Without doing your legwork, your employer will probably suggest an increase that you find disappointing. While people around the world negotiate salary every day, not many of them are able to get the most out of salary negotiation!
Research the market in advance of approaching your boss for a pay raise, or before revealing your expectations for salary at job offer time. It is like a game. Do not reveal your information too soon. In this case, your strategy is to keep your information close to you. It could be your past salary history, or what you are planning to ask for in salary negotiation.
Before going into a salary negotiation, know what you are worth in compensation terms!
Whether you are looking for new employment or you are asking for a pay raise, do your research first. There are great Internet resources available, like SalaryExpert.com or Monster.com. These sites have continual access to all the salary information that is available.
One challenge is understanding the reliability of the source of the information. If a resume website is reporting salary ranges as reported by their list of job seekers, it may not be as precise as if the salaries are reported by the human resources department of the firms that are seeking to recruit personnel.
If you are not worried about being forward with others, you may just outright ask. I recommend using some tact in this approach, but it is less offensive than it once was. You might just discover inside intelligence about the salary range for that job.
If you know an HR person, even better. Often times, the word will be on the street, company ABC pays well, or company EFG are fairly stingy when it comes to compensation. This information may also help.
There are many firms that do research into the human resources data for a particular job market. These firms publish very expensive reports that are only disclosed to inside subscribers. If you are able to gain access to one of these reports in a lawful way, then you may just find you have a wealth of information, that is even more valuable than asking a friend.
Next, salaries ranges are often reported based on percentages. A business systems analyst salary range may be from $50,000-$90,000 for a given region, but the reporting will be based on 0-25%, 25-50%, 50-75% and 75-100%.
You know how well you perform at your job. Do a self evaluation, and figure where you feel you fit in the percentile of performance for that career level. If you are in a lower percentile, it may be that you're new to the job role. If you are in a higher percentage, you're a super-star with plenty of experience, and you know you add a lot of contribution.
I have found it to be very useful to point blank ask friends at work where they feel I should be on the salary scale. They know themselves and measure themselves against you. You should do this with someone you have a very good rapport with. You will get great direct feedback.
Numbers speak loudest when dealing with employers and bosses. If you want to earn a larger salary, you need to make them understand you are worth it because you either cut costs, improved business efficiency, or drove profits. You know the work you do, and if there are quantifiable facts, use them to your advantage. If you don't relate directly to the bottom line, think of other quantifiable facts (e.g. a teacher with a high rate of students on the honour roll). This is the best way to communicate your value.
To your salary negotiation success.
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 utililties, software consulting, and a prominent social network. He has learned how to negotiate a salary in the most effective way. Learn great tips on the topic of negotiating salary at www.HowToNegotiateASalary.com.
View this post on my blog: http://travelnursesuccess.com/know-your-value-before-negotiating-job-offers
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