Path To Earning

Salary Secrets Revealed: How to Win Big by Negotiating a Pay Raise

Unlike any other rewards, only money holds so much underlying power as to escalate or plunge an employee’s work motivation, and performance and determine their ability to meet their targets. For every task assigned, monetary and non- monetary incentives follow. Money benefits in the form of salary or wages, bonuses, promotions, stock options etc. are quite eagerly anticipated upon completion of the assigned work. Even more, after years of service at a specific company or when you outdo your performance expectations, it becomes crucial to advocate for your worth and seek befitting compensation for your contributions. Negotiating a higher salary is often considered an uphill battle which most employees dread to walk upon.

In this blog guide, brought to you by Patron Career Staffing, a leading career placement agency in Canada, we explore various strategies to help you master the art of negotiating a pay rise and unlock your earning potential:

PCS’s ultimate playbook for negotiating a pay rise at work:

We only want what’s best for you, thereby we are exploring several techniques to help you negotiate a well-deserved pay rise and advance successfully in your career trajectory. Read on to understand how the modern work arena is a two-way street, where it's essential to communicate your needs to your employer.

1. Recognize and embrace your value

Gone are the days when employees were expected to showcase unfaltering loyalty without any expectations in return. The work landscape has evolved and now employees are allowed to send clear signals of their expectations of a raise in their salary to their bosses. Communication is key here, along with open dialogue and negotiation.

. Estimate your skills and achievements:

The very first step you need to take on your path of earning more is to carefully assess, understand and articulate the true potential and value you bring to your organization. In this self-assessment, all you have to pull together are factors such as-

Years of expertise

Inventory of your skills, and accomplishments

Successful projects you have worked upon

Leadership experience

Education

Additional or job-related certifications

Other key milestones you have achieved

Positive influence and share in the accomplishment of the company’s objectives

. Explore the latest market trends

To support your plea for a pay rise, you have to essentially gather exact numbers of which other companies are paying their employees for a much similar role as yours. You can take into consideration parameters such as industry standards and salary benchmarks for your position. It will not only serve as a foundation for your negotiation strategy but also give you insight into how your current salary aligns with industry expectations. You can give this evidence to help your case.

Related: BEGINNER’S CAREER PLAN GUIDE

2. Strategic timing and meticulous preparation

Choosing the right moment: Seizing Opportunities Time frame plays an important role in determining the success of your negotiation. Choose the right moment to discuss your pay rise, for instance during performance appraisals or reviews especially when you’re an old employee asking for a raise in the current job role. If you’re a fresh hire, schedule an appropriate time to talk with your hiring manager after having evaluated the compensation being offered.

. Build a solid case: Gather Evidence and Documentations

Foolproof evidence and documents are essential in upholding your case. Collect feedback from customers, and colleagues and compiles your accomplishments and successes, projects, tasks you’ve headed, or other quantifiable goals you achieved to declare your worth to the company.

. Mapping your path: Set Realistic Goals

Don’t consume yourself in the urge to upgrade to an unrealistic salary range. Perform market research, and industry standards and see to your performance chart before entering into such negotiation. At this stage, you may still consider asking for non-monetary incentives in the form of- additional vacation time, career advancement opportunities, training, and remote work arrangements that will accompany your overall salary package.

3. Effective negotiation tactics

. Initiating dialogue

Request your supervisor or HR to schedule a meeting for you both to discuss terms for salary raise. Beforehand you should rehearse and practice your talking points, which should highlight your zeal for the company as well as your job role. Be humble, but confident and express gratitude.

. Explore other options

Where a salary increase is not possible immediately, you can opt for other alternative benefits too such as performance bonuses, upskilling opportunities, mentoring, one-on-one counselling sessions, equity shares and so on.

4. Sealing the deal: follow up

Discuss further steps

After discussion, clarify all outcomes. If they say “yes”, confirm the raise and adjustments to be made to your compensation package. Also, you must clarify further steps to be followed. Maintain transparency and a positive attitude throughout this process.

Also, do check out our blog on PERFORMANCE APPRAISALS

Summing up

Negotiating a pay rise may seem like a daunting challenge at first, but it is an essential component of your career progression. Follow the above-listed steps to succeed in your attempt to negotiate your salary with the utmost professionalism.

PCS is a premier career placement agency which is here to support you on your journey to career acceleration and advancement. Our team is committed to helping you achieve your professional goals with our valuable resources and extensive guidance.

We wish you good luck in your pursuit of a well-deserved pay rise!

Get in touch now!