6 Tips for Renegotiating Your Salary

6 Tips for Renegotiating Your SalaryWhether youre seeking mora than a standard cost-of-living bump or have seen your job responsibilities increase over the past year, this may be a great time to open salary negotiations with your boss. The holidays are over and everyones settling in for the year aheadso why leid do everything you can to increase your bottom line? googletag.cmd.push(function() googletag.display(div-gpt-ad-1467144145037-0) ) 1. Pick your timingIf your companys year-end financial report just came out and its bleaker than an outdoor swimming pool in January, know that this might bedrngnis be the best time to approach your boss about a raise. Its leid necessarily a dealbreaker, but definitely be wary that your request might not be met with an open checkbook.Knowing how the company is doing in general can help you frame your request. If things are a little lean, open with an acknowledgment that you know things are tough, but that youd like to open a dialogue on your salar y for reasons xyz.2. Be realisticBefore you even bring up a salary change with your boss, do the legwork by researching what the salary range is for your role within your industry. This can help you figure out a reasonable dollar figure, but can also show you where you stand on the compensation scale. If your salary is currently on the low end of the standard range for your job title and experience level, that gives you leverage when you talk to your boss.3. Dont make threats/demandsSalary negotiation is a dialogue. Just as youll have a preferred outcome in your head, so will your boss. It may take some time to get to a middle ground that works for both of you, so you wont do yourself any favors by going in guns a-blazing and asking for a particular number or else. That will only put your manager on the defensive, and will not make him or her likely to accommodate your request, however overdue or reasonable it might be at heart. At this point, the company holds the powerbeing overly aggressive at the start gives you fewer options later on.4. Dont forget benefitsWhile this is a chance to increase your base salary, its also a chance to revisit your benefits and perks, as well. If you seek more vacation time, comp time, or a flexible work-from-home arrangement a certain number of days per week or month, it puts more chips on the table. It could also help provide some middle ground if your employer is unable to meet your top salary goal.5. Document everythingWhen you ask for a raise, youll need backup to help justify the increase to your employer. Before you start any kind of negotiation, get these in order. Have a list of specific bullet points ready that you can bust out either in an email or in conversation with your boss. Successful projects that youve spearheaded, revenue increases, times when youve gone above and beyondget em all in that list. Remember, youre offering a case as to why you deserve more. General comments like Im a hard worker or Im good at my job dont offer specific enough reasons to give you more money.6. This time, its (im)personalKeep personal relationships and needs out of it. This negotiation process is about getting compensation you feel you deserve as a workernot about how you need more cash for your speedboat down payment. Make sure you limit the discussion to your professional accomplishments, your worth in the workplace, and your relationship to the company.Also, if youre friendly with your boss, remember that during your salary talks he or sheis no longer the friend with whom you share cat videos. This is the professional colleague who likely wants the best for you, but also has to keep the companys best interests in mind, too. Its unfair to expect special treatment based on personal BFFnessnot only unfair to your boss, but to your other colleagues as well. You never want there to be even a hint of impropriety, so keep things straightforward and professional. Then celebrate together later with a cat video.As w ith just about everything else, the motto for salary renegotiation is be prepared. Knowing your worth and having as much information as possible at your fingertips once you open the dialogue will give you a strong platform. You may or may not get the exact dollar figure you want, but going into the process with confidence and concrete reasons is the best way to start.