Six ways to effectively negotiate what you’re getting paid
In the world of work, it’s always a difficult conversation when it comes to asking for a pay rise.
From not knowing how to broach the situation, to not going into the conversation prepared, there are multiple ways that this kind of conversation can go wrong.
The team at onlinemoneyadvisor.co.uk have put together a list of their top tips on how to effectively negotiate what you’re getting paid to avoid any disappointment when the time comes to ask for a salary increase:
Go into the conversation with confidence
When speaking to your boss about a pay rise, the quote “fake it till you make it” is a great life mantra for a reason - confidence really does help you sell anything! So with this in mind, have confidence in your own ability and the skills you can bring to the table to show your boss you are cool, calm and collected and that you deserve a pay rise.
Be as prepared as possible
The key to success is preparation; before walking into the meeting, ensure you’re as prepared as physically possible. Your boss will want to know exactly why you think you deserve a pay rise. Bring with you examples of the times you’ve gone above and beyond your current job description and reasons as to why you do deserve a well-earned pay rise.
Have a salary figure in mind and stick to this figure
The last thing you want to do when negotiating a pay increase is to give your boss a range of what you’d find acceptable, because the chances are, they’ll lean towards the lower end of your salary expectations. Come in with a salary figure in mind (but be realistic, a £10,000 pay rise might get you laughed out the door) and negotiate from there.
Ask for more money than you would want but, within reason
Another great way to reach that long awaited salary figure you have dreamt of is to actually ask for more than you would ideally want. If you come in with the exact figure you have in mind, it’s likely that you’ll be negotiated down slightly, so if you go in at a higher figure you’re more likely to end up exactly where you want to be.
Do your own research
One of the best ways to negotiate your pay is to research what the market typically pays for the role you’re in. You can get a great idea by looking on Indeed, LinkedIn or Glassdoor at current job opportunities that match your current job role and note down this information. You can then take your findings to your boss as more evidence that your pay doesn’t match up with pay from other employers, and you can then request for your salary to meet the industry average for this role.
Make sure you get everything in writing
Now, this isn’t to say that you need to leave the meeting with a signed contract, but by doing something such as sending a follow up email outlining everything that was discussed in the meeting and receiving written confirmation from your boss or manager that they are going to in fact increase your pay, will ensure this doesn’t get forgotten about and any promises will be kept.