How to Renegotiate Your Salary

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Job hunting can be an exhausting process. Months can pass without promise of a new position. When you finally land a job, the excitement of having new income may overshadow your ability to negotiate your salary. When you sign your offer letter, your starting salary is firm until you reach milestones set by the employer or your job duties change to warrant a higher salary. Renegotiating your salary with your employer is often intimidating. Boost your confidence by preparing a presentation.

  • Read a copy of your most current performance review. Many employers evaluate your performance each year to provide feedback on how you manage your essential job duties. If your employer does not complete an annual review, consider requesting a review of your performance to find areas where you can improve. Utilize feedback offered in your review for at least six months before attempting to negotiate a raise.

  • Use a free online salary analyzer such as Payscale.com or Salary.com to assess whether your current salary is competitive. Enter your job title, education level and ZIP code in the salary generator and click “Next.” Your search results yield a list of jobs that match the title you enter. Select the title with the description that corresponds to your job responsibilities. A salary scale appears, revealing the average income for your job title.

  • Compare the results to your current salary. If you make below the average salary for your area, you have grounds to negotiate a higher salary. However, if you earn more than the average person with your job title and responsibilities, the best way to negotiate a higher salary is to request a promotion to a new job title. If your salary matches the average salary in your region, your performance should be above average to justify a higher salary.

  • Create a presentation inclusive of your salary research and performance review notes. Discuss how your current salary can be improved through a promotion or raise based on the value you add to the company. Include praise from customers or clients in your presentation to further illustrate your above-average performance. Begin your presentation with a discussion of the job first, not your salary, according to "The Washington Post."

  • Request a specific dollar amount or job title when negotiating in your salary, rather than simply suggesting you want more money or a better paid position. Start your negotiations at an ideal salary and have a minimum amount you would accept to remain comfortable in the position.

Tips & Warnings

  • While there is no perfect time to negotiate salary, the size of your company and state of the job market are important considerations. These factors affect your worth and can mean your value to the company is reduced due to increased talent in the job pool or multiple people within your company fulfilling the same role.
  • Be prepared for objections from your employer. ABC News recommends finding out all the reasons an employer might say no to your request and crafting responses to each objection.

References

  • Photo Credit Brand X Pictures/Brand X Pictures/Getty Images
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