How to Negotiate Your Salary: 5 Winning Strategies You Need to Know!

The thought of asking your boss for a raise can be nerve-racking, and that's completely normal. While it can be uncomfortable, negotiating your salary to make sure you are appropriately compensated is an important component of overall financial wellness. To help make this process simpler, here are a few tips to remember before going to your boss to request a raise.

Know Your Worth

The first thing you should do is figure out your value to the company. Research average salaries for people in similar roles as you with similar experience to better gauge what others in your situation are making. Once you have a range of what others in the same boat as you are making, you'll be able to use that information to help justify increased compensation.

Something else to consider is that the average pay raise is 3%. However, if it's been a while since your last raise, or you are making well below your market value, this could justify a much larger raise.    

Provide Proof

This is another part that falls under knowing your worth, but you also need to outline your contributions to the company. Come to the meeting with your contributions put in writing. Detail how you have helped the company, listing any of your accomplishments. Your boss likely won't be open to giving you a raise if you aren't able to prove that you are providing value to the company. The stronger the data is that you present, the better your chances are of receiving a raise, and the higher the raise is likely to be.

Don't Give an Ultimatum

One thing to avoid is providing an ultimatum. You should never come to a meeting to negotiate your salary saying something along the lines of "if I don't receive a raise, I'm going to look for another job." Doing this could lead to your boss showing you the door. Your argument should not be focused around the threat of leaving, it should be about displaying your value to the company. 

Pick the Right Time

Timing is key in many aspects of life and this is something that falls into this category. Be aware of the current economic climate and the situation your company is in. If times are tough and your company is struggling, that is not a good time to ask for a raise.

Also consider your performance at the time you are thinking of asking. Try to pick a time when your boss is pleased with your work and you may have just accomplished a major achievement. Inversely, avoid times after you may have just made a mistake or gotten in trouble for something. 

Be Confident

At this point, you know your worth, you have the proof why you deserve a raise, and you picked the right timing to ask for one. Now the last thing to do is to go into that meeting with confidence. It is undoubtedly a stressful experience, but you have everything needed that backs your request, so go into the meeting with your head held high. Presenting your argument with confidence will help your case immensely. To improve your delivery and confidence beforehand, make sure to practice what you are going to say. It doesn't need to be word for word, but just make sure you practice your key talking points to avoid any major stumbles while presenting.

Next time you want to ask for a raise, don't sweat it. Follow these tips to make sure you are in the best position possible to secure the increased compensation you deserve.