How to negotiating a raise
Marc Baloch, Head of Global Insurance at Harvey Nash, shares his six steps to having a proactive talk about salary negotiations.
Salary is part retention strategy, part motivation and part reward, but it also has to be business justified.
If you feel like you deserve more or want to better understand the obstacles preventing you from getting a raise, here are six steps for a proactive salary negotiation.
1. Be fully prepared for the discussion - Arm yourself with all your recent achievements to demonstrate value. Job descriptions or even internal/external client praise can be used as a reference point to demonstrate delivery above and beyond the call of duty. Remember - to perform well is expected, to exceed gives you the ammunition for more.
2. Choose the right time for your discussion - The best time to broach a salary increase is during an appraisal or any formal feedback session. Always plan to have this discussion after a positive performance.
3. Propose a meeting to discuss your professional development - Salary is just one part of the equation, and by focusing on your development within the business you demonstrate strategic and long-term thinking about your career. If approached professionally and politely, salary negotiations can demonstrate maturity and management skills
4. Know your worth - It is always a positive thing to know how much you are worth at work. Benchmarking surveys are available online, and it is useful to build relationships with headhunters or talent development consultants who can offer an objective viewpoint.
5. Be mindful of the risks - Be mindful of other issues that may be happening in the business. Remember your issue is unlikely to be a top priority for others. Try to think objectively about whether you have placed a higher value on your worth than your manager, so you ask for a realistic raise
6. Be realistic in your negotiations - Don't be too pushy and be realistic about what is achievable. If you are viewed as a high value performer, typical internal pay rises should be between 10-20%. More than this is unusual and will likely only be achieved when moving jobs. You should discuss your expectations in an honest manner - stating exact amounts to avoid misinterpretation. Threats and personal agendas can be very harmful and are not advised. Remember, there should always be a business reason for negotiation.
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