The Key to Successfully Negotiating a Higher Salary

With the end of the financial year looming, employees often consider broaching the subject of a salary increase with management but are unsure how best to approach the topic in order to achieve success.

Nicole Gorton, Regional Director NSW, Robert Half believes that research and preparation are the keys to successful negotiations.

"Do your research and know your market worth. Don?t underestimate the knowledge of the recruiter, they spend their entire day talking to employers and employees and they know what other people are getting paid in the market place," said Gorton. "The key mistake that employees make in salary negotiations is lack of research."

Nicole suggests that prior to your meeting, be realistic and consider why you are asking for an increase. For example, are you taking on an extra level of responsibility or a promotion for which you?re currently not being remunerated for? Be clear about your expectations and think creatively.

"When you negotiate with your employer, think about what you are looking to achieve. You can go beyond purely financial remuneration. Benefits like a car, superannuation, stock options, profit sharing and parking are all negotiable," said Gorton.

Sandy Hollis, Director of RogenSi, agrees that it is absolutely vital that you prepare in advance and develop a range of options for your meeting. "Think about what you would like to get, think about what you would hate to have to accept and think very carefully about what your walk away position is."

Hollis recommends that during the meeting employees should remain unemotional, non-judgmental and try to focus on the positives.

Both women recommend that ultimately, if the answer is no, remain positive and focus on solutions, not what you have missed out on.

ROBERT HALF?S SEVEN TIPS FOR NEGOTIATING A SALARY INCREASE

1. Preparation - make sure that you are adding value to the company and doing your job to the best of your ability.

2. Prepare the ?why? - be objective. Why should you get a higher salary? Are you taking on an increased level of responsibility or a promotion?

3. Be clear about your expectations - write it down so that it is clear in your own mind, know what you are prepared to compromise on.

4. Do research - understand market rates, look into your industry, employers will be more up to date with this information so make sure that you are prepared.

5. Think creatively - look beyond financial remuneration and consider additional benefits such as a car and superannuation.

6. Anticipate their reaction - prepare your possible responses, remain unemotional.

7. If the answer is no, what is your solution? What do you need to do to get what you are looking for? Set goals and timeframes with your manager. Get an agreement from your boss.

For more tips of negotiating remuneration successfully visit www.roberthalf.com.au and follow the links to the podcast page.

ROBERT HALF
Robert Half is the world?s first and largest financial recruitment firm, specialising in the placement of accounting and finance professionals on a temporary or permanent basis. With more than 350 locations throughout Australia, New Zealand, Asia, Europe and North America, the company provides a complete recruitment service at all levels.