Updated: Sep 6
Beyonce is encouraging people to quit their jobs in “Break My Soul,” but if that’s not a realistic option for you, you may want to consider a different strategy: negotiating your salary to get more out of your current job. Here’s a few tips to help you negotiate a pay raise the right way:
Know where you stand. Before you ask for a raise, go back to your job description and really understand whether you are completing the job at hand or doing what’s expected of you. Even better, if you’ve had the opportunity to engage in a performance review with the company, think about how you’ve grown or leveraged the feedback you were given to improve. If you’re missing the mark, it may not be the best time to negotiate. However, if you've done the work, be sure to include your progress in your pitch.
Understand the industry average. Research your job title on platforms like Salary.com to understand what other individuals with your title in your city are making to help you build your case. Understanding the median and average salary for your role and how you compare helps you back your proposal with data and know what to ask for.
Demonstrate your value. Now that you’ve confirmed that you’re excelling at your role and understand what to ask for, it’s time to show your boss what you bring to the table. The best way to do this is to be objective by presenting quantifiable data (numbers, facts, and figures) that speak to how you’ve helped boost your department’s performance, any results or outcomes you’ve driven for your team. It can also be valuable to share any accolades you’ve received from team members or clients on your performance.
Follow Up with Gratitude. You catch more bees with honey, so be sure to send a follow-up email expressing gratitude for the opportunity to share your thoughts, and your excitement to continue the conversation. This is also a perfect place to recapture some of the accolades and figures that you shared during your verbal discussion.
Be open. Sometimes a bump in salary isn’t possible, but there’s other ways that employers can show their appreciation and give to you a little more. Be sure to explore other options and points of negotiation such as:
Increased annual bonus
Additional paid leave
I hope these tips were helpful! As always, your mental health and wellbeing come first, so if compensation isn’t the only reason you were thinking about leaving, you may want to develop a different strategy to help you make a seamless transition to a new company. More on that later.