Get ready to ask for a raise. Even an extra $1,000 can help you build your net worth. According to the Society for Human Resource Management, 33 per cent of people say they’re freaked out about salary negotiations, so they don’t pursue it. Yet, 80 per cent of recruiters and managers are willing to negotiate.
Step 1: Stick to the facts
Research comparable salaries for comparable jobs where you live. Use websites like Monster.ca, Workopolis, or Payscale. If you belong to an association or alumni group, check whether they’ve got research on salaries and benefits you can review. Salary is only one part of a total compensation package– there are other factors to consider such as benefits, stock options, and retirement plans.
Tip 2: Set Goals
Once you’ve got your facts straight, set a realistic goal before you go in for negotiations. Perhaps you want a raise of three to five per cent. Or, you may wish to focus on an actually number like $5,000.
Tip 3: Negotiate
Don’t barge into your boss’s office asking for a raise after they’ve had a hectic day. Wait until you’ve both got some time to sit down and talk. It’s also nice to give your boss a heads-up about the nature of the discussion so they can prepare. They may need to consult with an HR advisor as to salary and benefit policies. Another optimal time to discuss a raise is during a performance review.
Stick to the facts and try to be collaborative. Don’t beg or whine and avoid making unquantifiable statements or comparisons. Be professional. Focus the conversation on how valuable your contributions are to the organization. Hint: If you want more money, you’re probably going to have to take on more responsibility.
Raises can take some time to come to fruition. Be realistically patient and use the time to sharpen your skills. Going forward, do everything you can to enhance your personal brand and contribution to the organization. That way you’re more marketable in good times and bad.