A friend wants to re-negotiate his base salary to be within the range of peers in his field. We looked at a salary survey website and found that he is quite underpaid. Can a person re-negotiate their salary? Is it better to quit and then get re-hired?
Salary negotiation is not just reserved for new recruits. Anyone can negotiate their salary by asking for a raise. They must be well prepared with a deliberately planned strategy and a well developed supporting case to persuade the employer.
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 your market value - do not rely on just one salary survey source. Also, make sure you trust their data. Self-reported salary surveys are far less reliable than those that are reported by the human resource departments in the industry in your area.
2) Your value-add is a very powerful salary negotiation tool. You should be aware of all the ways you add value to the business and prepare to communicate it effectively to the boss.
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) Each person ultimately falls within a certain percentage on the salary scale. Are you a peak performer with lots of years in the industry? You'll need to agree with your employer where you fit within the performance range. Can you command the top salary within your range?
There are many factors to consider. I recommend doing a lot of research. One thing is for sure, you will not likely get the raise as quickly or necessarily as much as you were hoping for without mastering your skills in salary negotiation.
I highly recommend negotiating salary in your current job before considering leaving your job and trying to earn more money. This is particularly relevant if you are happy with your job aside from the salary.
One tactic that can give you an upper hand is to first get yourself another job offer. With that as your back up measure, you will have more leverage in negotiating salary.
Salary negotiation is not just reserved for new recruits. Anyone can negotiate their salary by asking for a raise. They must be well prepared with a deliberately planned strategy and a well developed supporting case to persuade the employer.
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 your market value - do not rely on just one salary survey source. Also, make sure you trust their data. Self-reported salary surveys are far less reliable than those that are reported by the human resource departments in the industry in your area.
2) Your value-add is a very powerful salary negotiation tool. You should be aware of all the ways you add value to the business and prepare to communicate it effectively to the boss.
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) Each person ultimately falls within a certain percentage on the salary scale. Are you a peak performer with lots of years in the industry? You'll need to agree with your employer where you fit within the performance range. Can you command the top salary within your range?
There are many factors to consider. I recommend doing a lot of research. One thing is for sure, you will not likely get the raise as quickly or necessarily as much as you were hoping for without mastering your skills in salary negotiation.
I highly recommend negotiating salary in your current job before considering leaving your job and trying to earn more money. This is particularly relevant if you are happy with your job aside from the salary.
One tactic that can give you an upper hand is to first get yourself another job offer. With that as your back up measure, you will have more leverage in negotiating salary.
About the Author:
Trevor Davide Grant is a IT manager in the IT field and has extensive experience in salary negotiation. Trevor has worked for large telecom, power utililties, software development consulting, and a prominent web 2.0 site. He has learned salary negotiating in the most powerfulway. Learn great tacticson the topic of negotiating salary at www.HowToNegotiateASalary.com.
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