Let’s face it: there will come a time in your career when a change sounds like the right move to make. And for some people, 2023 will be the year.
If you’re ready to change careers, you should also be prepared to negotiate a pay raise. Negotiating a pay raise can be a challenging but important task for your financial future. Here are some tips to help you prepare for and successfully negotiate a pay raise in a new position.
Research your worth
Before you approach your employer about a pay raise, it’s important to have a clear understanding of what you’re worth in the job market. Research the going rate for your position and industry, and gather data on your own skills, experience, and accomplishments to help support your case for a raise.
Tip: Glassdoor is one of the best online resources for understanding what other professionals are being paid.
Make a case for your value
To effectively negotiate a pay raise, you’ll need to make a compelling case for why you deserve one. Consider your contributions to the company, such as increasing sales, improving processes, or taking on additional responsibilities. Be prepared to present specific examples and quantify the impact of your contributions.
Practice your negotiation skills
Negotiating can be intimidating, especially if you’re not used to it. Practice beforehand by role-playing with a friend or family member, or by considering possible objections and preparing responses.
Prepare for the conversation
Before you meet with your employer, take the time to plan out what you want to say and how you want to say it. Consider your opening statement, the points you want to make, and any potential counterarguments.
Choose the right time
Timing is key when it comes to negotiating a pay raise. Consider approaching your employer when the company is doing well, or when you’ve recently made a significant contribution or achieved a major milestone. Avoid bringing up the topic during times of stress or crisis.
Remember to stay calm and composed during the negotiation. Avoid getting emotional or confrontational, and maintain a respectful and professional tone.
Be open to compromise
It’s unlikely that you’ll get everything you ask for, and it’s important to be open to compromise. Consider what you’re willing to accept in order to reach an agreement, and be prepared to negotiate on issues such as benefits or additional PTO and sick days.
Once you’ve had the conversation, make sure to follow up with your employer to ensure that any agreed-upon changes are implemented. If you don’t hear back, consider sending a polite reminder or setting up a follow-up meeting.
Negotiating a pay raise can be intimidating, but by researching, preparing for the conversation, and being open to compromise, you can increase your chances of success. Remember to be professional and respectful at all times, and keep in mind that even if you don’t get the raise you’re hoping for, the negotiation process can still be a valuable learning experience that will pay off at some point down the road.