I know that on this blog I talk a lot about working for yourself. However, that doesn’t mean that I’m against a person working for someone else (there are, of course, both pros and cons of self-employment).
Even if you work for someone else, increasing your salary can still be a part of your plan for financial independence.
Maybe one of the ways that you diversify your finances is by working for someone else and this is one of your forms of income (Robert at Beat The 9 To 5 is one of those people! – he has multiple streams of income that include his day job). Or maybe you want to increase your income at your current job as much as you can so that you can retire earlier.
Whatever your reason is, if you can increase your salary by negotiating for it, then you definitely should.
I know that asking for a raise at your current job or negotiating your salary for a new job is hard. It can be tough to put yourself out there and do this. However, the more prepared you are, the better chance you have of getting the salary that you want!
Here are four tips to negotiate your salary successfully.
1. Be polite.
You shouldn’t threaten your boss (or future boss) when you are asking for a higher salary. Always be polite and show respect for the person that you are talking to.
You should also try to set up a meeting for the salary negotiation if you can instead of butting into a conversation that your boss is having with someone (I have heard of someone doing this!).
Also, I have heard of many people threatening to leave for another job that offers more money. This isn’t always the best thing to bring up in a threatening manner. An example would be if you have been working somewhere for a few years and told your boss that you have another job offer somewhere else and if they don’t meet the salary amount that you will leave.
This may make your manager let you leave the company (or just fire you) because you are not dedicated to the company. If you are willing to risk your current job by threatening to leave, then by all means do so. You just have to realize that there may be consequences!
2. Research what others in a similar position to yours make.
Before you ask for a salary increase, it is always wise to know what others make in your position so that you can use that to your advantage. If you know that many others are making thousands and thousands of dollars more than you, then you should back it up with proof.
You should research the following:
- What do others at similar companies make?
- What do others in similar positions to yours make?
- What do others in your city/area make?
- What do others in your specific field make?
3. Know what else to ask for.
If you can’t get the salary that you want, then try asking for something else. You could ask for a better benefits package, more vacation time, paid time off, health insurance and more.
4. Be confident.
No matter what you do, always make sure that you are confident when you are speaking. If you are not confident, then it will show. If you don’t believe in yourself, then how will you persuade someone to give you a raise?
You need to be able to tell them confidently why you desire a raise. You should bring past results of yours to your salary negotiation so that you can show that you are an important part of the organization and that you deserve the raise.
What salary negotiation advice do you have?