How to Properly Negotiate a Pay Raise
It can be intimidating to ask for a raise, but you are a hard worker and you deserve it. It’s important to realize that there is a right way to go about presenting the idea of a raise to your employer. The first thing to realize is that you are not just asking for a raise, but that the process should be a negotiation since employers will usually give you a low-ball offer the first time the idea is presented to them. Here are several different tips to help you negotiate a pay raise in a way that you and the employer both feel is respectful:
Do lots of research: Make sure you are properly prepared. Not only should you fully understand your company’s payment offerings, trek for promotion, benefits packages, etc., you should also do research on what other companies are offering for the position you are trying to get promoted into. Having a wide array of knowledge can help you present a more compelling offer to your employer and help you be better prepared for what might be said on their end at the negotiation.
Manage the negotiation: Go into the negotiations with your manager not as subordinate and supervisor, but as equal adults. Make sure you have a good understanding of what characteristics your manager responds well to, your most recent performance in their eyes, and their level of authority. Don’t let anxiety sneak in, speak first, and set the tone for the negotiation so you can better control the direction you would like it to go.
Ask a lot of questions: If they present you with finite answers like “This is our final offer” or “No, absolutely not”, ask them to explain their reasoning behind it. Oftentimes they will disclose valuable information relating to their underlying plans for your future and the organization, and you can put together a package or plan that is really beneficial to you. You can also ask for other things not related to the raise such as proposing more vacation time or paid time off as an alternative.
Consider timing: Something as simple as the time of year can play a huge role in the decision-making process. Make sure you are up to date on recent company cutbacks and if they are capable of affording the raise you desire. Companies go through their ups and downs, so ensuring your company is in a good place to provide what you are asking is a good first step and one less thing that can be brought up at negotiation.