I know… You likely read the title and freaked out slightly at the mere thought of negotiating your salary. The process of talking to your boss, setting up a meeting with HR, and negotiating seems daunting, but it doesn’t have to be. A Lot of times we think the answer will be No so we don’t ask, but by not asking we’re only doing ourselves a disservice overtime.
Did you know according to a recent study by JobVite, "only 29 percent of job seekers negotiated their salary at their current or most recent job," meaning 71 percent of employees could be missing out on a fatter paycheck”. After all, negotiating works: 84 percent of those confident enough to ask for higher pay succeed in getting it, Jobvite reports. Plus, in about a fifth of cases, negotiators were rewarded with a significant pay increase of 11 to 20 percent.
You see, negotiations, if done correctly, can work! Now let’s talk through the negotiation process. I’ve broken the process down into steps which should be pretty easy to follow along.
1.Access your value
The first thing you want to do before you start the process of negotiating your salary is to Access Your Value. You must do this first! You can do this by asking yourself some questions like: How long have I been employed? Have I taken on new responsibilities since being hired? Have I saved the company money this year? How? Have I exceeded expectations (rather than just meeting them)? Have a created new processes and procedures that make the company more efficient and effective? What are some of my accomplishments?
Knowing Your Value lets you justify your request.
2.Research the market value salary
The second thing you want to do is research the market value salary for your industry on the city, state and national level. You can do this by doing an online search on sites such as Payscale, Glassdoor, Salary.com or by asking others in your field.
You can also search job engines for careers similar to yours in your area to see the similarities/differences in the work and pay. I would also suggest saving a few of the job descriptions- it could be a good resource for your negotiation.
3.Figure Out Your Number
In salary negotiations, it's usually appropriate to ask for 10% to 20% more than what you’re currently making without seeming greedy. So figure out your number, and also figure out how low you’re willing to accept.
4.Prepare a One Sheet Pager
To organize your thoughts, it might be helpful to create a quick one-pager that your accomplishments, research, and proposed salary increase or title change.