How much do you want to earn? Would you like to make $700K per year with one month of paid vacation and full medical, dental, and vision benefits? I know a lot of people who would!
Even though the economy is not a robust as it once was, there are many professionals who bring tremendous value to their employers; and they deserve to be well compensated for their skills and abilities.
When negotiating a salary increase, you must clearly convey the notable contributions you made in the past that have had a positive impact on the bottom line. Asking for an increase requires you to consider the company’s existing pay structure (you can’t make more than your boss, obviously!) and the firm’s current financial state. Your case should be one predicated on your value and contributions to the continued success of the company.
Here are a few tips for negotiating a raise successfully:
- Give quantifiable examples of the value you have provided as a loyal employee. If you have improved productivity by 65% over a 2-year time period, yielding a cost savings of $3M, for example, this is a good rationale for your company to give you a more lucrative package.
- Conduct a market assessment. Compare what you currently earn to the published information online for similar positions in your geographic region. Share this information with the decision makers. The more information you have, the stronger your case.
- Negotiate the perks, not just the salary. Vacation, stock, 401K matches, flex time, company vehicle, and bonuses are frequently up for discussion. Salary is just one aspect of a compensation plan.
While you may not get everything you want, if you don’t ask, you will definitely not receive. You need to let the bosses know you want to stay and that you plan to contribute to the future success of the organization as you have done in the past. Be honest about how you feel and give them an opportunity to meet your needs.
Decide beforehand what you will and will not accept. If you feel that the grass is in fact greener elsewhere, and you do not get the increase you were hoping for, it may be time to dust off your résumé and give it some polish so you can shine elsewhere.