With soaring inflation, many workers are demanding that their employers pay them better. After all, with the cost of living rising, people need more money in their bank accounts just to keep pace with increases in prices.
For the last 10 years, inflation was low, so most employees got used to receiving small bumps in their pay packets, year after year.
However, as conditions change, that approach is no longer viable. A 2 percent bump in pay this year could leave the average person 8 percent worse off than the year before because of inflating prices across the board.
But how do you ask for more money? The trick is in your approach.
Be Confident
Don’t go into pay negotiations with a chip on your shoulder. Leaders and managers can detect it a mile off and don’t usually react pleasantly to it.
Instead, go into the meeting with positive energy and posture. Set the tone of the conversation in a happy way. Avoid feeling nervous. If you produce value, you should be getting paid more.
Talk About The Fact That You Like The Company
As you begin the conversation over your pay, tell other people that you love working for the company and you see yourself as an integral part of the team. Talk about how your responsibilities have expanded tremendously and that you are now developing skills that require greater financial compensation. Point out that similar roles in other companies pay considerably more than the rates on offer at your present employer.
Prove Your Value
The next step is to prove your value and demonstrate what you are actually worth. Remember, some managers won’t know your value to the company unless you provide metrics breaking it down. If you’re worth $250,000 but your salary is $50,000, you should be getting paid more.
To prove your value, calculate the benefits of your activity on company productivity. Try to link your work directly to the profits generated by the company. If you work in a team, document its performance before and after your arrival and calculate the financial benefit.
Keep It Professional
Avoid kicking and screaming about pay and conditions at your work. If there is a problem, go to a compensation lawyer and ask them if you have a case. If not, keep the tone professional. If the company that hires you is unwilling to listen to what you have to say, look for opportunities elsewhere. Creating a fuss actually makes it less likely that you will get a raise. Your peers won’t respect you as much, damaging your chances of in-house promotion.
Improve Your Negotiation Techniques
Lastly, you’ll want to figure out ways to improve your negotiation techniques. The trick here is to outline your value and what it’s worth to the company. If you are generating more sales than employers are paying you for, then you could be missing a trick. Point out what you are worth using detailed statistics and then let them make up their minds. If you can earn more elsewhere, then go for it.