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Do you want to increase your salary?  Follow these tips and watch your income grow - Forever Young

Do you want to increase your salary? Follow these tips and watch your income grow – Forever Young

If you are an employee who brings value to your company, it couldn’t be a better time to negotiate a salary increase. Take advantage of Adecco Portugal’s in-house expertise to discover how you can successfully negotiate your next salary increase.

Decide on the salary increase you want

Before discussing a raise with the team leader, know what you want. If you want more money, select the amount you want. If you want a new title, consider what would be the best fit for your career. If you want greater flexibility, select a viable offer that aligns with the business sector you are listed in, and doesn’t hurt productivity or your business | life balance.

To find the desired salary increase, use the relevant data! Don’t ask for a 5% or 10% raise based on a gut feeling that this is what you deserve.

How do you recognize this “magic” number? Follow these steps:

1 – Research among peers the average salary of professionals with similar jobs

An immediate search that you can do would be to consult your colleagues: former training colleagues, professionals with whom you have been at conferences, rehabilitation procedures, or through groups on social networks associated with a particular professional field. You can immediately get information about the average wages being exercised.

It’s important to talk about the net and gross numbers: the gross salary is subject to deductions, namely Social Security and the IRS, that vary according to the amount agreed upon, so the net salary you receive will always correspond to the amount after deducting applicable taxes. To assess the net worth of your ideal salary, you can use the Adecco Portugal salary simulator: it is a free online resource that gives you, in seconds, the final net worth corresponding to the salary you might earn, as well as the value of the deductions you are entitled to.

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2 – Determine the salary range that satisfies you

Let’s say the fairest average annual salary for the job title, experience level and location is between €20-30k gross/year. Generally, you’ll want to aim above (80-100%) than this range. In this case, this means that 24 to 30 thousand euros will meet the salary increase expectations.

The 80-100% rule is not difficult. The key to the decision is to make sure that you will settle for less than the range of your expectations. In other words, the bottom of the target range is the minimum salary increase you might accept. If after several trading attempts the result is still below the required range, are you happy? It is a personal decision that must be considered taking into account your objectives and whether the final proposal can be complemented by other value-added benefits during the negotiation.

3 – Determine the exact salary amount

Now that you know your target range, it’s time to decide on the exact amount you’ll use to apply for a starting salary increase and open the door to negotiations. Again, it’s a good idea to start with the highest value.

Because? You should assume that your leaders will present you with lower value propositions. If your proposed raise was granted right away – congratulations! However, they will likely offer a lower number, at which point you will have to decide whether or not to accept the corresponding return.

Trading tip: Exact numbers (as opposed to round numbers) can give you an edge in negotiations. This means that you have done detailed and thorough research before trading. So, instead of asking for 30,000€ per year, you could suggest 30,350€ per year. Worth trying.

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4- Preparing convincing arguments to justify the salary increase

While the asymmetry between labor market supply and demand can work in your favor as a candidate for a premium, it is unwise to rely entirely on the market environment.

An essential part of asking for a salary increase is demonstrating (using clear metrics and/or examples) the value you have brought to your company in your time there. Have you created an internal solution that prevents the company from turning to an outside supplier? How much did the company save? Did your recent project increase revenue, create new efficiencies, or generate leads? Label the fruits of your labor with solid numbers to define what you bring to the table. This is not possible in all cases, but there are always ways to measure the impact of particular initiatives on an organization.

5 – Ask but ask for the increase!

The worst thing that can happen to a reasoned request for a salary increase is a “no” answer. Of course, this is not the ideal scenario, but at least, if it happens, the leadership will know that you are not satisfied with your salary. The company may not have met the conditions in order to give you a raise that month, but it will likely be at the front of the queue for raises when there are possibilities to do so or offer other types of incentives that prove they know your value.

Above all, be confident in your worth and be professional. If you see offers that are too low, never be afraid to propose a counter-offer that seems fair and matches the company’s capabilities: this is what defines negotiation.

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At the same time, try not to become so adamant about your target salary increase that you fail to appreciate a very competitive offer if you receive one. In the end, only you decide when to accept and when to back off.