Negotiating salary may seem like a daunting procedure, as one must take into consideration their own value whilst remembering not to come across as too pushy in front of the employer. However, when keeping in mind the right attitude and approach to such a matter, one can easily and confidently pave a smooth conversation about salary raise with their employer - the right mentality will help you secure the salary you feel is fitting for your role within the company. Whether you’re in an interview position or have been working for the company for a few years already, the below tips are sure to get you more confident about asking for that salary you deserve!
Research the Market Rate
One of the first steps that one should do is research the market rate for their job - by taking a look at a salary benchmark one could inform themselves about the salary range for their job, and therefore be able to evaluate their worth according to their experience and expertise in their field. One would be able to gain an even better idea by taking into account the hiring company’s size and position in the market - large and well established companies may be able to pay their employees greater than those which are still starting up. A good way of gathering more insight would be by researching the hiring company’s competitors to learn more about salary ranges for positions which demand the same duties and responsibilities. In addition, salaries for the same role across various industries may differ - for instance, some iGaming jobs in Malta may offer different salaries for careers in finance, when compared to the same employment opportunities within other industries. Being knowledgeable about such variables would work in one’s favour, helping them shape a more informed approach to their employer.
Research the Hiring Company
Taking it further, one should also research the hiring company’s values and mission statement, what their short-term and long-term goals are, their contribution to their industry as well as their financial position. By understanding what the company is all about and what their main aims are, one would be able to consider how they can help the company achieve their goals and what financial rewards would be suitable in return for their services.
Know Your Worth
Taking into account your skills and talent in relevance to the hiring company’s goals would give you good leverage when approaching your employer for a raise in salary. Beforehand however, one should reread their job description and main duties and responsibilities in order to assess whether they would be able to provide the right value to the role in question. During this stage, one should consider their seniority and experience within their field too.
With regards to being in an interview position, it is important to remember that ultimately, the employer wants to hire the right person for the job, so besides showing interest and a willingness to contribute effectively, one should also not refrain from mentioning what they could bring to the table, and what differentiates them from other candidates applying for the same job. This could be done by giving examples of past successes - how your work with your previous company helped them achieve greater heights, or how your problem-solving skills allowed you to effectively come up with viable solutions which financially benefitted the company. Laying out your accomplishments and your ambitions would lay another foundation to giving off the most suitable image of you to the employer.
In the case of already working for the company for some time, this step could be done by showing your progress and achievements for the company to date - by putting your employer in the picture as to how your productivity has been positively affecting the company, it could help them recognise your efforts and reward you accordingly for your work and commitment. In reality, if your work is providing more value to the company, then the last thing that the employer would want would be to allow you a job change. Therefore, displaying your value towards the company should always put you in a better position to discuss your salary.
By honestly acknowledging your worth and showing the hiring company what value you can offer them, you would be one step closer to convincing them exactly how much your services are worth.
One should never underestimate the value of being present in the moment - after all, clear communication is key, making it of utmost importance to speak confidently and surely to your employer to let them know your concern. A good way of going about this is to practice what you are going to say in advance - being sure to keep a steady tone of voice, an upright posture and being aware of your body language to maintain a professional appearance.
At the end of the day, your conversation with your employer is one based on trust and confidence. Whether you’re sitting in for an interview or have been working at the company for several years already, demonstrating your desire for a raise as a result of your hard work should be done in certainty as well as in positivity. Your approach should be one which looks towards the future - mentioning your enthusiasm to continue working for the company and move up the ladder and collaborating with your team will give off the right impression and provide more value to the eyes of the employer.
Be Open to Discussion
If the employer does not take you up on your offer, it could perhaps be because the company may have to operate tightly within their annual budget, allocating fixed salaries to their employees. In the same way, the employer might only be able to offer you a slight salary increase due to company financial limits.
By no means however does this necessarily mean that your employer does not recognise your value. In fact, there could be the possibility that your employer may offer extra benefits such as extra paid leave, more flexible working hours, job promotion or additional training opportunities to progress within the company. In such a case, one should be open to discussion - perhaps such alternative benefits may contribute to a more attractive schedule, resulting in a more desirable work-life balance. Be sure to be aware of all possible offers and how they could benefit you, and if your employer does not bring them up, it shouldn’t hurt to bring them up yourself, ensuring that you do so in a serious, realistic and respectful manner.
Keeping the above tips into consideration should help smoothen the process of asking for a salary raise - be sure to be well informed about your field and the company’s industry, and be self-aware about your value and what you can offer to the company in order to communicate effectively your desired requests.
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