How to Negotiate More Pay
Negotiating pay is only necessary if you want to make more money. Because of that, the skills needed apply to most people.
Negotiating is the art of increasing your perceived value – convincing others that you are worth more than they currently value you. Negotiating works when you are able to articulate your value to be higher than your current pay and your company has the resources to match your terms.
To negotiate higher pay, you must do the following:
- Prepare your case.
The first step to negotiating is determining how much you are worth and why. Do some research. How much do other people make in your position (at your company other others)? Consider the area you live in. Talk to competing companies to see how much they pay for two reasons – your negotiation research and to determine if you’re interested in a potential interview.
Consider the work you do in addition to your day job. What makes you valuable to the company? What would they miss out on if you left?
This is the most underrated step in the negotiation for more pay. So many people don’t ask. If you don’t ask, you will never make your intentions known. Employers don’t want to pay you more. That’s less money for them. Plus, they’re busy. Bosses have things to do.
Once you prepare your case, ask your boss.
“Hey, I think I’m currently undervalued, and I’d like to talk about that.”
- Present your case.
After you ask, if you are given the chance to present your case, you must do so delicately but firm. You do not want to come across as angry or emotional, but rather confident and sure of yourself – and sure of your worth.
Last, aim high. Your job is to sell that you do a great job and that the work you do is undervalued. Don’t undervalue yourself. That’s your boss’ job! Don’t do his job too.
Be ready to have a challenging discussion. Your boss doesn’t want to pay you more, his boss doesn’t want him to pay you more, and that boss doesn’t want more expenses.
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