Want a raise? Of course you do. Sanjay Modi, regional managing director of Monster.com, tells you how to go about it
1. Be patient and remain calm at all times
The negotiation process should never be confrontational or harsh, but smooth and harmonious.
2. Research salary averages for your industry and position
Knowing your value will help you feel more confident about staying in step during the negotiation process.
3. Timing is important here
The appropriate time to negotiate is when you’ve just been promoted or your deliverables have changed significantly in such a way that you now have more responsibility than before and you should therefore be compensated appropriately.
4. There’s more than salary that you can negotiate
Signing bonuses, unpaid leave, relocation expenses, flextime, severance, and predetermined timeframes for salary reviews are negotiable. Vacation time and health insurance coverage are established by company policy and are non-negotiable.
5. Build a business case
Show the organisation the actual value you bring and how you impact the bottom line of your company: regular business wins, happy clients, industry awards or anything else which sets you apart.