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There are many ways that a company can go about recognising the work of its employees. It can be done in the form of promotions or even special rewards for jobs well done. And while these are certainly welcoming from an employee’s point of view, most of them will also agree that, when it comes to recognition, few things mean more than a pay raise.
Increasing your professional income is also vital for your career advancement and progression when and if you decide to move on to another role, whether it is in the same company or not.
Ahead, we will explore how employees and job seekers alike can evaluate their worth as contributors to the company, as well as how they can negotiate for the salary they deserve, be it during job offers or at annual appraisals.
Related: Why do I need to tell recruiters and employers my last-drawn salary when making a career move?
Not everyone is a born negotiator. Just like how price-bargaining is an acquired skill, successful negotiation, too, requires a very different mindset. Most candidates do not do enough when it comes to negotiating for a higher salary.
Obviously, the first rule when you go into a salary discussion is to never settle for the first salary amount put on the table. Ahead, some of the following tips and tricks to get a higher salary.
Just because the salary offer feels like it is enough to cover your expenses doesn’t necessarily mean that it is the market average. As such, it is critical to do your market research and know what your role is worth before you step into an interview and negotiate for a higher salary.
One way to do so is via our Salary Comparison Tool, which gives a comprehensive overview of all major sectors in various markets, the key roles and functions involved, as well as their respective salary estimates. This will allow you to calculate the average salary range based on your sector, location, and work experience. This salary tool is updated every year to reflect current industry norms and average salaries in the current market.
There are also websites like Glassdoor you can explore; these typically share salary numbers revealed by members and are categorised by job positions for easy viewing.
If that is not enough, you can take your research a step further by simply talking to people in the know. It could be someone already in the industry or even a recruitment consultant who can give you the latest updates. With all the research gathered, you would be able to enter a salary negotiation with a lot more confidence.
Your value to the organisation is sometimes more than just the position that you are applying for. For instance, if you are applying for the role of a marketing director with 20 years of experience already under your belt, you are going to be able to command a certain amount of salary.
However, if you are applying for the same role with the same industry experience, but with added bonuses of entrepreneurial background and experience in Search Engine Optimisation and social media marketing, you are going to be bringing a lot of extra skill sets and value to the table.
Furthermore, if you know for a fact that the company you are applying for does not have, say, an SEO-driven content marketing strategy, then your knowledge in that area is suddenly going to be worth a whole lot more.
As you can see, even though the job titles are the same, the difference in the job description can be quite stark. These peripheral skills you have developed over the years will allow you to take the industry standard when it comes to salary and increase it. It is also always a good idea to familiarise yourself with the industry, find out the most in-demand skills, and bank on those during your negotiation.