Let’s be honest; there is no one and only true method to get paid more. Everything depends on your current position in the job market or the company you’re working for. However, there are a few factors like work experience and skills that an applicant or employee should balance to get more. Most employers will pay attention to your overall job performance or hope that your Experience section will help them understand the numbers you’re hoping for.
How to ask for a raise depending on the job or job-hunting conditions you’re stuck in? Check the tips from our experts in the article below.
Why is Salary Negotiation Important?
First, capitalism measures everything in dollar signs. Second, your salary is a means to survival. Third, due to inflation and changing job conditions, you’ll feel with the time that you earn more than you used to. Sure, you might google ‘resume writing services near me’ and get a top resume to change your job. But what will you do the next time when the need for the ‘money talk’ emerges in your new job? Running from your fears is no good. So let’s discuss the reasons why talking about your salary is vital.
- By starting the ‘money talk,’ you’re in control of your value as a professional;
- The company must know the cost of your services to determine whether they’re ready to fit you into their budget;
- Naturally, you’ll expect to be paid more because of inflation or your on-job promotion.
Ultimately, both an employee and a company benefit from salary negotiation. So let’s find out how to increase your salary depending on the circumstances.
#1: Let’s Start With Performance
Perfect for: currently employed individuals
In fact, up to 90% of recruiters focus on performance evaluations to decide whether the employee is worth the salary raise. So, without further ado, let’s determine job performance and how to maximize it. Job performance is the result of one’s activity, aka work measured by quality and quantity. Some performances are easy to count, for instance, the number of haircuts during the hairdresser’s work shift. Meanwhile, others are more difficult to deal with due to the lack of numbers and scales. For instance, how to measure the manager’s work without asking the team they manage?
With all that said and done, improve your job performance by:
- Determining your workload and job responsibilities;
- Talking with your supervisor about your weak spots and developing strategies on how to improve them;
- Asking your supervisor for monthly feedback;
- Developing a self-evaluating strategy with the company’s recruiter so you can assess your work alone.
#2: Continue With Accomplishments
Perfect for: currently employed individuals
There is a high chance your supervisor is too busy to pay attention to your monthly, let alone weekly achievements. Therefore, we advise you to register your successes in a folder or document you can open and remember all the good things you’ve done for the company. This is not petty – you’re doing it to have evidence of your success during the next performance evaluation.
Another tip for keeping track of your achievements is having an honest talk with your supervisor or a hiring manager. For example, you might honestly tell them about your decision to move up the career ladder and ask them what you should do to achieve it. Then, as a part of the promotion strategy, you might agree with HR to send them the work reports for further weekly or monthly feedback.
#3: Upgrade Your Skills
Perfect for: job seekers and currently employed individuals
Yeap, you got it right – more skills pay more money. Again, we advise you to talk to the recruiter regarding your weak spots. In the end, there might be none. If there are a few skills to improve, choose the way that suits you the best from the list below.
- On-job-training. The most effective method to let the company see that you’re ready to work on your skills for the company’s well-being;
- Courses. Online courses are the best option if you want to save money while studying at your own pace;
- Workshops and seminars. Again, these can be organized by the company or by other organizations at educational centers;
- College programs. Now, this is a step to consider if you need a drastic change in your life and have enough money and time to sacrifice.
#4: Find How Much You Cost on the Job Market
Perfect for: job seekers and currently employed individuals
If you’re an industry changer or an entry-level specialist, you might have a vague idea of how much your services cost. Do a quick online research to identify whether you’re putting the right price on your services. Find job posts on job-hunting sites to define how much other companies are willing to pay for your skills. Further, check similar job posts on freelance platforms or ask people who work in the same industry or for the same employer. As an additional step, find the reviews from the former company’s employees. Apart from the work conditions, most will name the average salary rate an applicant can expect.
#5: Ask For 10% More
Perfect for: job seekers
The golden rule of the recruiting industry – everything comes with 10% on top. The rule is as old as the hills and means you should add 10% to the salary you’re hoping to get. Let’s say $5k is the salary you want to get. Then applying the 10% rule means asking for $5500 or $6k if you’re a top professional. This gives you a salary range you are comfortable with. Even if the employer suggests the minimum rate, the latter still falls into your salary range. Hence, you’re losing nothing by compromising.
Final Thoughts
After reading this article, we hope that the ‘money talk’ is no longer a sensitive question for you. Instead, check your performance, upgrade your skills, and research your value as a professional on the job market. Meanwhile, don’t underestimate your confidence, as it is one of the core ingredients to help you get paid more.
We hope the article was helpful to you. Good luck!