A friend wants to re-negotiate his base salary to be within the range of peers in his field. We looked at a salary survey website and found that he is quite underpaid. Can a person re-negotiate their salary? Is it better to quit and then get re-hired?
Certainly, anyone can negotiate a pay increase at any time in their career. I often recommend people start considering how they would approach their employers for their pay increase.
Its not a good idea to ask for a raise too soon after accepting a job or receiving a pay raise. It is important before these events that you know your value to the company and you negotiate based on your knowledge of the job market.
There are many ways to increase your total compensation. Think about things like stock options, improved benefits, more days off, or pension plan contributions as other value adds to your compensation. Sometimes it is easier for the employer to give you what you want if you aren't looking at the hard cash bottom line.
Prior to asking for a pay increase you should do make sure to take a number of steps.
1) Know the value of your skills in your area. Research multiple sources for salary data, and be aware that surveys conducted by HR will be more reliable than those that are self-reported by employees.
2) Your value proposition is a very powerful persuasion tool. Make sure you consider all the ways you ad value to the business. Profit, cost savings, quality, customer satisfaction are all value adds that literally translate into bottom line. You need to assess your contribution to the bottom line.
3) Prepare yourself to discuss this with the boss, and mention that you would like an increase to be in line with the current job market salary range.
4) Having done your research and having an intuition for where your performance falls within the percentile range, you will need to have a conversation with your boss and agree on the level you are performing at.
There are many factors to consider. I recommend doing a lot of research. One thing is for sure, you will not likely get the raise as quickly or necessarily as much as you were hoping for without mastering your skills in salary negotiation.
I highly recommend negotiating salary in your current job before considering leaving your job and trying to earn more money. This is particularly relevant if you are happy with your job aside from the salary.
Either way one strategy that helps in negotiation is to have another job offer in hand. With that in your back pocket you will have more leverage with you salary negotiation. - 15478
Certainly, anyone can negotiate a pay increase at any time in their career. I often recommend people start considering how they would approach their employers for their pay increase.
Its not a good idea to ask for a raise too soon after accepting a job or receiving a pay raise. It is important before these events that you know your value to the company and you negotiate based on your knowledge of the job market.
There are many ways to increase your total compensation. Think about things like stock options, improved benefits, more days off, or pension plan contributions as other value adds to your compensation. Sometimes it is easier for the employer to give you what you want if you aren't looking at the hard cash bottom line.
Prior to asking for a pay increase you should do make sure to take a number of steps.
1) Know the value of your skills in your area. Research multiple sources for salary data, and be aware that surveys conducted by HR will be more reliable than those that are self-reported by employees.
2) Your value proposition is a very powerful persuasion tool. Make sure you consider all the ways you ad value to the business. Profit, cost savings, quality, customer satisfaction are all value adds that literally translate into bottom line. You need to assess your contribution to the bottom line.
3) Prepare yourself to discuss this with the boss, and mention that you would like an increase to be in line with the current job market salary range.
4) Having done your research and having an intuition for where your performance falls within the percentile range, you will need to have a conversation with your boss and agree on the level you are performing at.
There are many factors to consider. I recommend doing a lot of research. One thing is for sure, you will not likely get the raise as quickly or necessarily as much as you were hoping for without mastering your skills in salary negotiation.
I highly recommend negotiating salary in your current job before considering leaving your job and trying to earn more money. This is particularly relevant if you are happy with your job aside from the salary.
Either way one strategy that helps in negotiation is to have another job offer in hand. With that in your back pocket you will have more leverage with you salary negotiation. - 15478
About the Author:
Trevor Davide Grant is a IT manager in the IT field and has extensive experience in salary negotiation. Trevor has worked for global telecom, power utililties, software development consulting, and a prominent social network. He has learned salary negotiating in the most powerfulway. Learn great tacticson the topic of salary negotiating at www.HowToNegotiateASalary.com.
