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.
Not only is a salary an important factor of the compensation package, one can also look at factors like improved benefits, more time off, stock options or stock purchase plan. You may look to other creative compensation strategies to entice your employer to bolster your income.
Before going for a pay raise, one needs to do a number of things.
1) Know your market value - do not rely on just one salary survey source. Also, make sure you trust their data. Self-reported salary surveys are far less reliable than those that are reported by the human resource departments in the industry in your area.
2) Your value-add is a very powerful salary negotiation tool. You should be aware of all the ways you add value to the business and prepare to communicate it effectively to the boss.
3) You will need to discuss with the boss that you know the salary range for the current market. Be prepared with facts, and also prepared to approach this conversation with tactfulness.
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.
If you love your career where you are working, you may need to balance the quality of the worklife with your need for an increase in pay. I recommend looking for an increase where you work first before going through the job efforts unless you're unhappy with your job.
One tactic that can give you an upper hand is to first get yourself another job offer. With that as your back up measure, you will have more leverage in negotiating salary. - 16492
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.
Not only is a salary an important factor of the compensation package, one can also look at factors like improved benefits, more time off, stock options or stock purchase plan. You may look to other creative compensation strategies to entice your employer to bolster your income.
Before going for a pay raise, one needs to do a number of things.
1) Know your market value - do not rely on just one salary survey source. Also, make sure you trust their data. Self-reported salary surveys are far less reliable than those that are reported by the human resource departments in the industry in your area.
2) Your value-add is a very powerful salary negotiation tool. You should be aware of all the ways you add value to the business and prepare to communicate it effectively to the boss.
3) You will need to discuss with the boss that you know the salary range for the current market. Be prepared with facts, and also prepared to approach this conversation with tactfulness.
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.
If you love your career where you are working, you may need to balance the quality of the worklife with your need for an increase in pay. I recommend looking for an increase where you work first before going through the job efforts unless you're unhappy with your job.
One tactic that can give you an upper hand is to first get yourself another job offer. With that as your back up measure, you will have more leverage in negotiating salary. - 16492
About the Author:
Trevor Davide Grant is a project manager in the IT field and has extensive experience in salary negotiation. Trevor has worked for large telecom, electric utilities, software consulting, and a prevalent web 2.0 site. He has learned salary negotiating in the most powerfulway. Learn great tips on the topic of negotiating salary at www.HowToNegotiateASalary.com.
