While money isn’t the only reason that we head to work every day, it’s almost always an essential part of it. After all, we wouldn’t work for free – and if we did, we’d expect to be doing the kind of work that we find so fulfilling that it might not be called work at all.
The amount of money you’re bringing in might make a big difference to your willingness to stay in a given position. After all, most of us would rather earn more money than we currently do, and most of us would leave our jobs if we took a substantial enough pay cut.
Getting a pay rise isn’t always easy. But there is a skill to it, and there are a few common strategies that will give you the best possible chance of success when you’re just entering negotiations.
Do your research
You should have a good idea of what the going rate is for the kind of labour you’re providing. Or, to put it another way, how much you’d get if you were to leave your current position and find a new one. You can think of the negotiation as between two possible future versions of yourself. In one possible future, you’re in your current position, and in the other, you’ve made a move elsewhere. If you have an idea of the kind of salary the latter is going to get, then you’ll have an idea of how much the former should demand.
You can usually do this research online, by simply asking Google. Suppose you’re a construction site manager. How much do construction site managers earn? The answer will vary, but by looking on a few jobsites, you’ll be able to narrow the range considerable.
Highlight your Skills and Experience
You should look to demonstrate how valuable you are to the company – not only in the build-up to any negotiations, but on an ongoing basis. If possible, try to find some quantifiable metrics that you can point to when asked how much you’re contributing. Ideally, you want the people who make the decision to imagine a future for the company without you in it – and for that future to be worse than the alternative.
Businesses have a natural incentive to hold onto valued members of staff, since staff turnover means having to replace and retrain. Use that to your advantage!
Discuss your Pay Expectations
If you don’t actually say how much money you’re looking for, then you’ll be inviting a guess from the other side. This might lead to an unnecessary round of back-and-forth. You might decide to temper your expectations when you receive an offer that isn’t quite as high as you expected – but you should start by outlining them clearly.
