A colleague of mine asked me if it was normal or even possible to renegotiate the salary of your current job. He discovered by doing some research on the job market that he was quite underpaid in his field. He was wondering if it was easier to quit his job, and come back to the same company with a higher salary after working elsewhere for a while. Check out latest seventh pay commission news here.
Of course, if you just accepted a job offer, it is not a good time to ask for more money, but once you have some time and accomplishments behind you, you should look to salary negotiation. If you just accepted the offer, you did so fair and square. That is why it is important to know your value before accepting any job offer.
There are many ways to increase your total compensation. Think about things like stock options, improved benefits, more days off, or pension plan contributions as other value adds to your compensation. Sometimes it is easier for the employer to give you what you want if you aren’t looking at the hard cash bottom line. For gratuity calculation check this.
1) Know the value of your skills in your area. Research multiple sources for salary data, and be aware that surveys conducted by HR will be more reliable than those that are self-reported by employees.
2) Your value proposition is a very powerful persuasion tool. Make sure you consider all the ways you ad value to the business. Profit, cost savings, quality, customer satisfaction are all value adds that literally translate into bottom line. You need to assess your contribution to the bottom line.
3) Get yourself ready to discuss this with your employer. You may need to educate them that you are below the salary range. Either way, you will let them know that you know what the market is.
There are so many facets to salary negotiation. You should be prepared to do your research and know your facts. I highly recommend learning more about the art of salary negotiating and turn your career into high gear.
Having a job offer from another employer is a great tactic to give yourself an upper hand when asking for a pay raise. It is a trump card that you should only play if you feel you need to.