The art of salary negotiation is a key career skill that will help you throughout your working life.
And timing is everything - Asking for a raise can be disruptive for employers, so it's essential you get your timing right. If you get it wrong, you can get yourself labelled by senior people in the organisation as a pain in the neck, at a time when they need to be thinking more about your value.
We all know negotiating a pay rise can be a daunting task for employees, but with the right preparation and approach, it can be a successful conversation.
Here are our top tips for planning and executing a strategy to help you get you the pay rise you deserve:
Do some research on the industry standards for your position and experience level. You can use websites such as Glassdoor or Payscale to get an idea of the average salary range for your job. This will help you determine a realistic figure to ask for.
Prepare your case
Write down all the reasons why you believe you deserve a pay rise. This could include your achievements, the value you bring to the company, and your increased responsibilities. Make sure you have specific examples to back up your claims.
Practice your pitch
Practice your pitch with a friend or family member. This will help you feel more confident and prepared for the conversation.
When you're discussing your pay rise, be confident and assertive. Make sure you're clear about what you're asking for and why you deserve it.
Be open to negotiation
Be prepared for your employer to negotiate with you. Be open to compromise and be willing to consider other forms of compensation, such as extra vacation time or a flexible schedule.
After the conversation, follow up with an email summarising the key points discussed and any agreed actions.
Remember, negotiating a pay rise is not a one-time event. You should continue to assess your worth and negotiate for fair compensation as you progress in your career.
Good luck negotiating your next salary increase!
If you're searching for a new role, then please contact us. At Venture, we're here to help you find your dream accounting or finance job!
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