A colleague of mine asked me if it was normal or even possible to renegotiate the salary of your current job. He discovered by doing some research on the job market that he was quite underpaid in his field. He was wondering if it was easier to quit his job, and come back to the same company with a higher salary after working elsewhere for a while.
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.
Of course, if you just accepted a job offer, it is not a good time to ask for more money, but once you have some time and accomplishments behind you, you should look to salary negotiation. If you just accepted the offer, you did so fair and square. That is why it is important to know your value before accepting any job offer.
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) Know your value in terms of the contribution you add to the business. Also be aware of value adds you do in terms of saving company costs, delivering projects on time, and delivering quality in your work.
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) Explain to the boss where you feels you fit within that range in terms of a percentile basis. Are you a top performer with lots of experience? Can you command a top percentile salary?
Salary negotiation is a complex art that requires both skills, knowledge and good timing. One thing is for sure, you won't get ahead as fast as you can unless you be proactive about negotiating your salary!
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.
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.
Of course, if you just accepted a job offer, it is not a good time to ask for more money, but once you have some time and accomplishments behind you, you should look to salary negotiation. If you just accepted the offer, you did so fair and square. That is why it is important to know your value before accepting any job offer.
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) Know your value in terms of the contribution you add to the business. Also be aware of value adds you do in terms of saving company costs, delivering projects on time, and delivering quality in your work.
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) Explain to the boss where you feels you fit within that range in terms of a percentile basis. Are you a top performer with lots of experience? Can you command a top percentile salary?
Salary negotiation is a complex art that requires both skills, knowledge and good timing. One thing is for sure, you won't get ahead as fast as you can unless you be proactive about negotiating your salary!
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.
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 large telecom, power utililties, software development consulting, and a prevalent social network. He has learned how to negotiate a salary in the most powerfulway. Learn great tips on the topic of salary negotiating at www.HowToNegotiateASalary.com.
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