SALARIES / JUL. 21, 2014
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How to Renegotiate Your Salary

Not happy with your current salary? Maybe you’ve been offered a lower salary than you expected for a new job, but out of desperation have accepted this. Or maybe it’s been a long time since you have had a raise in salary from your employer? Either way, it may be time to re-negotiate your salary.

Getting Paid What You are Worth

The truth is; not every employee is happy with the compensation they receive. But, unfortunately, people can be too afraid to speak up when it comes to pay rates -- for fear of losing a job. If you’re facing this dilemma, don’t freak out. Instead, think about it; you will need to approach your boss and clearly demonstrate your worth and why you are deserving of a better salary.

Sounds impossible? Relax! If you follow the steps below, you should be able to successfully renegotiate your salary and earn a better wage for the work you perform.

Sell Your Accomplishments

The very first thing you need to do is make a list of accomplishments you have at your current job. This is an important piece of evidence that will help you in the quest for renegotiating your salary. Employees should construct their own personnel files that can be used for negotiating a new salary. Keep copies of any training certificates you have earned, awards given to you by the company and any other evidence of your accomplishments. When you document all you have done to aid in the success of the company, it makes it easier for a superior to receive approval for a raise.

Provide Options

When it comes to re-negotiating your salary, do not limit yourself to the bottom line of your income. Provide your boss with options. They can include you taking on more responsibilities if your hourly pay is increased or having the company pay for any courses you take a local college that relate to your job. These are excellent options that many superiors will want to accept because they help not only the employee, but also the company. When you provide options, it shows the company you are concerned and invested in its success and bottom line, not just your paycheck.

Never, Ever Beg

Make sure you never beg your boss for a raise. This will never come across as professional and will not get you anywhere in negotiations. Also, when walking into a negotiating meeting, do not assume you deserve a raise because you have been with the company for a lengthy period. All of this will work against you during negotiations. Now, at the same time, do not sell yourself short during negotiations. You need to be positive about your chances, but not overly confident.

Conduct Research

As you prepare to renegotiate your salary, be sure to conduct research into comparable jobs within the same industry. Remember that the average salary increase is around 3% according to a recent article in Forbes, based on current surveys. When you do your own research, look at the salaries of those comparable jobs to see if you are making more, less, or about the same amount. Presenting data about your job when going into a negotiation is very important to your success.

When preparing to re-negotiate your salary, remember that you want to prove your value to your boss and to the organisation. Have a few examples of ways you have gone above and beyong the call of duty. Just as in any other business negotiation process, you will have to make it clear how much the company benefits from having you around and how much you bring to the table. 

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