4 Ways to Negotiate a Higher Salary and Make More Money

The ability to negotiate is a key skill in business, especially when it comes to accepting a job offer or being promoted to a new position. However, it is likely that you did not request enough money.

According to research, less than a third of people successfully negotiate their salary to increase their income. The majority are simply not comfortable enough to ask for a raise.

Research indicates that, overall, the majority of people (84%) confident enough to ask for a raise were successful in getting it. And about one-fifth of those who negotiated were rewarded with a significant pay rise, ranging from 11 to 20%.

While negotiating a higher salary can be downright stressful, if the terms and approach are right, it's still the best and easiest way to increase your income. Here are four ways to do it right, so you don't leave money on the table.

1. Prove your worth

When you prove that you deserve that raise and explain how your work or skills have increased income or saved money for the company, you will most likely attract the attention of those who are able to increase your salary. The key is to present a case and write down clear and compelling reasons why you deserve a raise.

2. Know your worth

Find comparable salary ranges for your industry, location, role, and experience using resources like Indeed or LinkedIn Salary.

3. Prepare your pattern in advance

Rather than waiting until the eleventh hour, tell your boss six months in advance that you want a raise and agree on the goals you need to achieve for that promotion to happen. The approach here is essential. You don't want to put your boss on the defensive. Be specific about goals and targets by getting on the same page and putting it in writing. Finally, when you approach the six month mark, check back with your boss to show them what you've accomplished, then schedule a meeting to discuss the raise.

4. Justify your value

Come to the negotiating table with a specific number in mind and be prepared to justify why you are worth what you are worth. Otherwise, a more experienced hiring manager will control the negotiation based on their outcome, not yours. This is also important to help you know how you will react if your boss opposes the raise in question. Then, re-emphasize the value you currently bring or will bring to the business.