“Salary” is one of the most exciting terms for every individual who performs a nine to five to make ends meet.
However, almost after every interview, you must have faced a window for negotiations. Salary negotiation can really be a daunting task but it is a very important skill for a professional. It is very important for an individual to negotiate salary in an interview.
This guide will help all USA-based audiences to perfectly negotiate their salaries by leveraging company profitability and personal loyalty.
Salary negotiation is not all about getting a heavy paycheck but it is more about identifying your self-worth and ensuring a higher bar for your future scope and contributions. Negotiating your salary in a fair manner often leads to better job satisfaction and loyalty towards the employer. But, before everything you need to know when is the right time to negotiate your salary.
Enlisted are a few of the key points when you should actually negotiate your piece.
- The time when you are being offered a job by an employer is the perfect time to negotiate your pay check. You can surely expect a level of negotiation after expanding your offer.
- Annual reviews are one of the exciting and most happening times of the year to extend an offer.
- Suppose you are performing well in your team and as a result, you are being promoted to a higher opportunity level. Won’t you ask for a hike? Of course, you will!
Now, you are aware of the times when you are to jump in for negotiations but, do you know the correct way to approach? Well, here are some tips you can follow.
- The first and foremost step is to prepare yourself for the situation. You can start it off by researching the salary ranges being offered by the company. You can use resources like Glassdoor, Ambition Box, and Payscale to understand the salary range being shared by the ex-employees over the platform. Public companies lay in financial statements whereas, in the case of private companies, you can refer to the press releases. You can use these as a source to highlight the company’s financial health and stability.
- Company profitability is sourced to be a powerful leverage point during salary negotiations. Always show the employer that you are staying updated with the current financial rise of the company as it is always the best hour to pitch a rise. You can start your pitch as
“ As per my information, our company’s revenue has taken a flight of 50% rise this year which is truly impressive. Addressing this growth, I feel this is one of the best times to compensate for my paycheck to value the skills I bring to the table.”
- If the company is moving in a profitable cycle, do not forget to highlight your contribution to this journey of success. You can start your pitch as
“ In the last year, one of my guided projects took a hit of profitability which showed a vast financial rise of the company. I hereby feel that I can bring more such flights to the table and would really love to discuss how my compensation can reflect this potential.”
- Loyalty plays a very crucial role in the house of corporations. Always try to highlight your tenure and dedication towards the company. This involves a long-time contribution and a dedicated future commitment. Considering the point, you can customize your pitch as
“ Over the past six years, I have been working with your company through thick and thin. Many of my handled projects have turned out to be repetitive clients which embarks my sole dedication towards the company and its projects.
I am on the verge of contributing more to the company in the upcoming months. A hike in my paycheck would surely motivate me to continue putting forth my best efforts.”
Now, you are solely aware of the pitch you must lay in while applying for a hike. But, do you know what is the right way to do so? Is it just that you need to open the door of your boss’s chamber one fine morning and ask for the same?
Or is it that you need to call your manager late at night to ask for a hike? Nothing as such! Let’s learn some of the polite ways to approach a negotiation.
- You can give a start by scheduling a meeting. You can ask your manager or HR to be available at a mutually convenient time of the day. Always prefer the time after a successful quarter as it helps you get some positive results.
- Enlist your contribution towards the company and prepare a list of accomplishments backed by data and examples.
- Try to present your words with confidence but avoid placing any direct demands on the company. Rather place your voice logically.
- After you are done with your pitch the employer might not agree with your decision but can definitely offer you some other beneficial offers. Always remain calm and choose the one that best suits you.
Here’s a sample pitch for you to take a look at:
“ Thank you for sparing your golden hours to meet me at the table. I am keen to be a part of the company that is witnessing a rocket of positive growth from the last financial year.
I am happy to take up additional responsibilities such as driving a marketing campaign for one of our honorable clients that took a rise of 34% in the last quarter.
Addressing these contributions and the company’s rising financial performance I would like to lay an ask for a salary adjustment for being able to bring more to this table in the near future.”
Although it summarizes the topic another possibility is yet to be shared. What if the company is not living in its good days?
What if the company is in its breakthrough phase? Then, will it be a good time to ask for a raise? Of course not! Avoid such scenarios as you might get a pushback by then. Wait patiently for the right hour to lay in your pitch.
You can indeed speak to HR regarding the correct hour. What? Did you speak to the manager by neglecting the HR in a hope of getting a raise? You made a mistake here. Let me tell you why!
HR professionals play a crucial role in salary negotiations. Let me tell you how to do a perfect salary negotiation with HR.
- Maintain a positive relationship with HR. A positive relationship will make things work in your favor.
- Always stay true to your words and maintain transparency in everything you do.
- HR can help you get a graph of the company’s finances. Use it to set in your right expectation bars.
Negotiating your salary can be one of the most crucial yet interesting tasks if you take the correct steps. Negotiating your salary by leveraging company profitability and loyalty will result in huge growth in your future endeavors.
By thoroughly understanding the nuances of salary negotiations, you can surely raise your value to achieve a fair and rewarding outcome.
Read more: https://www.starsuntold.com/do-you-know-microsoft-certified-professional-career-growth-salary
Add Comment