The French have a saying that goes like this “work to live, not live to work.” At least according to Emily in Paris! Right or wrong, we should all strive to work to live not the other way around. In order to do so, we need money… lots of it! So, here’s your guide to negotiating your salary and getting that pay raise.
1. Know thy self
No, don't Jim your way into a raise. This is real life and we're not in Scranton, kid!
The #1 tip you should know when it comes to work is that you need to document everything! Some like to only document the “bad” incidents so they can show the receipts when needed. But, you gotta have your own success portfolio to justify your reasons for a salary bump. Evidence is the most important point which will make it easier to build up what you have to say next!
2. Market research
Sounds obvious, but many young people actually ignore it completely and rely on a hunch or “the vibe” instead. Knowing what the market pays for someone in your position and experience in line with the economic conditions is key to getting what you want and living comfortably. How to do so? The easiest way is to use Glassdoor but I am aware that it’s not always up to date. Your best shot is to ask someone else in the same business as you.
3. Fixed or ranged?
Now, this is where things get interesting. You are gonna tell them how much you want… But should you say a ballpark figure or give the employers a range to pick from. Each has its pros and cons. If you offer a fixed figure, employers will either refuse so you’d agree to a lower salary or they would accept if it was less than they expected. On the other hand, if you give them a salary range, they’ll either opt for the lesser amount which you didn’t want. For me, based on personal experience, I go with the range method where the lower amount is at least 30% more than your current salary. Cannot say that it always works, but you gotta hope for the best.
4. Leverage, leverage, leverage
If you’re asking for a raise in your company, you probably don’t want to say that you’ve received multiple offers. It CAN work sometimes, but if your boss is unprofessional and bitter, he’ll make you miserable. However, if you’re applying for a job in a new company, tell them that you’re also considering other offers as well as theirs. If they really really want you, they won’t let you go.
5. Timing is key
When you’re in an interview, don’t start by talking about the salary. Hiring managers would think that you have no interest in doing the job rather than just getting paid. Only mention the salary expectations when the employer asks you. If you’re asking for a raise in your current company, it’s best to bring it during the annual performance review. This will allow you time to showcase your value to the company and get that bag!