Negotiating a salary increase
Know your market value
Negotiating a pay rise is primarily about your value. Get an idea of what you should be asking for by speaking to people doing similar roles within your company, or in the same industry. Ask your work friends and take a look at salary surveys.
Timing
Can you dovetail your request with the company’s pay round? This is usually done as part of the performance management process. If your company doesn’t have a set pay review time raise the subject of your salary during your performance review.
Know what you’re asking for
Be clear about your rationale . Why does this have to be done now? Make the effort to understand the organisation’s process for making pay awards. Find out how it works, who is involved and the power and influences regarding the decision.
Salary bands and grades
Most larger companies have salary bands and usually guidelines about movement within those bands. Find out these details –this is an essential piece of background for you.
Talk to your boss
He/she will need to be involved at some point. It’s useful to know what they will do for you, just as much as knowing what they might need from you. Who makes the decision ultimately?
Build a business case
List specific you things did and include examples of your work and projects you were on, how you work with different teams and your relationships with key people. You need to show that you are exceeding reasonable expectations in your role, and achieving more than others.
Present your case
When presenting your business case to whoever you’re negotiating with, highlight the successful projects you’ve been involved in. Draw attention to quantifiable data, such as figures and timeframes. Go over your track record in producing results and other stages of your work history that demonstrate your value..
Be ready for discussion and negotiation
Be well prepared to discuss your pay at the negotiating table: make sure you know what you deserve. Be clear with yourself on what your boundaries are, eg a minimum and an aspirational figure, either in dollars and/ or percentages.
Non salary increases
Be mindful that it may be easier for the company to give you non-cash benefits which will not upset salary relativities – these include one off payments, an agreed increase at a future date, extra leave, study grants, promotional training superannuation payments, professional fees, even parking spaces.
Close the deal
Whether you get what you want or not, you need to close the discussion. If you get an offer that’s not what you wanted you can easily say it’s close enough, or it isn’t close enough.
Play the game
Regardless of outcome, people will now be watching your performance, so make an extra effort, even if you did not get what you wanted.
And if you are now intent to leave- keep that a secret until you actually resign.