Trying to negotiate a salary increase can seem like a daunting task, especially in tough economic times like a recession. However, this guide will give you some tips on how to negotiate a salary increase.
The first thing to do to get you started thinking about negotiating a salary increase is to find out your company's policy and procedures for how salary increases and raises are made.
What time of year do reviews happen? Is it once or twice a year? Who does the reviews and salary increases? Is it your manager or hr?
Decide if it is likely to ask your company for a salary increase.
If a company has mandated a salary freeze or if there is an overwhelming amount of competition for a job similar to yours with few job openings, it may be wise to take a little time and think about whether a salary increase is possible from the corporate side of things.
The next thing you need to prepare to negotiate a salary increase is to think about reasons why you deserve a raise.
Have you learned any new skills? Did you contribute to the company or win any awards? When was the last time you had your last salary raise? etc..
Schedule a meeting with your manager to discuss your performance and professional goals. Try to time this during a not so busy time and preferably when you've been performing well at your job.
During the salary negotiations, stay calm, confident and firm. State your reasons and listen to your manager's perspective. However try not to give your manager an ultimatum.
Finally, if a salary increase wasn't possible, ask for feedback and action steps you can take to prepare for the next possibility for a salary increase. Learn from this experience and start preparing and performing for the next one!
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