How to negotiate a raise
Negotiating the contract terms before accepting a job or demanding a salary raise reflects the value of an employee. There is no doubt that asking for a raise is a skill. It is a complicated talk and also intimidating. You have to champion self-worth and that marks the irony that negotiations are never taught in classes. Knowing how to negotiate a raise is important, just like networking, interviewing or knowing the procedure is crucial. Practicing is very essential. Regardless of whether you like or not, you must get comfortable to match the salary and after a period of time consider negotiating a raise. Here are few tips:
Change the mindset and improve your chances to see a bright tomorrow. View the negotiation as a discussion, make it less personal, be friendly and ensure to stay with assertive mindset. Work out things to benefit you and your employer. Thus planning the financial future is important, same as your career.
Know your worth to your employer
Entering a salary negotiation implies good preparation. It is firstly about not getting emotional and considering it a project pitch for the services offered. Most importantly, you must have a good idea of your worth to your employer before knowing how to negotiate a raise. Here are few ways to know your worth:
Do a complete search on similar roles to have a benchmark salary range presently for the role. This is a simple gauge at minimum working for your salary negotiation.
If you start, many times it may appear as though you are planning to leave the present job right now. Yes, it is tedious to negotiate a raise, but it has various benefits such as you improve interview skills, understand the benchmark package you are worth and learn to strengthen the bargaining position. On doing a study and considering your worth, you may achieve that is required and also appear less desperate while negotiating and this is good.
Find out the cost of your replacement and this means how much the company will have to bear, if you leave. These are facts to know the actual hiring cost for someone to replace you. Keep your contributions proof that has set examples of success and pointing this helps in negotiating a raise. The employer also will consider the recruitment cost, training cost, project delays and delivering results time frame cost. When you see, you stand tall at these points, you can ask a raise.
Never say the number first
A cardinal rule of negotiation is to never say the number first. The number question is sure to pop up. If your efforts reveal the situation for a raise, you may quote a marginal raise on that you are drawing now taking into consideration the market benchmark salary.
Practice to stay silent and remember to control the conversation and if you are silent, the employer will have to fill the silence. Knowing how to negotiate a raise is of immense value and staying silent gives you breathing times.