Time For A Pay Raise? Three Salary Negotiation Opportunities
As we saw yesterday in the Glassdoor quarterly employment confidence survey, 37 percent of workers are expecting a raise in the next 12 months. Today we’ll review the best ways to create and negotiate a salary increase in today’s market.
There are three ways to create an opportunity for salary raise negotiation:
- find a new job
- tell your employer you want a raise
- wait for your employer to offer one
To find a new job, you have to start looking first and chances are pretty good people in the office will find out about or sense your personal career project. If you are a good worker, play an important role and would be hard to replace, your employer will approach you prepared to offer ‘more’ to keep you on board. If you are offered a new job, you will be asked the amount you are looking for.
In either case I have always believed and have blogged here before that the best way to answer this question is to respond with, ‘based on what I have seen and learned about your organization, I am sure you will offer me an attractive and competitive offer.’ If possible do not give a number first. You will second guess yourself for the rest of your career wondering if ‘I could have gotten more.’
Telling your employer you want more is never easy. You have to be prepared with data, real data and Glassdoor is a great place to get the latest on pay bands in your field, industry and location. What better way to approach ‘the woman’ than with data that matters. Of course many of you can be prepared to remind her about the pay decrease you took ‘a couple of years ago’ and that you need to get back to that level.
Waiting for your employer to come to you is also never easy. If you are in a situation where you took a pay decrease in the past couple of years and have market data, including anecdotal stories about companies raising salaries in order to compete and retain talent then be prepared to share with your immediate supervisor and/or HR representative. How you present the information matters, don’t act like you want a pay raise instead point to the stories and data as evidence of a changing market and that your company must be considering doing the same. The people you talk to will take the information forward because chances are they are in the same boat and want the increase as well. You’ve just provided ammunition to take the data forward.
Companies are more productive today because they have to be and this has resulted in the lowering of salaries and a decrease in the number employed. We are not close to the ‘bubble’ days of hiring but we are in a time when Quality Talent (see our book “Talent Force”) is scarce because they are heads down working. Look up, as it may be time to negotiate a pay raise.