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- Understanding how employers determine salaries
- Determining your priorities
- Writing your negotiation story
- Reviewing the offer
- Holding the conversation
- Leaving an old job on good terms
- Understanding equity compensation
Skill Level Appropriate for all
Even when you're currently in a job position, you may still have the power to negotiate your salary. Remember, employers want to retain you. For the most part, there are things you can negotiate no matter what industry you're in. There are two options that you can use. The first option is to negotiate during your performance review. Often this comes once a year when you sit down with the supervisor and assess your prior year's performance. However, you might want to start the conversation earlier than the scheduled review.
The second option is to request an equity review. An equity review is a review that you request from your employer. Often times, when you've been in a position for a longer period of time, your position may have changed or you've obtained new skills or degrees that are not reflected in your current salary. In this case, you can request to review your position with HR. A good HR team is going to say yes to that review because they're going to want to make sure they are in line with internal equity.
Preparation for both types of review is just as important as it is with a new offer. Keep a file of successful projects, additional work, new skills, and contributions you've made to the bottom-line of the organization. Review this file to develop and practice the story that shows the impact you've had. Come prepared with the research you've done to determine competitive salary ranges for your role, industry, and geographic region. These numbers will help to support your request for an increase.
Based on this research, you should have a figure in mind. This way, if your employer states that raises are standard across the board, you can come back with your story and research on why you deserve more. Remember, there's usually room for special cases. If you've done a great job, the employer will want to stay competitive, ensuring they don't lose you to another organization. However, there may be cases where they are not able to accommodate your request. You'll want to maintain good relations, but also show your disappointment.
At this point, there are two things you can do. First, you can negotiate for other benefits like flexible time or further education. Second, you can negotiate a timeline to achieve an increased salary. Outline with your boss the steps you need to take to get there. Once you've confirmed those expectations, get it in writing.