We have all been there. We have been working hard for the company, and we know that we deserve a pay raise. But how do you ask for one? How do you negotiate a raise?
The One Factor That Will Determine Whether You Succeed Or Fail at Negotiating a Pay Raise is…having a strong understanding of what you are worth as an employee.
The process of negotiating a pay raise can be intimidating, but it doesn’t have to be. With these five steps, you will be able to successfully negotiate one:
1. Do Your Research: The first step is to research what other people with similar positions and experience are making in your area. This will give you an idea of how much more money you should ask for.
2. Know your Worth: Before you even think about negotiating, you need to know what your worth is. Review your skills and your professional experience to include as part of your negotiation.
3. Understand the Process: The next step in the negotiation process is understanding how negotiations actually work in the company that you work for. Some companies may have a formal process where others might not have any set guidelines at all.
4. Ask for Feedback: It’s important to regularly check in with your manager or supervisor to see if they are satisfied with your performance or if there are any areas that could be improved. This will be an indicator of how you are being perceived in the workplace prior to your request for a pay raise.
5. Make an Appointment with your Manager or Supervisor and HR: If all of the previous points have been met, then it is time to officially request your much-deserved pay raise.
The most important thing to remember when negotiating is that you should never go into it thinking that you will lose. You should always go in with the mentality that you will win so that you present yourself in a professional yet confident manner.