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You may have heard that the job market is hot right now. While this means that this is a good time to find a new job, it also means that it is a great time to get a raise at your current job.
How can we be sure that this is the right time to get a raise? Three words: supply and demand. Unemployment is at a 50-year low, people are voluntarily leaving their jobs at the highest rate since before the Great Recession, and Wages are finally on the rise. All of this means that employers have a hard time finding and retaining talent, and that you have a lot of leverage when it comes to negotiating your salary.
However, the ZipRecruiter users who took our files Annual survey of job seekers Last year made it very clear that they were not satisfied with their salaries. And 40% said they were either dissatisfied or very dissatisfied with their current compensation package, and another 40% said they had not received a raise at their current or last job. Unfortunately, they may have no one to blame but themselves. When asked about salary negotiations, 64% said they accepted the first offer from their employer when they got the job.
So whether you didn’t ask enough when you were hired, or if the market price for your skills has exceeded your current salary, this is how you ask for the money you deserve and increase your chances of actually getting it.
Know your worth
The necessary first step to securing a pay raise is to do your research. The goal here is to find out the market price for your skills and negotiate from there, rather than using your current salary as a starting point.
“It’s typical for most companies to set a range that they’re willing to pay for the role,” says Amy Klimek, senior vice president of human resources at ZipRecruiter. “Find out what that range would be if your employer had to replace you with a new employee tomorrow, and you’ll have a pretty good idea of how much you should be asking.”
This task was easier said than done in the old days, but now there are an abundance of tools at your disposal for domain research. ZipRecruiter salary data Particularly useful in this case because it is based on salaries advertised in active job postings, rather than self-reported numbers which may or may not reflect the prevailing market rate.
Timing is everything
Well, maybe not Everything, but ignoring the business cycle can put you at a significant disadvantage. Just as with buying a home, selling stocks, or planting a garden, knowing when to ask for a raise will greatly improve your likelihood of success.
“Asking for a raise in the annual review is a common tactic for many employees,” says Klimek. “But what most people don’t realize is that the decision as to whether or not to get a raise at the end of the year has already been made by the time the review comes around.”
In other words, if you wait until the end of the year, it may be too late to make your case. The end-of-year review makes a lot of sense as a good time to pop the question, not only because it seems like an appropriate discussion to prepare, but also because budgets have been set for next year.
But, says Klimek, “your manager may have a budget set aside for performance-based raises to retain talent that they can use at their discretion throughout the year. If you plan to wait until the end of the year, shoot early in the fourth quarter, not just before the holidays.”
Write a suggestion
Depending on your role and responsibilities, it may not be appropriate to submit a written proposal for a salary increase to your employer. But writing it down is still a good idea because your request should be strategic.
Either way, the core of your proposal should be a detailed account of your accomplishments since your last raise (or date of hire), and specific examples of how you added value to the company.
“A company needs to be results-oriented to succeed, and every good manager tracks your performance against an important metric for the company,” says Klimek. “If you can express your value in terms of sales growth or new subscriptions, for example, you will speak in a language your manager can understand.”
Plead your case
it’s time. You’ve researched a reasonable salary range based on market data, chosen the perfect time, and are equipped with a detailed analysis of how you exceeded expectations and impacted the company’s success.
What now?
“Compensating employees is a well-thought-out decision based on personal and personal performance at the company level. It’s also always tied to budget,” says Klimek. That’s why it’s best not to ambush your manager when it comes to salary negotiations. Let them know exactly what you plan to discuss when You require a meeting so they have time to look at the budget and consult any other stakeholders involved.”
There’s a reason very few people negotiate for better pay when offered a job is that it can be an uncomfortable conversation. But this is where it pays to put yourself in the employer’s shoes. No matter how strange it may sound to you, this isn’t the first time you’ve had this conversation.
“If you come up with a reasoned suggestion about why you should get more money, even if you don’t succeed at first, the employer will respect the confidence and professionalism you’ve shown,” says Klimek.
What if they say no?
Since compensation decisions are based largely on budget, you may be denied no matter how much of a raise you’re entitled to. But getting no doesn’t necessarily mean it’s time to move on.
“It’s important to remember that salary negotiations are not a discussion, but rather a conversation between you and the employer,” says Klimek. “If a raise was not within reach when you first requested it, take the discussion as an opportunity to get a better idea of the specific milestones you need to achieve to get the raise you want and set aside time to reconsider your application.”
Ultimately, if you stay focused on communicating your accomplishments and articulating your contributions to the company’s success, you have a good chance of getting the salary increase you seek. Of course, you won’t know unless you ask.
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