Tips on how to negotiate for a higher salaryChen Wan Lim
Regardless if we genuinely love our jobs and want to make the world a better place, it is undeniable that the real reason why people work, is for the money. Money is the remuneration or compensation given to employees in exchange for their time, service and skills that they offer to the company to make a profit. Naturally, as we get better and better at our jobs year after year, we should technically be compensated more as our service to the company is able to yield higher profits for the company. However, the quantum of salary increment we get each year is dependent on how the year-end performance review is handled. Here’s how to negotiate for a higher salary:
Tip 1: Research the market
There is nothing more crucial than to be fully prepared before your performance review to request for a higher salary. Start by looking online on job portals to search for similar jobs with almost similar years of experience required. From there, you will get a sense of how much the market is willing to pay for that role. In addition, get in touch with some head hunters to try to gauge your value in the market. Even if you are unable to get an exact salary figure from them, you might get a range and that is very helpful for you to negotiate with your current company.
Tip 2: Prepare a list of your historical contributions
This is where things get real. It is rather pointless to tell your employer how much other companies outside are willing to pay or how much a recruiter is offering people for a similar position without showing how much you are really worth. Your value and worth to the company can be displayed by your historical contributions to the company. If you are a front line sales person, then show exactly how much sales you made for the company the past year. If you are involved in backend operations, then show how much improvements in productivity you achieved while showing how few mistakes happened while you were tasked with a job. Even commendations from clients are important as customer satisfaction feedbacks are often used a key indicator of employee performance.
Tip 3: Talk about the future
Talking about your future with the company often displays your commitment and intention to stay with the company for the foreseeable future. Therefore, during your negotiations with your supervisor, speak more about your future with the company. Discuss on what you’re trying to achieve in the near to medium term and also on how you plan to improve yourself in the coming months ie. taking short courses, attending seminars and trainings etc. If the company thinks that you are invested into the company, they will be in a better position to offer you a higher salary in view of your commitment towards them.
Tip 4: Always maintain your professionalism
During your appraisal, always remember to maintain your professionalism while asking for a higher salary. Remember that your supervisor is also a salaried employee doing his or her job. Keep in mind that there is always a chance of rejection because your supervisor has to work within a certain set of boundaries. Do not in any way raise your voice, be emotional or display any frantic body movements. If you do not get what you want, be prepared to walk away in search of greener pastures.