When it comes to negotiating your salary, there are a few things that you need to be mindful of before you go ahead and ask your employer to reconsider and discuss an increase.
These factors below will help you evaluate you and your company’s situation, to help you know whether it is reasonable for you to be asking for an increase or not.
Is the business in a stable position?
The success of the company is one of the biggest influences on employees’ salaries and therefore you must consider the capabilities of the business. Asking yourself: 'Have redundancies been made recently? Has anyone had a promotion recently?' will help you understand whether the business is in a profitable position to offer a payrise.
The success of the company is one of the biggest influences on employees’ salaries and therefore you must consider the capabilities of the business before asking for a payrise
Why do you think you are worth an increase?
Before you ask for your salary to be considered for a renegotiation, you must first evaluate you and your work ethic. Focus on the value you bring to the company and your team. If you feel like you have been going above and beyond in your role, make note of this and discuss this with your employer.
If you haven’t been in your role for very long then you may not have this kind of hard evidence, instead discuss your enthusiasm towards your role and your work ethic.
What are the current market trends in your industry?
Broaden your research into the current trends in your industry. This will help you understand whether there is a shortage of candidates with your skill set, whether there has been an increase in salaries or, whether your skill set is in demand.
Be mindful of what is also going on in the wider economy, are there any factors that could have a big impact on your industry? Being aware of the economy trends will help you justify a salary increase.
Gaining this information will help manage your expectations for the renegotiation and will make you well equipped with valuable information to support your point-of-view.
Research what the average salary is for your role
It is not common for your employer to disclose your colleagues’ salaries, but it is still possible for you to gauge what the average salary is for your role.
For you to gain an understanding as to whether your salary is below average, it is important to do some important research. The Walters People Salary Survey provides an in-depth guide on salaries across a wide range of sectors and is a valuable resource when it comes to negotiating your salary.
Ensuring you have researched what other people in your role are receiving will help support your request of a salary increase and is more likely to get your employer to agree.
Is there the possibility you'll be offered a salary trade-off?
When negotiating for an increase in your salary, it’s important to bare in mind that there may be potential trade-offs offered to you. In some cases, when an employer is faced with this discussion they may offer a top line salary.
However, the higher the salary the more you need to be mindful that it might mean that you lose out on the benefit of a bonus. If you are faced with a salary trade-off, you should make sure you ask your employer to outline what is expected of you in order to maintain your performance to receive and maintain your usual bonus.
If your research shows that you should be paid more but your employer is unable to meet your expectations, it may be time to look at finding a new job.