"This negotiation escalated quickly."
April 16, 2015
There may be few universal truths in the world, but a desire for a raise is most likely among them. For many people their salary is deeply emotional, because it directly affects their emotional health. Since a pay raise can be so vital to the rest of your life, obtaining the raise you deserve is of high value. We asked our experts what the best ways are to get the pay raise that you deserve.
When should someone expect to receive a pay raise?
Emily from Fifth Third Bank said this in response, “You could expect a review and hopefully a small pay increase if you work at a company with a formal review process. Some smaller organizations do not do annual reviews consistently. Often times, the increases are pretty small, though, between 1-3%, so be sure to set your expectations appropriately. Bigger bumps in pay would typically come with a promotion.”
Each company does pay raises differently, so it’s absolutely vital that you talk with your Human Resources department to clarify the nature of how pay raises are given out. Some companies do semi-annual reviews, and others perform annual reviews. As Emily noted during your review period you should expect a modest bump in your pay. The only other time that a pay raise may be expected is when you receive a promotion. It’s during those times, reviews and promotions, that you a pay raise will be a natural part of the discussion.
Is it ever acceptable for a person to negotiate a pay raise outside of a promotion or annual review?
An expert from Textron, John, had this to offer, “The piece of advice I have for you is to do your research before negotiating your salary. There are many factors that go into determining the salary for an employee. I recommend researching similar roles to the one you have within the area of the company. The salary for the same position will most likely vary in different parts of the country. You will also need to take into account your education and also years of prior experience. All of these aspects are important when a company makes a decision [in regards to] salary. Be sure to understand what a realistic salary will be based on your experience and the location of the position.”
If you’re going to ask for an increase in your salary it’s going to be extremely important to come prepared to make your case. If you have any relevant measurements of your job performance, or if you have acquired a new degree it will be beneficial to bring this kind of material to your meeting. As John mentioned, it will also be helpful to go in with a sense of what other individuals in your position at the company make, or what someone in a similar position makes at a competing company. This will require you doing your own research by talking with some of your coworkers, and finding third party organizations to provide the information. Sites like glassdoor.com can be helpful to provide that kind of data.
What does the actual process of salary negotiation look like?
A hiring expert from Pitney Bowes, Nell, gave these 3 practical bits of wisdom:
“1) If possible, in-person negotiation is impressive. I have only had one person do it, and it showed me that she was serious about the position and made an extra effort to ensure the process was interpreted the correct way.
2) Always, always, always be grateful and gracious about the offer. You never want to burn bridges because they may have something else for you in the future.
3) When countering an offer; do not make the counter unrealistic, this could potentially damage your reputation. It will be important to research to understand the market value for your position.”
It’s vital to realize that there is generally a salary range for most positions within a company. So this means that you could find the salary you believe you deserve at your current place of employment, or you may need to go to another company in order to achieve your salary goals. Regardless of what you do, salary negotiations will require you to know your stuff. The more informed you are, the better you’ll be able to negotiate.