Is it a good time to negotiate a salary increase?

The escalation of prices due to inflation causes professionals to consider if it is the right time to negotiate a salary increase. Consulting firm Robert Walters answers five questions that can help professionals raise, negotiate and win a raise.

What situation is the company in?

It is important to know the current situation of the company, for example, if the teams are growing or if record results have been obtained for the business in the last 12 months.

Factors like these will have a direct effect on whether the salary offer is above or below the market.

Why is now the time?

It is necessary to focus on the value that the professional brings to the company, for which it is necessary to collect what are the achievements that have been achieved, and join them to the time invested in training and work. In the case of junior professionals with little experience, enthusiasm and professional ethics must be demonstrated.

In this way, it will be possible to present the reasons why now is the perfect time to request a salary increase, not only due to inflation and the increase in the cost of living, but also due to the value that the professional represents within the organization.

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What is the salary band for similar profiles?

Researching the market and discovering how much other professional profiles working in the same sector with the same role are paying is essential. The key is present a clear and confident argument, thanks to examples of professionals inside and outside the company.

How are the conditions in the sector?

Are there few professionals offering the same skill set? Have the salaries of the sector registered an increase or, on the other hand, have they fallen with respect to other areas? ( Is there a large number of professional profiles that fit into the same position?

It is important to know the answer to all these questions in order to understand what is the salary range that can be demanded and what is the most realistic. Knowing the economic situation of the company is key.

Besides the salary, what are the other Benefits?

  • A very attractive salary and above the average for the position and sector may contain a “small print”.
  • A higher salary may mean the loss of certain benefits, such as performance bonuses. In the case of starting a new job, it is necessary to take into account how much time is going to be invested in commuting to the new office or what the new hours are.

Also, if the new company cannot offer the salary you are looking for, it is advisable to consider other factors such as company car, free medical insurance, gym or other benefits, that can be used when sitting down to negotiate.

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