Salary Negotiations
Earn what you’re worth with these tips.
Salary negotiation can be a sensitive and even daunting prospect, and as with any negotiation, preparation is key. There are several factors to consider when looking to secure a remuneration increase.
Here are five strategies to get you started:
Timing
It is useful to consider when you might wish to discuss a salary increase. It isn’t only applicable to negotiate your salary with a new job offer. You would also want to look at an increase in your existing organisation for several reasons. A few examples might be; after gaining further qualifications, taking on additional responsibility, getting a promotion, and when market salaries have increased.
Understand your value
Knowing how to calculate your value is incredibly important to discussing remuneration with your employer. The best way to do this is to speak with one of our specialist consultants who can provide the most up-to-date salary guidance. We have extensive knowledge of salary bandings, recent offers, inflationary increases, and bonuses and benefits.
Prepare your reasons
Consider why you are requesting a salary increase. For example, if you mention leading on successful client pitches, supply details on these projects and what revenue this has generated. Perhaps you have taken on more of a leadership role. Give examples of this and how the team has benefitted. If you have taken on additional responsibility, what have you taken on and what has been the impact on the organisation? You will have a greater chance of success if you prepare your reasons in detail and give examples to back up any claims you make.
Be flexible
If negotiating is proving difficult, or your company isn’t able to provide more money, it might be worth thinking about your compensation package as a whole and not just focusing on your base salary. Aside from monetary pay, you could also look to negotiate on other benefits and perks, such as:
- Additional paid annual leave days each year
- Increased company pension contributions
- Company stocks, shares or equity
- Access to company car/railcard/season tickets
- Medical insurance (could this extend to family members, for example)
- Flexible working hours (5 days in 4/late starts/early finishes)
- Remote working opportunities
Determine what value these options provide you, as they may be just as beneficial as an increase.
Always be professional
Regardless of the outcome, you should always thank your employer for having the conversation and considering your request. You must maintain a positive and professional working relationship even if you don’t get everything you requested.