A Guide to Getting Paid What You Deserve
Are you tired of being undervalued and underpaid in your current job? Do you believe that you deserve a higher salary for the work you do? If you answered yes to these questions, then it’s time to take action and negotiate a higher salary.
It’s crazy to think that 50% of the workforce will never be able to match the median salary of $4,534 in Singapore. The worst part of all, 61% of workers fail to negotiate for a higher salary and are left trapped in their low-paying jobs.
Negotiating a higher salary can be a daunting task, but it is an important one. After all, your salary is a reflection of your worth in the workplace. And the problem most people in the workforce do not know is how to fight for a salary that they are truly worth.
In this article, we will discuss effective strategies for negotiating a higher salary in your current job. From understanding your worth to presenting your case to your employer, we’ll cover everything you need to know to get paid what you deserve. Most importantly, GET YOU THE ANSWER YOU NEED TO EARN A HIGHER INCOME!
Understanding Your Worth
Before you begin negotiating your salary, it’s important to understand your worth. You can’t come up to the person hiring or your boss and say I want to take over your position. It’s crazy and you will be rejected right away!😂
Your worth is a combination of your skills, experience, education, and the value you bring to your company. To determine your worth, here are the common question to look out for:
- What is your job title and level of experience?
- What is the average salary for someone in your position with your level of experience?
- What unique skills and experience do you bring to the table?
- What have you accomplished in your current role?
- What value have you added to the company?
Take your time, and fill in each question as much as possible to show your recruiter or boss what you have to show. By answering these questions, you’ll have a better understanding of your worth and be better equipped to negotiate your salary.
Timing is Everything
Timing is everything when it comes to negotiating your salary.
You don’t want to approach your employer at the wrong time, such as during a busy period or when the company is going through a tough time. Instead, choose a time when your employer is more likely to be receptive to your request. Here’s a fun fact for you, the best time to ask for a raise is November and December on a Friday or before the holiday😅. These are times when your bosses are the most relaxed and are more likely to be happier.
If you plan on asking for a raise at any other time, consider the following:
- Is your company doing well financially?
- Have you recently completed a major project?
- Has your company announced plans for expansion or growth?
If the answer to any of these questions is yes, then it may be a good time to negotiate your salary.
Do Your Research
Before you begin negotiating your salary, it’s important to do your research.
Find out what the average salary is for someone in your position with your level of experience. You can use websites such as Glassdoor or Payscale to get an idea of what others in your field are earning. It’s a great way to see how much effort other workers in the same field are doing and how you can also make a difference if you were to change jobs.
It’s also a good idea to research your company’s salary policies. Do they have a policy in place for salary increases? Are there any restrictions or limitations? Knowing this information will help you prepare your case and make a stronger argument for a higher salary.
Present Your Case
When it’s time to negotiate your salary, it’s important to present your case in a clear and concise manner. Your expression matters a lot as compared to your notes, so express how you truly feel. But you want to be confident, not aggressive when presenting. Consider the following:
- Start by expressing your interest in the company and your commitment to your job
- Present your research and explain why you believe you deserve a higher salary
- Highlight your accomplishments and the value you’ve added to the company
- Be prepared to provide specific examples of how you’ve contributed to the company’s success
- Offer a specific salary range or ask for a specific salary increase
By presenting your case in a clear and concise manner, you’ll be more likely to get the salary increase you deserve.
Be Willing to Compromise
When negotiating your salary, it’s important to be willing to compromise. Your employer may not be able to meet your exact salary demands, but they may be able to offer other benefits or perks that can add value to your compensation package. For example, the company may offer you a more flexible work schedule or allow more remote working to fill your needs.
It’s important to take notes of what the company is willing to compromise. This means they VALUE YOU as an employee in the company and are willing to negotiate a payment that works for both parties. Here’s what they may ask:
- Are there any non-salary benefits or perks that are important to you, such as more vacation time or flexible working hours?
- Would you be willing to accept a lower salary in exchange for additional benefits or perks?
- Are there any areas where you can compromise without sacrificing too much?
Being willing to compromise can help you reach a mutually beneficial agreement that meets both your needs and your employer’s needs.
After you’ve negotiated your salary, it’s important to follow up with your employer. Make sure you get the agreement in writing and set a date to review your salary again in the future. It could be as simple as starting a follow up question like:
Hey boss, about that day where we talked about my pay…
By doing this, your boss has no choice but to look into your matter and have a proper talk. You need to do that because of the following consideration:
- When will your new salary go into effect?
- Are there any conditions or contingencies attached to your salary increase?
- When will you meet again to discuss your salary in the future?
These are important questions that can affect the employee mental health when it comes to working for the company. It shows whether the company is actually genuine in keeping you or not. By following up with your employer, you can ensure that both parties are on the same page and that the agreement is being upheld.
Books to help you in growing yourself
You can also read up on Atomic Habits. Probably the best self-help book I always recommend my readers to read. It shares how we should be constantly improving ourselves and working to improve how we live our day-to-day.
Atomic Habits: A Must Have Book for All to Read
No matter what your goals are, Atomic Habits can help you grow every day. James Clear, one of the world’s foremost experts on habit formation, explains practical ways for forming good habits, breaking harmful ones, and mastering small actions that lead to major improvements.
The issue isn’t with you if you’re having problems changing your behaviors. Inst…
Quick Summary Video
Okay, I hope all the information provided above was useful. If not, here’s a video summary of some points mentioned in this article that can express more on how to negotiate for a higher salary.
Is it possible to negotiate a higher salary in your current job?
Yes, it is possible to negotiate a higher salary in your current job. However, it requires preparation, research, and confidence.
When is the best time to negotiate a higher salary?
The best time to negotiate a higher salary is when your company is doing well financially and when you’ve recently completed a major project or added value to the company.
What should I do if my employer refuses to give me a higher salary?
If your employer refuses to give you a higher salary, ask them to explain their reasons. If you still feel that you are not being adequately compensated for your work, consider looking for other job opportunities
Negotiating a higher salary in your current job can be a challenge, but it is an important one. By understanding your worth, doing your research, presenting your case, and being willing to compromise, you can increase your chances of getting the salary you deserve. Remember, your salary is a reflection of your worth in the workplace, so don’t be afraid to speak up and ask for what you deserve. Good luck!