A colleague of mine asked me if it was normal or even possible to renegotiate the salary of your current job. He discovered by doing some research on the job market that he was quite underpaid in his field. He was wondering if it was easier to quit his job, and come back to the same company with a higher salary after working elsewhere for a while.
Salary negotiation is not just reserved for new recruits. Anyone can negotiate their salary by asking for a raise. They must be well prepared with a deliberately planned strategy and a well developed supporting case to persuade the employer.
Of course, if you just accepted a job offer, it is not a good time to ask for more money, but once you have some time and accomplishments behind you, you should look to salary negotiation. If you just accepted the offer, you did so fair and square. That is why it is important to know your value before accepting any job offer.
Salary is not the only means of increasing your compensation package. You can also consider things like extra vacation, time off in lieu of overtime worked, and stock options as extra ways to add value to your compensation, and make it more easy for the employer to accept.
Prior to asking for a pay increase you should do make sure to take a number of steps.
1) Research and have confidence in your value in the job market. Make sure you have multiple sources for this information. Many salary sites are based on anonymous reports by unqualified individuals. Surveys conducted by market research firms are far more reliable when they go to the HR sources in the region.
2) Your value proposition is a very powerful persuasion tool. Make sure you consider all the ways you ad value to the business. Profit, cost savings, quality, customer satisfaction are all value adds that literally translate into bottom line. You need to assess your contribution to the bottom line.
3) You will need to discuss with the boss that you know the salary range for the current market. Be prepared with facts, and also prepared to approach this conversation with tactfulness.
4) Explain to the boss where you feels you fit within that range in terms of a percentile basis. Are you a top performer with lots of experience? Can you command a top percentile salary?
There are many factors to consider. I recommend doing a lot of research. One thing is for sure, you will not likely get the raise as quickly or necessarily as much as you were hoping for without mastering your skills in salary negotiation.
If you love your career where you are working, you may need to balance the quality of the worklife with your need for an increase in pay. I recommend looking for an increase where you work first before going through the job efforts unless you're unhappy with your job.
Having a job offer from another employer is a great tactic to give yourself an upper hand when asking for a pay raise. It is a trump card that you should only play if you feel you need to. - 16738
Salary negotiation is not just reserved for new recruits. Anyone can negotiate their salary by asking for a raise. They must be well prepared with a deliberately planned strategy and a well developed supporting case to persuade the employer.
Of course, if you just accepted a job offer, it is not a good time to ask for more money, but once you have some time and accomplishments behind you, you should look to salary negotiation. If you just accepted the offer, you did so fair and square. That is why it is important to know your value before accepting any job offer.
Salary is not the only means of increasing your compensation package. You can also consider things like extra vacation, time off in lieu of overtime worked, and stock options as extra ways to add value to your compensation, and make it more easy for the employer to accept.
Prior to asking for a pay increase you should do make sure to take a number of steps.
1) Research and have confidence in your value in the job market. Make sure you have multiple sources for this information. Many salary sites are based on anonymous reports by unqualified individuals. Surveys conducted by market research firms are far more reliable when they go to the HR sources in the region.
2) Your value proposition is a very powerful persuasion tool. Make sure you consider all the ways you ad value to the business. Profit, cost savings, quality, customer satisfaction are all value adds that literally translate into bottom line. You need to assess your contribution to the bottom line.
3) You will need to discuss with the boss that you know the salary range for the current market. Be prepared with facts, and also prepared to approach this conversation with tactfulness.
4) Explain to the boss where you feels you fit within that range in terms of a percentile basis. Are you a top performer with lots of experience? Can you command a top percentile salary?
There are many factors to consider. I recommend doing a lot of research. One thing is for sure, you will not likely get the raise as quickly or necessarily as much as you were hoping for without mastering your skills in salary negotiation.
If you love your career where you are working, you may need to balance the quality of the worklife with your need for an increase in pay. I recommend looking for an increase where you work first before going through the job efforts unless you're unhappy with your job.
Having a job offer from another employer is a great tactic to give yourself an upper hand when asking for a pay raise. It is a trump card that you should only play if you feel you need to. - 16738
About the Author:
Trevor Davide Grant is a project manager in the IT field and has extensive experience in salary negotiation. Trevor has worked for global telecom, electric utilities, software development consulting, and a prevalent web 2.0 site. He has learned salary negotiating in the most powerfulway. Learn great tacticson the topic of negotiating salary at www.HowToNegotiateASalary.com.
