Salary is the top motivator for employees worldwide. After many years at the same employer, a worker may consider asking for a wage rise to keep up with inflation and further their career. Negotiating for a wage rise is harder than it seems. This is why this short guide covers the top five 2024 increase negotiation tips.
Here are the 5 top tips you should keep in mind while negotiating for a pay raise in 2024:
Choosing the right time
Employers may have several considerations. A worker who requests a wage rise at the wrong time seldom gets it. Regular pay reviews are the greatest opportunity to request an increase or salary rise. This is also when most companies do it. Contractual workers frequently negotiate at the conclusion of the fiscal year or when signing a new contract. In New Zealand, salary raises are best negotiated at regular pay reviews or performance reviews.
Knowing your market value
Always study what other workers in your position at other firms in the industry are paid. You’ll know what you deserve and how much of a salary rise to seek from your company. Know what the industry pays persons in your position who are performing the same work as you but at a different business.
Having a strong business case
When you do decide to negotiate a pay raise, remember that it isn’t as easy as withdrawing money from an ATM machine in New Zealand. Herein, you can just input the required amount, and it will come out of the machine. However, it takes building a strong business case to be able to negotiate a pay raise properly. You need to present your specific contributions to the company, how your skills are bringing the company closer to achieving its goals, and how others are being paid for the same job and position in some other company in the industry.
Going for more than just money
Although a pay raise is your ultimate aim, there are other things that you can negotiate for. These include a flexible work environment, a company car, or better furniture in your workspace. Regarding better office furniture, Hurdley’s business desks are known to offer the highest quality modern and premium yet affordable office furniture in New Zealand. They have a wide range of everything you might be looking for in your office and something to fit everyone’s budget.
Taking your time
When there’s already a pay raise offer made to you, you should carefully analyse it, especially if it is something unexpected. An employee needs to determine whether the proposed pay raise is close enough to their expected outcome or if it is reasonable enough.
On negotiating a pay raise in any office in New Zealand, this should not necessarily be a stressful matter as long as both parties are open to discussing the issue at hand with a mutual desire to keep the professional relationship going. It simply means knowing when and how to do so.
