If you haven't had a promotion or a pay raise in a long time, you might be feeling as though you will never move on from where you are. The good news is that even during difficult economic conditions, it is still possible to persuade your employer to pay you more. Try using the following negotiation tips to help get a promotion or pay raise.
Research your role
One of the strongest ways to influence your employer is to benchmark what you earn versus the going market rate. You can find this information online, through job-search Web sites or from recruitment consultants. Identify how much someone with your skills and experience could expect to earn so that you can establish how much more your employer should pay you.
Demonstrate your achievements
Whether you are looking for a promotion or a raise, create a compelling case for your boss by identifying the value that you bring to your role. Demonstrate your achievements in financial terms by showing how much money you saved or how much revenue you generated. When persuading your boss to pay you more, show how insignificant the sum you are asking for is when compared with the amount you have saved the company or have created.
Look at the bigger picture
Negotiating a pay raise isn't necessarily about simply increasing your base pay. You can make financial gains in other ways. You may be able to negotiate a more generous bonus, for example, especially if it is linked to stretching performance targets. Consider more flexible ways of working, which could mean that you work the same hours over fewer days, allowing you more personal time. Think about other benefits, too. Can you persuade your employer to pay the costs to study for a new certification? By showing flexibility and broadening your thinking, your chances of success are likely to be higher.
Provide examples of why you are ready for promotion
Your boss is unlikely to promote you if he can't clearly see why you are ready for a new role. Look for ways to demonstrate how you have already taken on additional responsibility, improved business processes and led a team of people. Your boss may find it hard to say that you shouldn't be promoted if you can show him that you are simply asking to be recognized for what you already do.
Broaden your outlook
In some circumstances, your boss might not have the resources to increase your pay or offer you a promotion. If this is the case, it pays to consider your alternatives. Identify opportunities elsewhere, either internally in the business or with a new employer. Realistically, many professionals understand that people need to change employers regularly to see serious gains in pay or responsibility. Ensure that you are always on the lookout for new opportunities.
Negotiation skills can be difficult to master, and many employees are reluctant to broach such a subject with their bosses. You may find, however, that your employer is more amenable than you expected. Sharpen your speech, and present a compelling case that is almost impossible to ignore.