Tips To Negotiate A Pay Rise Like A Pro: Biotech Industry

Do you feel that your current organization is not paying the worth of your work? In that case, you have two options, either you ask for a raise at your current tech job or find a new, higher-paying position. If you want to stay in your current job, you need to ask for a raise in your salary package.

If you are not sure about asking for a raise, remember that it’s much easier to ask for a raise than to look for a new job. After all, there are no guarantees you will find the job you’re searching for. Biotechnology companies also understand that it’s more cost-effective to retain employees by giving them a raise than by hiring someone new.

Also Read: Top 5 Interview Questions And Sample Responses

As you can see, asking for a raise can become a win-win situation for you and your employer. However, some key points are essential to keep in mind when asking for a raise. Let’s discuss these major points in detail so your next salary negotiation will be a success.

Major Points:

• Key elements to consider when evaluating the right time to ask for a salary hike
• Know your worth and find out if your salary is at, below, or above the market average
• Getting recommendations from colleagues and supervisors to build your case
• Schedule an appointment with your boss and prepare your pitch with precaution
• Preparing objections for when asking for a raise and how to address them. 

The right time to ask for a raise

First and foremost, ask yourself a genuine question: “Do I deserve a salary hike?” If you feel honestly a no, then you must wait for another time. 

And if you feel yes, it the worth your work to ask for a raise, then look for the right time and say your heart and mind out to your boss. For instance, asking for a raise following a big project may be the best time for you to bring it up. After a successful performance review or after achieving your quarterly target, you can also raise the issue. 

Other than your performance, here are the following key factors to consider when evaluating the right time to ask for a raise:

• Consider the company’s financial circumstances. Is the company in a condition to give you a hike? Even if you exceed your targets, the company may not be in the condition to raise your salary package.
• Next, judge your boss’s current situation. Suppose your manager is currently overworked or under a significant amount of stress. In such a case, you might want to wait for a better chance to talk.
• Evaluate the best time of year to bring up the subject. For instance, during the budget season, you can ask for a raise.
• Lastly, consider asking for a raise following a major company achievement. In case of a successful product launch or after your company has reported positive earnings, you negotiate a salary increment. 

Always remember that a successful salary negotiation is based on the value you deliver to the company. The more value you provide, the more your company will be willing to negotiate. 

Know your worth

Knowing your worth at your workplace goes beyond your performance. Knowing your value also depends on your salary on par with the market average. Therefore, you must determine if your salary is below or above the market average.

If your salary is below the market average, you may have the freedom to negotiate a raise. In contrast, if your salary is at or above the market average, it may be difficult for you to justify a raise. And here comes the question: how can you figure out if your salary is at, below, or above market average?  

Following are some great resources that will allow you to do your homework:

• US Bureau of Labor Statistics (BLS) Occupational Outlook Handbook. The BLS publishes the Occupational Outlook Handbook to reference labour market statistics. The Handbook includes statistics on wages. It is a great place to start your research on the going rate for your position.
• Glassdoor. Glassdoor is a handy resource to check average salaries for virtually every job in the market. Glassdoor’s tool allows you to determine if your salary is fair.
• Biostaffic. Biostaffic offers free information on salaries and wages for individual jobs, industries, and companies associated with Biotechnology. You can browse through available information to determine where you currently stand salary-wise.

Browsing job portals like Indeed or Monster can help you understand what firms are currently offering to new employees. This data can also help you determine if you have a good chance of getting a better salary elsewhere. 

Endorsements

Getting endorsements from colleagues and managers is the best way to build your case. For example, a written endorsement from your manager helps create a justification for your raise.

How so?

Put yourself in the shoes of your boss or manager. They would have to request your raise from the finance department. While there's a possibility that the finance department may trust your boss's statement, it's more probable that your boss will need to justify their request. The key aspect is to streamline and simplify your boss's tasks as much as possible.

Get as much evidence as possible and present it to your boss why to give you a raise. Your boss can then take your documentation to make your case. Your boss will be much more cooperative if you make things easy for them.

Schedule an appointment

It’s very thoughtful to schedule an appointment with your boss to discuss a raise. The last thing you want to do is surprise your boss. Catching your boss off-guard may backfire.

3 best ways to approach to schedule an appointment with your boss:

• Talk to your boss during a coffee break or lunchtime about their availability. Mention you want to speak to them about your job and your role. Then be patient and wait till your boss gets back to you with their availability.
• Send an email to your boss to break the ice. Please mention that you would like to meet with them to discuss your role in the company. Be patient. If you find that your boss hasn’t gotten back to you, you can always follow up in person when you have a chance.
• Sending a written letter requesting an appointment is a great way to get the ball rolling. Mention why you want to meet, but be careful not to request a raise in the letter. Remember that you are merely asking for a meeting. A written letter provides proof of your attempts to communicate if you ultimately decide to leave the company.

Here is a good way to approach a meeting with your boss:

• I want to schedule an appointment with you to discuss my compensation at your convenience.
• I would appreciate a few minutes of your time to discuss my compensation.
• Please let me know when you would be available to discuss my compensation.

Above all, please avoid leading off with “a raise.” Using the word “raise” implies “more money.” 

Perhaps you might be able to negotiate your raise in terms of benefits and not salary. For example, you might get tuition reimbursement, enhanced insurance coverage, or even paid time off instead of a pay bump.

Prepare your pitch

Once you've secured an appointment, it's crucial to be well-prepared when presenting your case for a raise.

• Attempting to improvise may have negative consequences, so thorough preparation allows you to articulate why you merit a salary increase. 
• Most importantly, this approach saves time and makes it easier for your boss to consider your request. 
• Focus on incorporating arguments into your pitch that align with your manager's perspective on productivity.
• Begin by expressing gratitude for your manager's time and conveying your commitment to the company's goals and your desire to expand your current role. This not only sets a positive tone but also alleviates any concerns your boss may have about your potential departure.
• Make a transition into the discussion about your compensation by thanking your manager for the meeting and expressing excitement about the positive results from your latest performance review. 
• Politely inquire if it's an appropriate time to broach the topic of compensation.
• Emphasize your contributions and achievements, presenting concrete metrics and evidence. For example, highlight consistent target delivery, project successes, and positive feedback received. Numbers, data, and endorsements serve as compelling support for your case.
• Finally, make your salary adjustment request. Mention your tenure with the company, citing recent performance evaluations. Use market research to substantiate your claim, indicating that your current compensation is below the market average and proposing a percentage adjustment. 

Be direct yet polite, providing your manager with a clear proposal to consider, such as aiming for the market average or suggesting a specific percentage increase.

It is good to have a positive mindset always, but you should be ready for rejection, too. The following could be some of the rejections from your manager/boss:

• The company isn’t in a financial position to offer you a raise this time.
• I don’t have the budget to give you the amount you’re asking for.
• If I give you a raise, I would have to give everyone a raise.
• I need to get clearance for that.
• I don’t have the authority to make that decision.

And after that, you can ask some of the thoughtful questions such as:

• When would be a good time to discuss this in the future?
• What can I do to improve my performance?
• Are you satisfied with my performance?
• Is there any other part of my compensation we could discuss?

Don’t take objections personally. The company may not be in a position to give you a raise. So, it’s always best to leave the door open for future discussion.