4 Most Useful Tools to Take When Entering a Salary Negotiation

It is often the case that employees who have been with a company for a long time become underpaid compared to similar roles within the industry. This is often a result of taking on additional responsibilities without an appropriate increase in salary. It is also possible that new employees have leapfrogged you with higher starting salaries and bigger pay rises. However the pay difference has come about you will need to negotiate with your employers for a bigger raise than they may be planning to give you.

This is something that needs to be approached with caution and must be handled delicately, but it is something that you must do or you will be destined to be underpaid forever. The four tools below will ensure you are fully prepared and obtain the salary you deserve.

1.  Never lie

When looking for a pay rise you may be tempted to mention another job offer which does not actually exist. Alternatively you may have fudged your employment history. The problem with either of these scenarios is that they have the potential to backfire and give you serious problems. Your employer may feel that they do not need to give a pay rise and that they would be better off without you if you have already been looking elsewhere. They will then suggest that you take the other offer and leave you having to either back down or become jobless. Equally, a lie on your application form may be spotted and will not create a good impression of a new employee; it may even cost you your job.

2.  Understating your salary

It is essential to consider all benefits a part of your salary package and include them when either negotiating a new rate or listing your previous employments.  Listing your salary below what it actually was is a certain way of becoming underpaid in the future. It is also essential to make sure your employer understands your entire package and that part of your latest increase could be in the form of additional benefits – provided these will be of genuine benefit to you. A benefits package can be worth much more than a straight forward pay rise.

3.  Objective numbers

Once you have got their attention you need to emphasize that you are not being greedy but that you want to earn a fair salary for the work you perform. One of the easiest and most effective methods of doing this is to collect data from external sources. There are many websites which provide salary comparisons and average salaries for certain roles. Take data that is relevant to your industry and the size of your company. This should go into a negotiation with you to back-up your claim and increase your chances of getting the pay rise you deserve.

It can also be beneficial to look at the bottom line of the company. Assessing what additional value and revenue you currently bring or could bring to the company will give you a bartering point and you will be able to show how your increased salary will actually generate more revenue for the company.

4.  Emotions

Many people will tell you to leave your emotions out of any negotiation but it is a fact of life that people hire people. If you get along with the interviewer they are far more likely to want to employ you or assist you in getting what you need. This can be easily built into any meeting by thanking them for their time and acknowledging any points you agree on. 

Remind your employer that you are excited about the future and they will realize that you are there for the long term. If they have any reasons that they are unable, as opposed to unwilling, to give a pay rise then enquire how you can work round this together. It will be very difficult for anyone to say no to someone who has the facts in front of them and is trying to work with them.

Negotiating a better salary package is something everyone can achieve, providing that they enter negotiations with an open mind. Be yourself during the meeting, and don’t worry that you don’t have negotiation training. Bargaining for better incentives is easy when you know what you want and deserve.

By Davis Miller and TheGapPartnership.com!