“Can I get a Pay Rise?” How to Negotiate for a Higher or Better Salary You Deserve?
If you have ever been in the painful, arduous position of discussing or negotiating your salary, we understand your predicament. Asking for a salary increase or negotiating a starting pay can be a taboo topic, especially if one fears confrontation or the risk of angering your potential employer or boss. With that starting point, it is easy to see why learning how to negotiate for your salary can be a powerful tool. As the saying by author Chester Karrass goes: “You don’t get what you deserve. You get what you negotiate.”
Salary negotiations can take various form – be it a template discussion for a big company or a more flexible salary arrangement in a start-up. The first key step is to study and understand the company you are negotiating with. Knowing this background can help you present your request with the company’s long-term welfare in mind. In short, salary negotiations is not just a one-way process of seeking the highest salary you can get!
With that, let us share three quick tips you can apply for your next salary negotiations.
Tip #1: Move from Money to Value
The common trap salary negotiators tend to fall into is to be bogged down on the salary’s monetary value. Of course, your cash/monetary remuneration is important, but you want to ensure that your negotiation does not devolve into a bargaining process (i.e., just trading numbers between the two parties). Beyond making it difficult for you to reach an agreement, you want to ensure that that the eventual pay package best represents your value to the company.
Instead of focusing on the monetary value, try bringing the negotiation into the value you can bring – from this, explain how the salary package you are suggesting fits the value. For example, if there has been a recent change in your job scope, highlight that as a focus. Instead of “I want a $1,000 increase“, elaborate on the value it represents – “I believe a $1,000 increase represents the increase in my job scope as I am now doing ABC“. Having this mindset also encourages you to consider the benefit you bring to the organisation (rather than making it a self-centred request).
Tip #2: Substance Over Form
When we talk about negotiation, the idea of business tactics or deception may come into your mind. You may be tempted to venture into negotiation ‘strategies’ such as anchoring high or issuing an ultimatum when discussing your salary. However, a salary negotiation should be carefully managed to ensure that your request can still be supported by substance. If your request is unreasonable from the outset, your attempts at negotiation are unlikely to succeed.
Instead, build credibility in your proposed salary package by highlighting supporting evidence for the figure you arrive at. One credibility-building option is to pick out salary standards based on your industry or making an internal comparison. As we highlighted, go beyond the monetary value to show the other party that you deliver the same (or more!) value to the organisation. Doing so ensures your request is backed up by substance!
Tip #3: Package & Gift It
Finally, an outcome from a salary negotiation need not be a pure numbers game. Once you can move the discussion away from the figures, start thinking about how you can seal the deal with a clear package to suggest to your organisation. For example, if your organisation is open to a tiered increase in salary over a time period, propose the full solution so that they know what to consider from your end.
There are three factors you can consider when crafting your package. First, state a clear time period, especially if you have a tied structure built into the package (e.g., “I propose spreading the increment of $1,000 over 4 years to represent my loyalty to the company – what do you think?“). Second, propose and summarise the non-monetary aspects of your salary package as part of your proposal (e.g., “If you are not comfortable with meeting my last-drawn salary, would you consider adding a promotion tier and a profit-sharing mechanism?“. Third, keep the forward-looking angle in mind – if a proposal cannot be met immediately, can it form part of a long-term vision? (Tip: remember to align your goals with the organisation’s goals!).
Get the Salary You Deserve!
We know that the salary negotiation process is difficult – even with all the negotiation knowledge available in the world now, you are unlikely to guarantee success in your next pay discussion. However, with a careful process in communicating your proposal, you will be able to approach the topic confidently, professionally, and amicably. Try the three tips above and see how well you fare in your next salary negotiation!
To supplement your art of persuasion – WATCH our YouTube video on: “Art of Persuasion • How To Make Others TAKE ACTION | #SpeakUP LIVE Q&A (Season 2) – Snippets”
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