How To Negotiate A RaiseHow to ask for a raise and get the salary you deserve
Professionalism is the best way to approach the issue on how to negotiate a raise. You cannot just walk into the office of your boss to ask for a salary increase. Even if your boss trusts you or you have friendly relationships with him or her, an informal approach may be improper to follow. This is true especially in a corporate set-up wherein there are protocols in place to tackle adjustments in compensation levels. Specific company policies and guidelines have been put in place and have to be strictly followed to better manage the business operations. In order to be successful in negotiating an increase in pay, you have to work within systems that are already in place.
The steps on how to negotiate a raise are oftentimes indicated in employee handbooks which are oftentimes distributed upon hiring. There are also employee orientation programs wherein new hires are briefed on company rules and regulations including those that govern compensation and benefits. If you are a new hire, be sure to participate in such programs; your co-employees as well as company newsletters are also good sources of information on existing company policies on salary adjustments. Any revision of compensation policies will also be likely announced through memos that will keep you updated on how to negotiate a raise.
Other updates that will be crucial in an increase is the salary level of your position in the company and the rate prevailing for equivalent jobs outside your organization You have to track if your salary level is within industry standard and the employer is paying what you`re really worth. Compensation for job positions is generally scaled according to experience and expertise. Those who have the tenure and better skills will be at the higher end while the inexperienced new hires will be at the low end of the wage spectrum. Examine your current job competency and highlight the accomplishments you`ve had to bolster your raise proposition on the negotiating table.
You will also have to research and the cost of living index to further enhance your capability on how to negotiate a raise. Knowledge of the cost of living index is important because it will tell you the amount of increase you need to ask to keep up with the rising inflation which in effect lessens the value of the salary you are receiving. Focus on having such a salary adjustment if the cost of living has substantially eroded the purchasing power of your take-home pay.
To be able to track such statistical data, you can avail of online resources. The websites that can provide valuable statistical inputs are those maintained by government labor agencies and private business associations. Once you have determined the existing salary levels of your position and the cost of living index, you will need a salary calculator in order to arrive at a specific figure that you will ask as a raise. Many career websites provide such devices. The most sought-after salary calculators are those featured in the e-book "The Ultimate Guide to Salary Increase". Follow this e-book`s link below for these tools as well other professional methods on how to negotiate a raise.