an appointment to meet with your Manager, you must do some research. You shouldn’t just walk into the meeting and ask for a raise, any raise, for any amount. That won’t get you the money you need to align your role with the current market. Instead, do plenty of research so you know what people in similar jobs are being paid in your area. This will give you a ballpark figure to work with, which will help with the negotiations.
Set Up a Meeting with Your Manager to Review & Negotiate Your Compensation Package
Next, you need to make an appointment to meet with your Manager. Instead of simply walking in, saying “have you got a minute?” and hoping for the best, make sure your boss has carved out a half hour or so to speak with you. This will limit interruptions, as well as provide you with some privacy for your conversation.
Studies have shown the best time of the week for these meetings is either Wednesday or Thursday. The beginning of the week is much too hectic for many managers, as they have a lot of paperwork and employees to catch up with. By Friday, your manager is so busy looking forward to the weekend they may not be completely focused on you. This makes Wednesdays and Thursdays the best options.
Be Prepared with All of the Facts
Prior to your appointment, spend some time writing down all of the facts. You don’t need to create an entire slide deck, but you should have your main points on paper. This way you can easily discuss them during your meeting with your boss. These include:
- A list of your accomplishments. You’ll need these to show why you’ve earned the right to be paid fair market value.
- The research you’ve done to show what a fair market is for your position in your area.
- Testimonials from your co-workers or any other information you’ve received that shows just how productive you are at your job.
- Anything else you can think of that will support your case.
Point Out Your Accomplishments
Now is the time to brag about yourself a little. In order to present your case for your raise or change in commission structure, you need to point out everything you’ve done for the company. What makes you indispensable? What makes you worth paying more money? Be prepared with a list of every milestone you’ve met, every sales quota you’ve exceeded and every other measurement that makes you a valuable employee. Put all of this into a one-sheet summary if you need to, so your Manager has something to go over later if necessary.
Start off with a High Number
For true negotiations, you need to start off high and be prepared to settle for something a little less. Use the numbers you discovered while doing your research and begin at the top end. Tell your Manager you want that much, but you’re open. At this point, you’re making it clear you really want to be paid true market value for your contributions to the company, but you aren’t so set in your ways that you’re unwilling to negotiate. This is not the time to play hardball, as that can make this meeting go in a way that has you leaving your job instead of getting the raise you’re seeking. Instead, show you’re willing to settle for a little less, as long as it falls within your market value range.
Show Your Gratitude for the Opportunity to Negotiate Your Salary
Before you end your meeting with your Manager, make it clear you’re incredibly grateful for all the opportunities afforded to you by the company. Express that you’re happy to have the chance to continue working for the company at the compensation package you deserve and that you truly appreciate their time and consideration regarding this matter. Stay positive, upbeat, and factual, and you’ll most likely get the salary results you’re hoping for.