People commonly give two pieces of advice to those tackling debt: reduce spending and increase income. Decreasing expenses can be straightforward, but the challenge of boosting income often leaves individuals perplexed. Naturally, everyone aspires to have more money, right?
When focusing on debt repayment, several people consider taking a second job or picking up freelancing projects to make extra money. However, why not consider your current occupation as an opportunity to earn more?
A common hurdle is the fear of rejection that keeps people from requesting a pay increase. But remember, fear should hardly deter you from making the request. The worst response you can receive is a “no.”
Imagine if the answer turned out to be a “yes”? Here are some strategies to negotiate a salary increment effectively.
Initial Focus – Your Value
Commence your wage negotiation by scheduling an appointment with your employer. Begin the dialogue by emphasizing your significance to the company and how you’ve enhanced its net worth.
Highlight your most recent and valuable accomplishments, ideally linking them to numerical figures—many business leaders appreciate quantitative data. For instance, perhaps you attracted a major client that amplified the company’s productivity by 5%? Have you pulled off a large-scale event while staying under budget? Managed to cut company costs by 10% since joining? Streamlined operations? These figures are crucial to garnering your manager’s interest and demonstrating your worth to the company.
Identify Your Responsibilities
Emphasize the multitude of your responsibilities and how you’ve outperformed them to truly prove your importance to the company. Simply fulfilling your job description won’t necessarily secure a raise. However, proof that you’ve gone above and beyond your job responsibilities could greatly sway the scales in your favor.
Research Thoroughly
Ensure you have a clear figure in mind when asking for a pay raise. Comparing your current wage with the industry standard will increase your chances of a favorable outcome, especially if you can demonstrate that you’re underpaid. Perhaps stating a salary range might be more effective, but it greatly depends on what you think would resonate best with your supervisor.
Prepare a Backup Plan
In case your initial request is declined with no promise of future review, have an alternate plan on hand. You could consider requesting additional vacation time or more flexible hours. Many companies may find it easier to offer non-monetary perks that won’t impact their bottom line.
If your superiors agree to reconsider your pay hike in the future, pencil in that future date on your calendar right away to ensure you remember to arrange a follow-up meeting. It’s not uncommon for managers to procrastinate and overlook this unless you prioritize it.
(Source: smartasset.com)
