Whereas you may be able to convince hiring managers at a new company of your skills and excellent work ethic through an impressive interview, you can be sure that an in-house promotion is based on outstanding merit.
However, your new salary may not match the increased responsibilities that accompany your promotion. In this article, we provide a few tips on how to negotiate a salary increase during a promotion. It's important to negotiate a promotion salary increase because your employer will, in all probability, be aware of what it would cost them to hire and train a new person for the role you're taking on.
They may also know that you could possibly earn a higher salary if you applied for the same position at another company. What's more, you may receive a promotion without any accompanying salary increase. In such a situation, it can be challenging to ask for more money while simultaneously expressing your gratitude for the recognition your employer is giving you.
However, you have the right to negotiate a salary increase with a promotion—and the time to do so is during the promotion. Management may even anticipate that you will do so. As is the case with any negotiation process, you should approach salary increase negotiations with tact and open-mindedness. Be prepared to consider all angles and show your willingness to compromise. Here are a few tips on how to negotiate a salary increase with your promotion:.
Related: Negotiation Skills: Definition and Examples. If you're going to be asking for a salary increase, you should base your argument on well-researched facts. An important fact to research is the market value of your new job. You can gauge this information in various ways, such as chatting with other professionals in your field and also asking your mentors for advice.
Even if they don't discuss actual salaries, they can provide you with estimates and other useful tips. The next step you can take is to search for salary information online.
Many job websites supply average salaries for job titles and some also provide salary calculators that offer personalized salary estimates based on your data. You can also browse for jobs with similar job descriptions to yours and note the salaries that employers offer.
Once you've determined the market value of your position, you can adjust this according to your unique situation. Factors to consider, for instance, may include whether you're working for a startup or a well-established company and whether you possess the relevant qualifications for the position.
Example: "Thank you for the promotion. I am so grateful for the recognition. However, I researched the market value of my position, and there's a considerable discrepancy between this number and the salary you're offering. Is it possible for you to adjust my salary to closer reflect my new responsibilities? If you feel you deserve a raise with your promotion, you need to provide management with solid reasons why they should pay you more.
So why would anyone willingly take a promotion without a raise? Monster career expert Vicki Salemi says that many employees are looking for recognition and new opportunities—not just a salary jump. How can you be prepared for the possibility of a promotion offered without a pay increase? We asked three career experts for tips on how you should respond.
Lisa Gates, a negotiation consultant and executive coach based in Santa Barbara, California, encourages anyone in this situation to ask for more money right away —regardless of the fact that nobody mentioned a pay increase.
Find out what others in your role are making, and come prepared with a number, she says. Whatever you do, you must negotiate. Salemi says promotions without raises are becoming more common as companies get creative to fill open positions and save money.
To give you a leg up, Salami suggests taking the position and gaining as many new skills and experiences as you can, and then use these valuable qualifications as leverage in your job search. How do I get an internal promotion? How do you get an internal promotion? Why do I have to interview for an internal promotion? What are the benefits of internal promotion model?
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