Shoot Your Shot! 5 Tips On How To Negotiate Your Salary

Getting a pay raise will come up one way or another, especially when you've been going above and beyond the job description. And when you're consistently hitting the targets, the discussion for a salary increase will follow. Sometimes though, it might help if you started the conversation.

The employment rate in New Zealand has increased to 66.7% as of September 2020 according to Stats NZ. That’s over 2 million Kiwis from ages 15 and up who are currently employed.  Because 56% of employed Kiwis expected a salary increase by the end of 2019, it can also be anticipated that many are still looking forward to a higher pay especially during this time of the pandemic. 

Of course, there are several ways to start negotiating for a bigger paycheck. It’s never an easy decision, but you can always try to make it happen.. 

1. Familiarize yourself with salary trends

It won't hurt to do your own research. Explore the pay information for using a jobs database. It would be smart to have your own PC or laptop and a reliable broadband plan to make your search easier. You can do salary comparisons using an online salary calculator or check salary surveys released by recruitment companies and agencies for better reference.

If you want more in-depth reviews about the job you're eyeing, it will be useful to ask friends or your network to walk you through workload or assignments in your chosen industry. This will help you gain the confidence to shoot your shot and get the job you’ve been wanting. You can also follow professionals on sites like LinkedIn for their personal take on the job you're eyeing.

2. Gather information

In a 2018 survey by Stats NZ , there’s a 9.2% difference between men and women’s salaries. Men often receive higher salaries than women despite women being equally (or more) competitive in their work. That’s why it pays to research salary rates about your current position, and to know whether or not you’re getting the right pay. You should ask yourself about the “why’s” and be confident to present evidence to support your request.

List down your work achievements, objectives, and goals in the coming years. By gathering enough information and knowing about the right salary for your job, you will have a better chance of convincing your boss that you deserve this raise.

Here are more ways on "how to get paid what you're worth," according to Careers NZ:

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3. Be gracious and listen

Communication is important when you want to get things done. The same goes when you want a salary increase. Compose yourself and what you want to say in the meeting. Humility goes a long way. A good impression will give you higher chances. When you start off with high expectations or implying that you don’t get enough pay, you might come across as aggressive or over-assertive.

You can begin by being honest about your performance in recent years and how it might be reflected in your pay. Make it clear and concise. Once you’ve laid out the numbers and all relevant information, let your boss respond and listen with an open mind. 

4. Avoid oversharing 

Remember that you're still in negotiation with your boss, and as an employee there are certain lines you don't want to cross. When it comes to pay, you just need to keep it simple and focus on your goal. Help your manager understand why you deserve a raise. Don't make unnecessary comments about work tasks, your colleagues and other stresses inside and outside of the office.

Most managers don't like negotiating, either, so it's best to go straight to the point. Always take accountability for your actions, and never undermine your colleagues. A good boss will always see through your words and actions. It's always best to be transparent with your Key Performance Indicators (KPIs) and let your work speak for itself.

5. Accept the outcome

Keeping a positive mindset will help you accept the decision of your company no matter what. Negotiations don't come easy. If your boss can't give you a raise now, you might need to take a step back and reassess your options.

If you truly feel like you've been unfairly denied the pay raise you so deserve, you can start focusing on other opportunities that will recognise your worth and expertise with better compensation. 

Read: Build Your Career: Where To Look For Jobs In New Zealand

There are no certainties when it comes to salary negotiations, but you would still have learned something valuable because you took the chance. One of these values is in knowing how much your skill is really worth.

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