How to Negotiate a Salary Increase in a Tough Economy
In difficult times, getting a raise is hard but not impossible. Employees are valuable assets that a company does not want to lose. Hiring, training and overhead costs may make the expense of hiring someone to replace you greater than the cost of your improved salary. Align your goals to those of your company and use good negotiating tactics to win a raise in tough economic conditions.
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Things You'll Need
- A good strategy
- A record of accomplishments and future goals
- Salary research
- Clear career goals
Instructions
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Request an appointment with your supervisor to talk about your performance and goals.
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Look over your complete salary and benefits package to make sure you understand the details of your compensation. Check with your human resources department if necessary. Your boss may offer you improved benefits rather than a salary increase.
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Review your calendar and other records and make a list of your major accomplishments over the past several months. Compare your achievements to your company's goals and point out how you are specifically supporting the organization's mission.
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Make a list of ways you have gone beyond your job description recently. If you have taken on tasks for a colleague who is on leave or are handling work that's usually done by someone higher in the organizational chain of command, mention it.
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Write down after-hours education or training opportunities you have pursued. This demonstrates your commitment to the job and your willingness to grow.
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Do some research to clarify the salary range for your job within your industry. Look to the U.S. Bureau of Labor Statistics and its "Occupational Outlook Handbook," check with friends who work for other companies, and ask executive search professionals to get a realistic idea of the raise you should ask for. A request that's not in line with the realities of your industry will make your supervisor question your judgment.
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Be direct about your desire for a raise when you meet with your boss. Don't be hesitant or apologetic. Avoid starting with your reasons for requesting a raise, making you sound unnecessarily defensive. Phrase your request positively and professionally.
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Ask what you can do to improve enough to gain a raise if your request is refused. Ask as well if the company can offer other benefits -- vacation days, education expenses and so on -- in lieu of a salary bump.
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Tips & Warnings
Write down your manager's suggestions for improvement and implement them. Use them as part of your salary negotiations next time.
Don't whine, beg or refer to personal financial needs. Keep the conversation professional.
Do not compare yourself to any other employee from your company.
References
- "Contemporary Business"; David L. Kurtz, et al.; 2009
- "Negotiate to Win!"; Patrick Collins; 2009
Resources
- Photo Credit Jupiterimages/Creatas/Getty Images
