A colleague of mine asked me if it was normal or even possible to renegotiate the salary of your current job. He discovered by doing some research on the job market that he was quite underpaid in his field. He was wondering if it was easier to quit his job, and come back to the same company with a higher salary after working elsewhere for a while.
Certainly, anyone can negotiate a pay increase at any time in their career. I often recommend people start considering how they would approach their employers for their pay increase.
It may seem obvious, but if you have just recently taken on the job offer, or just recently received a raise then you should wait until some time has passed and you've proven yourself. It is very important to know your value before taking on any job.
Not only is a salary an important factor of the compensation package, one can also look at factors like improved benefits, more time off, stock options or stock purchase plan. You may look to other creative compensation strategies to entice your employer to bolster your income.
Consider taking these steps before you ask your boss for a pay raise.
1) Know the value of your skills in your area. Research multiple sources for salary data, and be aware that surveys conducted by HR will be more reliable than those that are self-reported by employees.
2) Know your value in terms of the contribution you add to the business. Also be aware of value adds you do in terms of saving company costs, delivering projects on time, and delivering quality in your work.
3) Prepare yourself to discuss this with the boss, and mention that you would like an increase to be in line with the current job market salary range.
4) Having done your research and having an intuition for where your performance falls within the percentile range, you will need to have a conversation with your boss and agree on the level you are performing at.
There are so many facets to salary negotiation. You should be prepared to do your research and know your facts. I highly recommend learning more about the art of salary negotiating and turn your career into high gear.
My preference would be to negotiate salary in a job that I was happy with rather than go through the effort of finding a new job in hopes of a higher salary.
Having a job offer from another employer is a great tactic to give yourself an upper hand when asking for a pay raise. It is a trump card that you should only play if you feel you need to. - 15246
Certainly, anyone can negotiate a pay increase at any time in their career. I often recommend people start considering how they would approach their employers for their pay increase.
It may seem obvious, but if you have just recently taken on the job offer, or just recently received a raise then you should wait until some time has passed and you've proven yourself. It is very important to know your value before taking on any job.
Not only is a salary an important factor of the compensation package, one can also look at factors like improved benefits, more time off, stock options or stock purchase plan. You may look to other creative compensation strategies to entice your employer to bolster your income.
Consider taking these steps before you ask your boss for a pay raise.
1) Know the value of your skills in your area. Research multiple sources for salary data, and be aware that surveys conducted by HR will be more reliable than those that are self-reported by employees.
2) Know your value in terms of the contribution you add to the business. Also be aware of value adds you do in terms of saving company costs, delivering projects on time, and delivering quality in your work.
3) Prepare yourself to discuss this with the boss, and mention that you would like an increase to be in line with the current job market salary range.
4) Having done your research and having an intuition for where your performance falls within the percentile range, you will need to have a conversation with your boss and agree on the level you are performing at.
There are so many facets to salary negotiation. You should be prepared to do your research and know your facts. I highly recommend learning more about the art of salary negotiating and turn your career into high gear.
My preference would be to negotiate salary in a job that I was happy with rather than go through the effort of finding a new job in hopes of a higher salary.
Having a job offer from another employer is a great tactic to give yourself an upper hand when asking for a pay raise. It is a trump card that you should only play if you feel you need to. - 15246
About the Author:
Trevor Davide Grant is a project manager in the IT field and has extensive experience in salary negotiation. Trevor has worked for global telecom, power utililties, software consulting, and a prevalent social network. He has learned salary negotiating in the most powerfulway. Learn great tacticson the topic of negotiating salary at www.HowToNegotiateASalary.com.
