2022 Could Be the “Year of the Raise.” Are You Ready?

According to the November Conference Board Salary Increase Budget Survey, wages are expected to increase by 3.9% in 2022. This is the highest rate of growth since 2008, and the Conference Board cites accelerating inflation and increases in wages for new hires as the main causes.

Whether you’re currently employed or looking for your next opportunity (or perhaps both), now’s the time to brush up on your salary negotiation skills. Here are seven key salary negotiation tips to help you get a piece of that pie.

1. Know The #1 Rule of Negotiation

Do everything you can not to be the first one to give a number, especially if you’re negotiating a job offer. Try to deflect the salary requirement questions in interviews and applications, and instead ask the company to provide a range. However, if you’re asking for a raise, it’s important to come to the conversation with your target amount. Aim a little high to leave room for negotiation.

2. Do Your Research

Use data to your advantage. Do your due diligence and find out what the current salary range is for your type of position and location. Additionally, find out as much as you can about the company’s current standing and what may be realistic for them. It’s critical to arm yourself with this information and understand if you’re being paid fairly.

3. Practice Pitching Your Greatest Hits

“Because, inflation” isn’t going to win you that raise or higher offer. Create a compelling argument for yourself based on the contributions you made to your company in 2021.

“If you’re negotiating a job offer, set yourself apart from your competition and be clear about how your skills and experience will make an impact on the bottom line if you’re hired,” said Lori Cole, Certified Career Coach and Advisor at iHire. “Make your value the center of your negotiation strategy.”

4. Also Practice Answering Tough Questions

Why do you think you deserve a raise?

How did you come up with this range?

What benefits would you accept instead?

Be ready for these with respectful, clear, and confident answers. (Pro Tip: following steps two and three above will do the trick.)

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5. Look Beyond Salary

Employers are desperate to hold on to their current staff right now. Even if pay raises aren’t in the budget, you can negotiate for other things like more time off, remote work options, flexibility, added benefits, company-sponsored training, a new job title, or different responsibilities.

6. Consider Applying to Open Roles Within Your Company

If you’re currently employed and an opening at your company catches your eye, consider throwing your hat in the ring – especially if it would mean a promotion, higher pay, and/or more job satisfaction for you. Put the same amount of effort into the process as if you were applying somewhere else, and take it a step further by preparing some suggestions or a tentative plan for how your current role would be filled.

7. Be Respectful & Realistic

There’s no denying that we’re in a candidates’ market now and the “Great Resignation” is keeping employers up at night, but that doesn’t mean you should burn bridges, make outlandish demands, ghost interviews, or quit without notice. The tables will turn again someday, and you don’t want to cause irreparable damage to your network or reputation.