According to a survey on salaries taken this year, nearly two-thirds of workers say their pay is not enough for their daily needs.
As a result, approximately 62% of the population is currently living paycheck to paycheck. If you’re in a similar boat, you can do one of two things: look for a new job or renegotiate your worth.
While finding a new job can give you a fresh start, simply renegotiating with your current employer allows you to remain in a role and workplace that you’re already comfortable with.
To properly renegotiate your worth, though, you have to take several factors into account and do some mindful preparation.
Table of Contents
- Know Your Own Worth
- Understand Who You’re Dealing With
- Harness The Power of Likability
- Properly Present Your Skillset
Know Your Own Worth
Although there may be a lofty figure you’re aiming for, you’re more likely to get a realistic raise based on your employee value. This can be determined by comparing the value of your output against the time you dedicate to the job.
For instance, if a product you help produce is worth roughly $100 in revenue, then your value for time should appropriately compensate you for that level of contribution.
To simplify, if the monetary value of your time is lower than the mainstream market estimation, then you’re being short-changed.
If need be, you can even check job boards for the average salary of those in your role or those who cover similar tasks.
By getting a handle on this information, you’ll put yourself in a better position to ask for a fair raise –– and you can show your employer that you know exactly how much you’re worth.
Understand Who You’re Dealing With
Remember, a successful negotiation requires compromise. In terms of your salary, this means that you should think about your employer’s side of the issue as well.
Considered to be one of the top negotiating skills you need to have, the ability to understand the employer you’ll be talking to can significantly help your case.
This is because knowing your employer means that you’ll understand their professional past, their personal preferences, and their own red flags.
This also means that you’ll be familiar with other factors your employer may be weighing, like the current financial state of the company.
As an added bonus, if you truly understand your employer, you’re more likely to know the right moment to approach them, too.
Optimizing all of these details can help shift the negotiation in your favor.
Harness The Power of Likability
While some bosses are able to be fair and objective, across the board employees who are well liked are more likely to be listened to.
Keep in mind that likability is a big factor in most areas anyway, since people naturally want to aid those they deem pleasant and cooperative.
Past research into employer hostility has revealed that those in leadership positions are more likely to treat employees negatively if those employees have poor outputs.
Of course, this doesn’t mean you need to butter up your bosses (especially if they’re abusive) but it does help your negotiations if you have a positive foundation going in.
Properly Present Your Skillset
Before you even enter your negotiations, prepare a personal report. This report should include your training, any new or underutilized qualifications you may have, your past team performance, and your most recent individual contributions.
This information will help your employer to clearly see the points supporting your argument for a raise. That said, while you should be proud to share your skills and achievements, you should still be mindful of the language you use to present them.
In a survey of 1,000 employees, 21% believe they’re more qualified than their manager, and 61% said they could take on their superior’s responsibilities.
Whether this is true or not in your case, you don’t want your boss to get the sense that you see things this way. Keep in mind that employers will reward assets –– not threats. As such, keep your language firm but respectful.
Negotiating a salary may be a daunting task, especially if you’re not too comfortable with your employer.
However, considering that inflation is rising and the Great Resignation’s top cause is a search for better pay, it’s in your best interest to raise the issue with your boss.
If you’re able to approach the negotiations with the right attitude and the correct information, there should be nothing to worry about and only good things to look forward to.
