14
Jan
Money

Negotiating a competitive salary, or salary increase is never an easy conversation. Whether you’re starting a new role, or striving for a promotion, negotiating a salary can be an uncomfortable and nerve-wracking conversation to have.

Consider these three scenarios: 

  1. You have been with the same company for several years, and haven’t had a salary increase. Whilst you have been content and happy in your role, another company has approached you with an offer that includes a competitive salary increase. However, you’re not ready to leave your current position. What do you do? 
  2. Following a series of interviews, you receive an offer from your dream company. However, the salary is lower than you anticipated and doesn’t reflect what you believe you deserve. Would you accept the offer? 
  3. You’ve been working at your current job for several years and have consistently exceeded performance expectations. However, despite your successful contributions, your salary has remained the same. How do you navigate this situation, without leaving your current employer?

If you’re currently facing a situation like any of the above, we’ve collated a series of top tips for you to follow when negotiating your salary, during the interview stage, or pay review period.

 

Why Negotiating Your Salary Matters

Whilst negotiating your salary is a daunting prospect, it’s a normal part of the employment process. Salary negotiation is key to guaranteeing you are paid what you’re worth. Negotiating your salary is crucial for several reasons: 

Ensures Fair Pay - By negotiating fair pay, you are taking charge of your own salary. In turn, guaranteeing that you are appropriately rewarded for your skills, education, certifications, and experience. Without negotiation, you run the risk of being paid a lower salary than you deserve. 

Boosts Confidence – Negotiating your salary boosts self-assurance. It infers that you are willing to advocate for yourself, and value your own skills. 

Aligns With Industry Standards – Salary negotiation allows you to align your pay with industry standards. Researching the market rate, with regards to the position and your location, ensures that your salary is aligned with your peers’. 

Improves Benefits – Aside from salary, negotiating can lead to an improved benefits scheme, i.e., the inclusion of healthcare plans, pension schemes, hybrid-working, flexible working hours, or additional holidays. In turn, an improved benefits system contributes to a better work/life balance. 

Enhances Job Satisfaction – Having a fair salary and benefits system can increase job satisfaction, making you feel valued and motivated. 

 

How to Determine Your Value - Define Your Range and Do Your Research 

Before entering a new role, or pay review negotiation, its essential to find out what an individual within the same position with your expertise, and in your location is getting paid. 

To gauge a sense of what your salary should be, look up industry salary data for your position, experience, and location – i.e., via Glassdoor, LinkedIn, Indeed, or other related job boards. Then, compare the average salary with that of the position you are gunning for. 

Within the negotiation stage of your role, or within your pay review, it is crucial to attend the discussion with a salary range. But why? A salary range allows for more room for negotiation, increases the likelihood that you will secure a salary you deserve, and provides you with a clear picture of your potential earnings.

 

Salary Negotiation Tips: 

  1. Salary Range. Providing  a salary range increases the likelihood of reaching a compromise, heightening the chances of reaching your desired salary.
  2. ‘Baseline’ Salary. Go into negotiations with a baseline salary. This is the minimum figure you will be willing to accept, ensuring that you don’t sell yourself short, or devalue your skills / input. 
  3. Rehearse Your Pitch. The age-old saying of ‘practice makes perfect’ is incredibly resonant when considering salary negotiations. Practice your talking points can help you feel more comfortable and prepared. 
  4. Be Gracious. When discussing matters regarding pay you may be worried about appearing demanding or ungrateful, but that is resolved by showing grace. Regardless of the outcome, be appreciate and thankful for the opportunity to discuss pay-related matters. 
  5. Be Confident. Bring confidence to the discussion. An individual that sounds certain in what they’re saying will fill listeners with certainty and confidence too. In turn, making them more likely to take on board / agree to proposals. 

 

How to Negotiate a Pay Rise 

Knowing how to ask for a pay rise, in the right way, heightens your chances of getting a salary increase. 

Choose Your Moment 

By choosing the right moment to ask, you increase the likelihood of getting a positive response and avoid timing you request poorly. A number of factors will influence their interest and receptiveness, including:

  • Financial Health - Asking for a pay-rise during a time of financial instability may not be well-received. Instead, wait for a period of financial stability, or when your company is hiring new employees / expanding.
  • Time of Year – The start of a new financial year provides an excellent opportunity to discuss your salary. Likewise, if your business has regular reviews and appraisals, these meetings are a natural time to discuss your salary. 
  • Recent Achievements - Similarly, timing your request to follow a period of success within the role, i.e., taking on additional responsibilities, or reaching significant milestones, increases the likelihood of your proposal being considered. 

Be Firm & Persuasive

Confidence, self-assurance, and persuasion are central to a successful pay rise negotiation.  

 

By following these top tips and strategies, you can navigate salary negotiations with confidence.