Negotiating a higher salary and better benefits whilst you work at a company is part of the career game. It would help if you always kept up to date with your job’s earning potential.
We understand that as a working parent, you’re not just working for yourself – you’re working for your family’s future. It’s crucial to ensure that your job provides you with the best possible financial benefits. You may become complacent and let the time pass without reviewing your pay against others in the same field, this is a mistake that can cost you years in earning potential.
You shouldn’t always wait for the annual 3% pay rise that your company might give you, remember it’s not the company’s job to put food on your family’s table. That annual 3% is the minimum and is usually balanced off by inflation. Your job as an employee and an earning parent is to maximise both roles to the best of your ability.
Let’s explore some strategies to negotiate a higher salary, understand your worth in the job market, and maximise your job’s earning potential.
Remember, negotiation is a two-way conversation. Be prepared to listen and understand your employer’s perspective as well. It’s most likely that your direct manager will have to pitch your pay increase to the head of the department or company owner. Having a clear respectable conversation will go a long way in your favour.
Research and Prepare:
Understand the industry standard for your role and experience level. Use resources like Glassdoor, Payscale, or LinkedIn Salary Insights to gather this information. Take note of what skill sets higher salaries are demanding and match them against yours. You might be doing work above your pay grade that you didn’t realise you could be paid more for elsewhere. The research and preparation stage will highlight your strengths and weaknesses. The weaknesses will allow you to sharpen up your skills by learning what is required which simply could be a short course or a certification to give you an edge.
Prove Your Value:
Highlight your achievements, skills, and the value you bring to the company and or department. Use specific examples and numbers to demonstrate your impact. For example, If you’re in the sales department, show how you’ve consistently hit targets and gone above and beyond what has been expected by your management. Not all value is in sales or driven by money, show you’re a team player and can lead by example to those who might be struggling. Teamwork and leadership are highly looked upon in all workplaces.
Practice Your Pitch:
Prepare a clear and concise statement that explains why you deserve a raise. Practice it until you can deliver it confidently. The practice can also double up as a pitch to a future employer if you highlight your skills and best attributes. It sounds silly but literally stand in front of a mirror and say your pitch out loud to yourself. Even better yet ask your spouse or friend to listen to you and give some constructive feedback.
Be Professional and Positive:
Approach the conversation with a positive attitude. Be respectful and professional, even if the negotiation doesn’t go as you planned. Remind yourself you’ll still need to work in the same role and under the same management. It goes without saying, that the way you behave during the conversation and after the outcome will speak volumes in how your manager will judge your character. A no today doesn’t mean a no in 6 months if you’re open to feedback.
Consider Other Benefits:
If a higher salary isn’t possible, consider negotiating for other benefits like more holiday days, flexible hours, a work-from-home scenario or professional development opportunities. The development could be shadowing a more experienced colleague to learn tasks you’re willing to take on and use that as leverage for a future pay rise.
Lastly, maximising your job’s earning potential can be wonderful not only for your finances but also for your job satisfaction.
Earning a higher income can have a positive impact to your family’s standard of living. Keep in mind to have a conversation with all those involved on how you’ll utilise the increase in your budget. Remember to avoid a lifestyle creep in order stay on top off your long-term financial goals.
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