Securing a pay rise has been way tougher these last few years hasn't it? Changing jobs to secure a pay rise has vanished as an option in many industries, such has been the slowdown in hiring. Plus the risk of switching employers is perceived to be a lot higher in the current climate. So for many, that leaves us looking to secure a pay rise from our existing employer as the only means of achieving a significant jump in our earnings. Sound familiar?
This is where things get interesting - and why you'll want to read up on negotiation tips for securing a salary bump in your existing role.
At a company level, average salary rises are determined by a mix of
Clearly the ability to pay more has been significantly impacted by the prolonged downturn in a lot of industries. Simultaneously, the risk of staff moving en masse to competitors at a significant pay premium has also plummeted. So at the aggregate level, businesses are primed to increase the average salary by just what's needed to keep pace with inflation.
Yet you still have one ace up your sleeve.
The remaining strand of salary negotiations revolves around an individual's contribution to the company - and this is where our negotiation tips may help. If you can demonstrate that you make an above average contribution to the company's fortunes then you may also be able to push for an above average salary bump.
Here are the negotiation tips you need to focus on to maximise your chances of a successful outcome:
We hope these negotiation tips prove helpful. It goes without saying that if you don't ask, you don't get. But whilst pay rises may be mediocre across the board, exceptions are frequently made for those who have the courage to ask for a raise and who have prepared a strong case for a rise and timed their request appropriately. The key is to think of the conversation like a job interview - you're going to need to sell yourself to your boss all over again if you're to enjoy upsides that most other staff in the business are not enjoying. Good luck!.
Image source: Flickr member 401(K) 2012
The team at Social Hire never just do social media marketing.
Our digital marketing managers are the wizards that can give you the insight you need to grow your business. Have you had enough of making complex personnel choices that don't work well for your online marketing?
We're a company that helps our customers further their social media presence by providing social media marketing on a monthly basis.
You might like these blog posts How to Work With Difficult Team Members, 7 Ways Your Business Content is Failing to Hit The Target (and What To Do About It), Small Business Tips: Focus On Engagement Rather Than Promotion, and How to Support Employee Well-Being this Winter [Infographic].