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Top Tips for Negotiating a Higher Salary at Work

[su_dropcap style=”flat”]I[/su_dropcap]T’S OFTEN HARD to find the average salary for a position because there are so many factors that determine how much an individual makes. It often depends on the amount of experience you have, whether you have a college degree and even where you live. Some cities have a higher cost of living, which means that you need to make more to live a comfortable life. When your contract at work expires and you need to renew that contract, you can use some tips to negotiate for a higher salary.

Show Your Value

It might be nice to bring home $200,000 a year and still only work part time, but you need to ask yourself if that sounds realistic. Employers base the amount you make on the value that you add to the company. That is why the executives and leaders of your company make more money. Now is the time to make a list of all the things that you bring to the table to show why you are worth the figure you have in mind. You should also research the amount that professionals in similar jobs working in your same city make to show why you deserve a raise.

Have a Counteroffer in Mind

Negotiating is tricky because both sides want to win. While you may have an exact figure in mind regarding how much you want to make, you must have a counteroffer in mind as well. If you want to make $50,000 a year and currently make $40,000, you might ask for $60,000. Your employer will come back with a lower offer, which lets you make a counteroffer to get your salary closer to the amount that you want. Always go in with a higher figure than you actually expect to make.

Consider Other Options

While salary is the big thing on your mind, you also want to consider other benefits that you might accept in lieu of a big pay raise. Have you always wanted to go back to school and earn your MBA? Ask your employer for a stipend that pays for your books or tuition assistance to cover the cost of the MBA program. If you want to work from home and spend more time with your family, ask your employer about working a few days from home. You may find that you prefer getting more benefits than getting a simple raise.

Know When to Stop

As you chat with your boss or supervisor, you should keep in mind that things may not go the way you want. There may come a time when you simply cannot reach an agreement together. If this happens, don’t be afraid to dust off your resume and apply for a new job. Professionals often walk away from jobs because of salary disputes, inner office problems or even medical reasons. After looking at how a professional like Fahad Al Rajaan resigns or how another professional quit his or her job to start a new business, you might decide to leave your current job, too.

Negotiating during a contract renewal can help you earn more money, get the chance to work from home or take advantage of other benefits. If you and your boss cannot reach an agreement that benefits both sides, it might be time to look for a new job.

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