Money talks: Negotiating money with your employer
There are few subject matters that instantly make us tense up than money, particularly in the work place.
A KZN listener has written to Stacey and JSbu for advice on how to approach their employer with regards to a pay increase.
If you have ever had to negotiate a pay increase with your employer, you would agree that the process can be tricky and nerve-wracking. When you add a global pandemic into the mix, where job security is not a given, the anxiety levels rise.
Chantel says that she has been working for her employer for about two years and currently is on a long-term contract in a mid-level position. She is known for being a hard worker who is an overachiever, with two years left on her current contract. She wants to approach her employer for a consideration into increasing her current salary.
She fears, however, that this might put her in jeopardy, especially during the times we are currently living in and having her employer feel that she is ungrateful.
Listen to Chantel's story in her own words below:
According to COI, these are some of the tips you can follow to help you prepare for this conversation with your employer:
1. Track your accomplishments: If you feel a raise is in order, the first step is to track your accomplishments on a regular basis in an achievements journal, where you note major projects and successes, or an itemised spreadsheet or calendar
2. Know your worth: Know how your current geographic location, the cost of living in your area, and the specifics of your role affect your current and proposed salary.
3. Consider your company's context: Research your company to identify possible obstacles that may stand in your way of a raise. Obstacles may include a recent layoff or cost-cutting measure. If you do identify barriers, let your boss know that you are aware of these challenges and ask her how you might play a role in solving some of the problems.
4. Use your advantage: Negotiating a raise at your current company gives you a built-in advantage, as your boss should already be well aware of your contributions, achievements, and your strengths
5. Consider bonuses and other options: There are other options to consider when negotiating, such as stock, executive benefits, flex time, increased vacation time, and bonuses.