Re-negotiate Your Salary

May 18, 10 Re-negotiate Your Salary
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by Trevor Davide Grant

A newsletter subscriber inquired whether or not it was possible to negotiate salary at a job you are already working at. After some investigating the local job market, they realized that they were quite underpaid and wanted to be on the same salary level with their coworkers.  Someone had advised them to quit their job and try to negotiate a higher salary elsewhere.

Absolutely!  You can definitely negotiate a pay raise in your career.  I recommend people start considering a number of things in order to approach their bosses for a raise.

Of course, if you just accepted a job offer, it is not a good time to ask for more money.  However, 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 valuable items that you can utilize as compensation.  Sometimes it is easier for the employer to give you what you want if you aren’t merely seeking hard cash.

Prior to asking for a pay increase you should make sure to take a number of steps.

1. Know your market value – do not rely on just one salary survey source.  Also, make sure that 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 proposition is a very powerful persuasion tool.  Make sure you consider all the ways that you add value to the business.  Profit, cost savings, quality, customer satisfaction are all things that contribute to the bottom line. You need to assess your contribution to the bottom line.

3. Get yourself ready to discuss this with your employer.  You may need to educate them that you are below the salary range.  Either way, you will let them know that you know what your market value is.

Salary negotiation is a complex art that requires both knowledge and good timing.  One thing is for sure, you won’t get ahead as fast as unless you can be proactive about negotiating your salary.

I highly recommend negotiating the salary in your current job before considering leaving your job and trying to earn more money.  This is particularly relevant if you are satisfied with your job.  However, having a job offer from another employer is a great tactic to give that will provide an upper hand when you decide to ask for a pay raise.  It is a trump card that you should only play if you feel you need to.

Trevor Davide Grant is a project manager in the IT field and has extensive experience in salary negotiation.  Trevor has worked for global telecom, power utilities, software consulting, and a prevalent web 2.0 site.  He has learned salary negotiating in the most powerful way. Learn great tips on the topic of salary negotiating at http://howtonegotiateasalary.com.

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