Posted in Salary Advice 6 months ago

Negotiating your salary

Asking your boss for a raise or a new employer for a higher starting salary is never a straight forward conversation and can be quite daunting.

Preparing before talking to your employer is key. You need to present a clear and confident argument when requesting a pay rise. 

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Ask yourself these questions before starting any discussion to ensure you are prepared.

How is the company doing?

It is important to understand how your company is performing. Have they made any redundancies in the past year? Is the company below their financial performance or below target? Maybe they are above target.

Why are you worth it?

Note your accomplishments and focus on the value you will bring to the company. If you are just starting off, you may not have the numbers to prove your worth so pitch your enthusiasm and work ethic.

What is the market condition like in your sector?

Is there a shortage of candidates with your skill set? Have salaries been raising or falling in your sector? Is there a high number of roles appropriate to your skill set in your sector?

It is important to understand what level of salary you are able to request and what Is realistic. Understanding how the company and marketing is performing is key.

How much do employees with similar skills and roles earn?

Do your research. Find out how much employees carrying out similar roles as you are being paid. Present a clear and confident argument with examples of similar jobs inside and outside the organisation.

A higher salary could mean you might lose out on certain benefits such as a bonus so consider this. If your employer is unable to offer you the salary you are wanting, consider whether there are other benefits such as company car, health insurance, gym membership or other perks they could offer you.

Our consultants have the most current and up to date market knowledge on salaries, they are specialists in their fields so for more guidance please do not hesitate to contact us –

info@lloydmay.com

020 3947 3250

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