Even though some people genuinely like their jobs; most of us are working for one reason: to make money. Whether it is increasing our wealth or just trying to cover basic expenses, we all share the same belief: more money is better.
Negotiating your salary is one of the most difficult tasks an employee will ever go through, and what makes it exceptionally difficult is the lack of transparency with which many employers approach it. Sometimes the process can feel like a poker game instead of a professional discussion; you could walk out of a negotiation still wondering whether you are being treated fairly. But this is not a good outcome for you or your employer!
Finding Your True Value
Having a salary that represents your value and knowing your worth is so important that according to PayScale's Compensation Best Practices Report 2016, pursuing a higher salary elsewhere was the top reason most employees decided to quit their job. The study also found that most employees aren’t aware of the current market wage trends or whether they’re being paid a fair wage.
We understand: it can be very hard and scary. But not doing it at all is even scarier. The true challenge to negotiation is overcoming the fear that holds you back from asking for what you deserve. But if you understand why it is necessary, then you are much more likely to take action and eventually achieve your goals.
Even though we have already discussed how money is a strong motivating factor - nearly everyone needs more money - it is not enough to convince people to let go of their fears and negotiate. While a £5,000 annual raise may sound awesome, when you break it down into monthly salary and factor in income tax (amongst other taxes) it is only £250 a month - and depending on your needs, this may not be enough. So, you must think bigger and not focus on a single paycheck. Using the previous example of a £5,000 annual raise, if you look at the bigger picture, in 20 years, you could earn £100,000 more.
You can pay for your child’s university fees or take a sabbatical and travel the world. So, if you focus on the lifetime earning of this raise, there will be more chances to negotiate with your employer.
But, a salary negotiation should be about more than just money. Think outside the box: when you are negotiating for the salary you deserve, you are showing the employer that you’ve done your research and you know you're worth. You are standing up for yourself and everybody else you work with - make it easier for everyone to earn the what they deserve.
Before you start negotiating or arrange a meeting, it is important to know why you want to negotiate. And as soon as you find out your reason, you should arrange a meeting to get what you deserve.
The Gender Pay Gap
Here are some great information websites and online calculators to make your life easier.
- Job Search Intelligence
- Career Builder
- The Salary Calculator
- Salary Bot
- Pay Check City
In an ideal scenario, both parties involved in a salary negotiation should leave feeling that they’ve won. You always want employers to have a good feeling about what they are paying you for your services. Use this article as your ultimate guide to negotiating your salary, but, keep in mind that there is never a guarantee that you will get a better wage because unfortunately, due to tight competition and strict budgets your results may be affected. Nevertheless, when you don’t even try negotiating you are in fact harming your career growth and life in general. So, follow this guide, do your best and try it to find out.
Have you ever been through this procedure before? Do you have any tips? Share them in the comments section below…