How To Negotiate Better Pay After Your Future Performance Review
The current job market is definitely quite depressing so knowing how to negotiate a better pay after the next performance review is something that is important. This is especially the case since it is not expected that we will see large pay rises in the near future. It is vital for you to get ready for the future and start working now to get that higher salary in the future. If you are interested in getting a better salary, here are some things that will put you in a stronger negotiation point.
Work On Your Own Goals
Most companies are going to set goals for the employees but if you want to make the raise higher you want to put your very own benchmark at a higher position than what the company requires for you. If you do this you are going to clearly show that you are on your way to a career that is successful and that you should be offered a better raise or other companies are going to snatch you away.
Ask For Informal Reviews
When there will be some time until the future performance review will be held, it is a very good idea to personally request a performance assessment. It would be informal but you can ask important questions like how you can improve or what specific expectations exist. In many cases employees do not really know where the employer places the performance bar. The informal review helps you to find out and will also put a mark on you that you want to be better.
Start Your Research
When you do not have information about salaries in your industry, you have no real idea how much you should get in the first place. Be sure that you understand exactly what the industry salary is at the moment for the expertise level you are at. Such research can easily be used during the negotiation for a better salary, especially when the performance review was really good.
Let Employers Make First Offers
When the review progresses you want to highlight different achievements you had and various benefits brought forth for the organization. However, when money is being discussed, it is a much better idea to stay quiet in the beginning. The figure that you are offered is going to be really important and you want to hear it before the counteroffer can appear. Dollar figure may be a lot less than what you expect. Remember that in the negotiations of salaries it is normal for the party that first talks to lose.
Get All In Writing
As your salary negotiation is over, you get a specific amount. You want to get that offer in writing. Supervisors can often give you raises but then tell you that the HR departments did not approve what was offered. Even if you really trust the supervisor or the company at the whole, it is better to be safe and get the deal official.
As you negotiate a salary increase that you are satisfied with you will want to make some decisions about what to do with that extra cash. A part of it can be put into retirement savings, to pay off credit cards or you can start a college fund. The main idea here is that there are various different options that are available and you want to be prepared to do something with that money you get. Just being happy of the salary raise and not thinking about what you can do with it would be a mistake on the long run.