Are you the person who is looking for the tricks and strategies to get a Big Salary Hike, or you want to double it in one year but you are serious to work for it?, Then these 9 tips can help you to achieve it?
If you are looking for a new job or waiting for an increment or promotion in the coming cycle, then you should know how to negotiate the salary.
Do you know 37% of employees always negotiate their salaries either at the time of interview or promotion cycle, 18% never do and the more strange thing is that 44% even don’t think about this? (A survey was done by Salary.com)
AND THE BIGGEST REASON IS FEAR.
Salary negotiation is scary but not doing is scarier.
Here’s a good example: A famous study done by Linda Babcock for her book Women Don’t Ask revealed that only about 7% of women attempted to negotiate their first salary, while 57% of men did. Of those people who negotiated, they were able to increase their salary by over 7%. (source: themuse.com)
So, no matter you are fresher or experienced, boy or girl, executive or manager, it’s time to learn how to get a salary hike and learn how to negotiate it.
Tip 1: ABC Rule (Acceptance, Belief, and Clarity)
- The first thing is Acceptance. Acceptance of your potential, efficiency, expertise, and your value. You must be aware of your strength, expertise, and weakness too. Your value is what you decide.
- The second thing is Belief. Your body reacts as you believe in your mind. So if you have 100% belief in your skills, knowledge, and expertise, then your confidence will be at a different level. The sparkle in your eyes and the pitch of your voice build the first impression in front of the recruiters. So Believe in Yourself.
- The third thing is Clarity. You should be clear about your KRA or job profile. Clarity of your work profile or job requirement always helps in better negotiation. There should be no confusion about what a recruiter is looking for and what you are giving him. Clarity clears confusion and creates a clean path where you can represent yourself more precisely.
Tip 2: Market Research
- As you know prevention is better than cure. So you must research well about your industry trends, an average salary package, competitor company analysis, and your competitor colleagues analysis too.
- You can do market research by doing an online search on sites such as Payscale or Glassdoor or LinkedIn.
- You can also ask others in your field of different company including both men and women, to avoid falling victim to the gender pay gap.
Tip 3: The Right vs Exact Number
- If you have finished with research work in the above tip, then finalized two things for salary negotiation. One, the higher range which is “Right Digit” which you feel your value against your experience, knowledge, and expertise. Second, the “Exact Number” which will be your last value where you dare to say “No”.
- According to researchers at Columbia Business School, you should ask for a very specific number—say Rs. 64,750 rather than Rs. 65,000. (Source: themuse.com)
Tip 4: Documentation
- Prepare your documents properly including one page summary of your work profile and achievements, awards, and customer or co-worker testimonials. It will help you to keep your points specific and precise.
- If possible, print a copy of your summary page for your manager to look at while you summarize what you’ve achieved this year. You’ll want to specifically highlight times when you’ve gone above and beyond in your role, which will build the case that you deserve a raise.
Tip 5: Are You Ready?
- Before you ask for a salary hike, you should ask yourself a few questions
- Have you completed one year at least in your job?
- Have you taken on new responsibilities since you’ve been hired?
- Have you been exceeding expectations (rather than just meeting them)?
- Have you been achieved any special title or extraordinary task?
The answer to all of these should be “yes” before expecting any salary hike.
Tip 6: Stay Positive and Confident
- People usually feel negotiation scary, but you should always keep the conversation on a positive note, recommends Forbes. “[Kick] off the conversation with something like, ‘I enjoy working here and find my work very challenging. In the last year, I’ve been feeling that the scope of my work has expanded quite a bit. I believe my roles and responsibilities, and my contributions have risen. I’d like to discuss with you the possibilities of reviewing my compensation.’” (source:themuse.com)
Tip 7: Be Fearless for Asking More
- Always ask for more than you want. Psychology says that if one asks more, it means he or she is getting a better deal.
- Don’t fear asking for too much! The worst that can happen if you give a high number is that the other party will counteroffer—but the worst that can happen if you don’t negotiate is that you’ll get nothing.
- Never give a range like “I’m looking for between 30-35K.”. It will give the recruiter a chance to start it from the lower digit and also it imparts a bad impression of your clarity.
Tip 8: Never Give Personal Excuse
- Don’t focus on your personal needs—like your house rent, school fees, any illness, children’s expenses, etc have gone up. There are higher chances that your co-workers are dealing with similar situations in the same or lesser salary than yours.
- When you focus on your performance and achievements, You can make a much better deal to your boss (and his or her boss!) that you’re worth more for a higher salary.
Tip 9: Right Timing
- Timing is everything. Most people wait until performance review season to ask for a salary adjustment, but by that time, your boss has probably already decided what raises will be given out to the team.
- Instead? “Start talking to your boss about getting a raise three to four months in advance,” writer and former human resources professional Suzanne Lucas of EvilHRLady.org told LearnVest. “That’s when they decide the budget.”
- Practice, practice, and practice. Write down what you want to say, and practice to a mirror, on video, or with a friend until you’re super comfortable having the conversation.
Dr. Vijay Viraj is empowering employees for the last 7+ years and has been trained many people to perform best in their workplace. His EMPLOYEE FREEDOM MODEL training program has helped many employees to achieve their desired salary hike, promotion, and leadership skills to skyrocket their job career to a new level.