The Ins and Outs of Salary Negotiations
By Deanna Bonaparte
After all the years of dealing with hair-pulling issues at work and labouring over unending tasks and demands, perhaps you feel it is time for you to be given credit where credit is due – a reasonable increase in your salary. Before this happens, you need to make the bold move to negotiate your salary. A salary negotiation is a process that should be walked through carefully. Here are some things to keep in mind before you propose one.
Research, Research, Research
Firstly, you need to justify a salary increment. Start by using the JobsCentral Salary Calculator to check the average salary of your profession. When you are aware of the median and first and third quartile salary of workers who hold a similar position in the industry, you are able to make a stronger case for a salary increment.
You can also make use of the JobsCentral Salary BenchMarker to benchmark your salary against similar position holders and see where you stand among them in the industry. The processor also allows you to see how long it will take for you to reach the next percentile in your group. With such quantitative data, your employer will feel the need to raise his/her game (and your salary) to remain competitive in the industry and to ensure your stronger commitment to the company.
Your Past Contributions
It is also important to retrieve past performance appraisals that document the responsibilities you have successfully fulfilled. In addition, get hold of hardcopies of your set of Key Performance Indicators that showcases your current roles and job scope (otherwise evidence of your tall orders). These documents will support your argument that your salary should be commensurate with the amount of effort you have put – and are still putting – into your work.
Negotiate Other Benefits
There is no harm in asking for a salary increment. However, you need to be aware of the company’s policies regarding compensation and its current financial status. Perhaps the company is running on a tight budget and is unable to give you a pay raise for the time being. Thus, begin the salary negotiation by asking about the company’s concerns finance-wise and make the transition into the actual salary negotiation from there.
Apart from an increase in salary, employee benefits include non-monetary ones such as having an extra week of paid leave, flexible work arrangements and health insurance. If a salary increment is a no-go, consider negotiating your entitlement to such non-monetary benefits instead.
A salary negotiation is a situation that both company veterans and new employees feel uncomfortable about being in. It is certainly less nerve-wracking when you know that you have prepared well for your case and are able to use your achievements to justify a raise in your salary. All the best for your salary negotiation!
What other tips do you have for those who want to negotiate their salary? Share with us in the comment box below! CareerBuilder Singapore is the owner of JobsCentral.com.sg, one of Singapore's largest job and learning portals. Get a free career personality test and more career- and education-related articles at JobsCentral and JobsCentral Community. Alternatively, Like us on JobsCentral Facebook Page or Follow JobsCentral on Twitter for more career-centric content!