Negotiating a raise at your current job or accepting an offer can be a nerve-racking moment. In essence, you’re looking to persuade them that you’re worth the money you’re asking for, and in some cases it’s more than they might initially be willing to offer. Fortunately, with the right strategy, you can approach them with confidence and improve your chances of success.
Here are six effective ways to justify a salary increase:
1. Know the Market Value of Your Role
Before you start any conversation about salary, it’s essential to do the research. You’re going to need to find out the going rate for your role based on the industry norms and, just as important, the location where the job is. Obviously, if the job is in a major city, you will expect to be paid more for the same kind of work based on the higher cost of living there. Tools like Glassdoor, LinkedIn Salary, and PayScale can be useful for finding out what the compensation for your position is based on experience, skills, and region.
If you’re asking for a raise, you would want to gauge what others in similar roles at your organization are earning. This helps you negotiate an offer that is both reasonable and informed. Factors like the size of the company and the cost of living in the area will impact the salary level.
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6 Proven Ways to Negotiate a Higher Salary