How to Negotiate a Pay Raise! My Analysis for July 2021! - Payton
Background
Currently, in the United States, average wages are different based on each state. In many southern states, the minimum wage is still $7.25 per hour, while wages are far higher in other states. Ex. California minimum wage is $13.00, and NY is $11.80. We see that the current minimum wage amount is higher in states with higher taxes and a higher cost of living.
Worker Shortage
Because of the pandemic, thousands of people have quit their jobs in the food sector. Many individuals are scared of being exposed to the germs of strangers. To attract more workers to these vacant positions, many companies have increased their wages by a few dollars to generate more interest. Even with the increased wages, many companies still struggle to fill their roster during these times.
BATNA
This acronym stands for “Best Alternative to a Negotiated Agreement.” This is used when negotiating and deal-making. This information is used when developing the best strategy at the bargaining table.
How to Negotiate a Pay Raise
To negotiate a pay raise, you must show whoever you are dealing with why you are an ideal candidate for a pay raise. This can be done by tracking your accomplishments with or without the firm. Another tool to help negotiate a pay raise is to follow your current wage vs. competitors and other firms in the industry. Using these two strategies will allow you to persuade your boss to give you a pay raise.