Article written by Angela Hydes, Marketing and Content Contributor. Follow us at @TALGroup.
Even if your performance has been amazing year round, it is still possible to fail miserably in a raise negotiation. If you wish to succeed, you need to plan your negotiation carefully and choose your timing wisely.
We recommend that your first step in preparation be market research. Look on websites like Payscale and Glassdoor to find out what others of your skill level and seniority are making in your area. If there is a big disparity there, it is likely time to discuss a change.
The second and final step is probably the most crucial. You must choose your timing. When asked by jobseekers, we always recommend they go with 1 of the following 4 options:
1. During Your Performance Review
This is your moment to shine and showcase your impact. Assemble a presentation or portfolio that demonstrates your value clearly to the organization. We recommend highlighting your projects in concise numbers, figures and percentages. For example, did you raise sales by a certain amount or viewership by a percentage?
It’s a lot easier to ask for money if you justify how you have brought some into the organization. This approach is in line with the “give a little, take a little” approach.
2. When You Receive Additional Responsibilities and/or a Role Change
If your manager has decided to add to your workload or asked you to take on additional responsibilities, you are entitled to ask for a wage increase. More work should correlate to a bump in your pay. We suggest that if you ask for this that you back up your negotiation by bringing up any additional skills or certifications you are acquiring.
3. When You Receive a Promotion
This may seem obvious, but some organizations don’t always offer wages with increased titles. If you are given a title increase but your organization hasn’t offered a salary boost, you are entitled to ask for one. Again, more work should translate to more pay.
4. If You Are Tempted by Another Job Offer
This one is tricky, and we strongly advise AGAINST using it unless you are ready to walk away. Some job candidates tease their organizations with ‘external offers’ hoping it will make their manager fight for them – ironically, it often results in the opposite effect. If your manager realizes you are looking elsewhere, he or she may start looking for your replacement.
Remember that loyalty and trust are crucial ingredients within a business relationship. If you tease your manager with another job offer, you run the risk that he or she may let you go due to your lack of loyalty.
If you would like to discuss next steps in your career path, don’t hesitate to reach out. One of our recruitment experts would be happy to review your resume and discuss options, your expectations and professional goals. Call us at (416) 599 1825 or e-mail us here