Refreshing Your Salary - How to Negotiate a Raise
Spring cleaning isn't just for your home anymore; it's for every element of your life, including your career. Springtime is when things come back to life. They grow from where they lay dormant for a while. Has your career been lying dormant for a while? Maybe it's time for a raise.
Of course, before you march into your boss' office, you should ask yourself if your salary is ready for a spring cleaning. Ask yourself the following questions:
- Does your current contribution warrant a higher compensation?
- Do you know how other people in your position and industry are paid?
- Have you considered your company's policy on salary raises?
- Have you clearly demonstrated your capability for problem solving?
- Do you go that extra mile? Do you go above and beyond?
- Does your contribution directly increase the profitability of the company?
- Are you a team player?
If your answer was "yes" to all of those questions, then you seem to be quite due for a salary spring cleaning. Your next step, therefore, is to plan your meeting to negotiate your salary increase.
To do this, start by asking your boss for a formal meeting. Don't do this at the most busiest and frenzied time of the year, you won't get a good response. If your company has a formal review process, keep that in mind and use it as a guideline for your request and negotiations. Remember also that documentation is worth its weight in gold. E-mails, letters, feedback cards, and any other records of your personal success can be very valuable. Anticipate any objections that you may face and be prepared for them. Remember the questions above as solid arguments in your favor. Before the meeting, rehearse with someone you trust, and have them be "hard" on you so that you're prepared for the worst, even if the worst never comes.
When it actually comes time for the meeting, don't simply discuss the present, bring in your solid past and your predicted future contributions for the company. Avoid discussing any need you have for the additional income - that's not the point of the meeting. This is where your collection of documented success records will come in very handy for proving your arguments in a concrete way.
Also consider other elements of your compensation as a part of your negotiation. This can include:
- Added vacation time
- Performance bonuses
- Stock options
- Flexible hours
No matter what, maintain your composure and patience. The process may happen in stages over a few days, or longer, so you will need to be ready to invest a bit of time for the effort.
If, when all is said and done, the answer is no, find out why. Work together to plan your expectations and ask to be able to sit for another review in three months time.
