Negotiating salary with an employer is something many people aren't comfortable with, but it can make a big difference in how much you earn over your career. In the case of a new role, some fear they won't be selected if they ask for too much. Negotiating a salary increase mid-term can also fill some people with dread. Despite the financial pressures felt during the pandemic, some reports state that Saudi firms are willing to raise their salaries in 2021, and 41% of them have already paid bonuses for 2020.
If you have a good case to justify a raise, it's only fair that you're paid what your contribution is worth. The Career Readiness Program is the ideal platform for learning more about negotiating salaries, being better prepared for interviews, building flawless CVs, or learning useful networking tips.
Discussing salaries with your employer can result in increased confidence in your professional ability. It may be a rare opportunity to remind people what you bring to the organization and how they would struggle to replace you. At worst, all you have to fear is refusal. In this situation, you may need to consider whether it's time to take your skills and experience elsewhere.
The following tips will help you increase your chance of success when you are ready to negotiate your salary.
1) Do your homework
Having some facts and figures puts you in a strong position in any negotiation. You may feel that you're worth more to your employer, but what evidence do you have to support this? The internet is a treasure full of data, and it's a great place to research average salaries for your role in the industry. If you work for a large organization, look at current and recent vacancies and see how the salaries are compared to yours.
Preparing a list of the things you've delivered for your employer is also a good foundation for salary discussions. Approach it as if it were a business pitch. Have you contributed to an increase in revenue, a reduction in costs, or some other substantial benefit to the organization?
2) Don't make it personal
Concentrate on what your role is worth and what you bring to the business. If you're delivering more profit, it's fair to request more financial rewards. The fact that you want more money for vacations or to help your children through college doesn't mean you deserve a raise.
3) Practice your approach
You may only get one shot at making your pitch for a higher salary, so practice your approach. It's worth role-playing the meeting with a friend if you can. Consider how you'll lead the discussion up to the point of talking numbers, and have a figure and salary package in mind. Be clear about the outcome you want, and consider what questions your employer might throw at you.
4) Have a 'Plan B'
Approach a salary negotiation meeting positively, but don't expect to get what you want the first time. Having a plan B in mind means discussions won't hit a wall. A refusal may occur because the company can't afford to give you a raise or because there's a strict policy of reviews at set dates. If a raise now isn't an option, what can your employer offer you as an additional reward? Can you agree on a pathway to a raise if you meet specific goals over the coming months?
5) Keep it professional
It can be frustrating if you have a good case for a salary increase and it's declined but keep discussions professional. Threatening to leave, criticizing coworkers, or bad-mouthing the company won't help your case. If the person you're negotiating with feels intimidated, it could cast a shadow over your future with the company.
Surveys indicate that around one in three people never brings up the subject of a salary review with their employer. The biggest reason for not doing so is fear and the thought of rejection. If you follow the tips in this article, you should reach a positive outcome with any reasonable employer.