Would you like a salary raise? 5 tips to be successful!

It’s no secret that salaries are not keeping up with the economy. The Bureau of Labor Statistics, reported that income growth is flat and mainly unchanged from the previous quarter. This puts employers in a position of strength when negotiating salaries. CFOs say they are willing to negotiate with top candidates on salary in 2012, according to a Robert Half study, but not everyone feels comfortable asking for a higher salary.

5 tips for negotiating salary:

Industry

Research your industry to see if your job is in the projected high growth zone. According to CareerBuilder.com, they project job growth through 2018 for biomedical engineers, medical assistants, network systems and data communications analysts, and registered nurses. Examine the expert analysis on the leading companies in your industry. If your field is emerging or slated for growth, you can leverage your talents and skills to negotiate a higher salary. If you are in an industry that is declining or stagnate, it can make a big difference in potential pay raises.

Region

Closely study your local job market and statistics for unemployment. These facts and figures can have insight into the competition in your area and whether you are located in the best region for your target industry. Your prospects, as well as your salary, can be affected by this type of data.

Professional designations

Degrees, certifications, credentials and professional designations are highly marketable and can have an impact on salary. These set you apart from your peers and can sometimes generate as much as 10-15% higher salary rates. Special skills and/or licenses also play an important part in moving a career forward and ability to demand a larger salary.

Network

Before you can effectively network, you need to be clear about what skills, talents, and value you have to a potential employer. If you don’t know your value proposition, how can someone else promote you to an influential network? Utilize social media networking such as LinkedIn, Facebook and Twitter as platforms that can add dollars to your salary. If your social media network reaches out to thousands of followers your employer may view this as valuable outreach to potential buyers of their products or services. Those followers carry a dollar value which in turn adds to your power to negotiate that financial influence into your salary.

Financial power

Enter into salary negotiations from a position of strength. It is similar to asking for a loan from a bank. You will get a higher consideration for the loan if you can show you don’t really need the money or that you have reserves to pay it back. When negotiating a salary, your persona needs to be well seated in confidence, knowing your experience in the industry, degrees and certifications, and prior accomplishments will be backing you up at the bargaining table.

I have only outlined a few brief statements on the topic of increasing your salary. Nancy L. Anderson, CFP has much more to say on this subject. To read more from Ms. Anderson and to read the entire post which this blog is based on: Forbes article