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Whether you’re asking for a raise or discussing a job offer, talking about salary is a subject that makes many people uncomfortable. But since most of us don’t have agents to make deals for us, we have to negotiate for ourselves. This is a skill that gets stronger with practice, and there are several ways to prepare for the conversation and stack the deck in your favor.
Many job seekers as well as employed workers are reluctant to ask for more money during a time when unemployment is high and businesses are still cutting back. They fear they may end up losing an opportunity or damaging their relationship with a supervisor if they’re too assertive. But it’s important not to undervalue yourself, your skills or your contributions. To conduct a successful negotiation, you need to do your homework and build a solid case for yourself.
The first step in approaching any discussion on compensation is to research your market value. Understand what your skills are worth before requesting a particular salary. You should be familiar with the expertise and abilities in demand in your market and be able to provide examples of your qualifications. Research trade magazines and local business journals and publications such as the OfficeTeam Salary Guide, which provides comprehensive data on starting salaries in the administrative field (available at www.officeteam.com). It’s important to know what people with your background and skills currently earn in jobs that are comparable to yours. Your perceived value internally and externally is generally the basis of most companies’ compensation decisions. Other useful resources include industry or professional associations and your own personal network. Once you’re armed with this information, you’ll likely feel more comfortable negotiating.
Starting Off on the Right Foot
Of course, the best time to ask for the compensation you want is when you’ve been extended a job offer — this is when you have the most leverage. Companies usually have a range in mind and are willing to go to the higher end for top candidates. Here are some tips to help you prepare to negotiate in this case:
· Research potential employers. Your experience and familiarity with the company’s industry, products and services — as well as your ability to identify business priorities — will make you a more attractive candidate and help you better position yourself for a higher starting salary.
· Ask for a review period. If you don’t have the specific background the hiring manager would ideally like, you may have to start at a lower pay level and build a track record. If this is the case, ask the hiring manager during negotiations to review your performance after a set period of time, three to six months for example, and to re-evaluate your salary then.
· Look beyond money. Consider other factors that are important to you, such as opportunities for advancement, tuition assistance, benefits, vacation time or flexible work hours. Also assess the corporate culture and make sure that the job is the right fit for you. These aspects might compensate for a salary that’s lower than what you’d like.
For continuing workers seeking a raise it’s a bit more challenging. However, smart companies are concerned with retention, and continue to invest in valued employees to ensure they stick around for the long term once the economy picks up and other employment opportunities begin to surface. So if you feel you’ve earned a pay boost, here are some guidelines for requesting it:
· Make a business case. Offer solid reasons for an increase by outlining your specific accomplishments that have had a measurable impact on the company’s bottom line. You’ll want to highlight your achievements — from clients you’ve helped win and money you’ve saved the company to processes you’ve successfully revamped. Detailing these successes and any salary research you’ve gathered on what others with similar skills and background earn will help you further demonstrate your value. Remember that your personal financial situation is not a relevant point of discussion. Instead, your request should be based on what you’ve brought to the company.
· Consider your timing. When you ask for a raise is often as important as how you ask. All things being equal, the most opportune time is after you’ve done an outstanding job on a high-profile project and have been given additional responsibility or a promotion. Some companies have established review periods when increases are discussed, so it may be more appropriate to save the discussion — and gather your backup for — those sessions.
Understandably, the worst time to request an increase would be when your company is facing extreme business challenges, and you know for a fact that other people who’ve asked for raises have been turned down. It’s also not prudent if your boss is relatively new to the firm or department and has not yet had a chance to see your work over a period of time. Always consider what you’ll do in the case that your request for an increase is declined. If you’re told that the timing for a raise is wrong, see if you may ask again at a more appropriate time. If your boss is reluctant to grant an increase, find out why and ask for guidance on what you need to do to warrant it. You may want to set up a meeting in six months after making your manager’s suggested changes. If your boss says the company cannot afford to raise your pay, ask about other options, such as schedule flexibility or additional vacation days.
Preparation is critical to successful negotiation. By assessing the going rate for your qualifications, your value to the company and the elements of compensation most important to you, you’ll be in a better position to arrive at an arrangement that’s suitable to both you and your company.
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