Are you negotiating a new salary or raise? Here’s what you need to know to succeed

According to a recent Gallup survey, almost half of Australian employees are currently on the lookout for a new job or are actively on the lookout for one report.

High stress levels, unclear work-life boundaries and the incontrovertible fact that pay packages don’t go so far as they used to can turn into compelling reasons to look elsewhere. Many could also be tempted by the promise of a higher salary.

Of course, the grass is not all the time greener, and there could also be ways to make your current job more rewarding. This may include inviting your boss to discuss a pay increase.

However, each finding a new job and trying to get a raise at your organization can put you in a difficult situation when you have to negotiate your salary.

Fortunately, as with many other kinds of negotiations, there are three key rules that can increase your probabilities of success.

Know what you want and why

First, it is vital to know exactly what you want and why you want it.

When on the lookout for a new job, your aspirations must be based on the long run, not on what’s unsuitable with the job you currently have. How do you expect the job you are on the lookout for will offer you greater than your current position?

Researching appropriate pay levels for similar roles in your industry may give you a sense of what is affordable and suggest where to place the goalposts.

Similarly, when applying for a raise, you should not be guided only by vague hopes of a higher salary.

It’s vital to have a clear idea of ​​how far more you’d like to earn and prepare a justification – similar to recent improvements in performance or evidence of new responsibilities.

Step into the opposite person’s shoes

No matter how vital your goals could also be, all negotiations are mutual. It’s not nearly what you want to achieve, but additionally about what the opposite side wants.

This is the second rule of effective negotiation: being other-oriented. Always negotiate from the opposite side’s perspective.

Imagine that you are the second negotiator preparing to negotiate with you. Find out what they need, why they need it, what pressure they might be under, and under what constraints they have to operate.

Many organizations have quite a rigid compensation structure and it’s unrealistic to think that they are going to break that structure just to please you. So be sensible.

Equally vital, you need to think ahead about what they are going to say in response to your request. What offer are they likely to make – and what will your response be then? Plan for a number of various scenarios.

If you focus solely on what you are initially going to ask for, you may lose control of the remaining of the conversation.

Understanding the opposite party’s standpoint puts you in a higher position to present what you have to offer in a way that suits their goals. You may feel that your extra effort should earn you a raise, but deal with the outcomes that helped your employer achieve their goals.

Thinking in regards to the other side makes your expectations more realistic. It’s vital to set high goals, but in the event that they transcend the opposite party’s control, you may find yourself backing down or leaving empty-handed.

Have a solid backup plan

This brings us to the third rule of negotiation: know what you will do if you do not get what you want.

A very good alternative ensures that you can reiterate your offer or claim, even when the negotiator on the opposite side of the table raised an eyebrow. Developing this alternative before starting negotiations is incredibly vital.

Depending in your situation, there could also be many good alternatives when negotiating salary for a new job. If you have applied to multiple positions, you could also be receiving different job offers. You will often even have the chance to stay where you are.

Negotiating an internal salary increase could seem to have fewer concrete alternatives if it fails. Unfortunately, you stay where you are and keep the salary you have.

But there are more ways to get ahead than simply financially. For example, looking for further accreditation, especially whether it is subsidized or enabled by your employer, may also help you stay motivated and improve your position in future negotiations.

Remember, nonetheless, that every one negotiations are mutual and the opposite side also has an alternate.

During a job interview, if you have a rare skill set and a key worker suddenly leaves, you could also be in a good position to rating well. Often, nonetheless, there might be another person who can fill the emptiness, and we may need the job greater than they need us to fill it.

If that is the case, explore all remuneration options – working arrangements, leave arrangements, etc. – that can make the job more attractive to you. Before agreeing, all the time check whether the prospect offered is healthier than your alternative.