How to ask for a salary increase
by Heat Recruitment
January has come and gone and perhaps having to wait six weeks until your next paycheque has really tested your financial boundaries. Or, the financial year is coming to an end and you have spotted the perfect opportunity to approach the topic of pay. Whatever your circumstances, asking for a raise can be a tricky and awkward situation. It needn’t be, however. There is a right way to negotiate for a salary increase.
Plan and be prepared
No great leader has ever gone into battle unprepared, and no great employee should either. Arm yourself with a strong argument as to why you deserve a pay rise. Of course, the obvious proof and a powerful persuader is a growth in the monetary value you have generated for the business in the past year.
The buck doesn’t stop with financial bucks, however. Your value can be measured in a number of ways. Perhaps you’ve really upped your game, you’ve successfully implemented new projects, or you’ve mentored a new worker. The more value you have added to the business the better, so ensure you take a moment to run through all you’ve achieved before rushing in with the big question.
Choose your time well
Remember your boss is a busy person and that scheduling time aside in a discreet environment is the best approach. Consider their calendar and ensure not to encroach on their time. Once you’ve decided on a convenient time, you could always make a small agenda to send over to your manager. Not only does this show productivity, but it adds a professional level to the meeting and allows you to direct the conversation.
Know your worth
As part of your research, it can be handy to take a look at the average salaries in the area for the same role that you are in. Of course, internal salary information is confidential but that doesn’t prevent you from researching other companies or taking a peek on Glassdoor.
It can also be helpful to analyse recruitment adverts and the responsibilities that come with these jobs. If you find your day-to-day activities matching up to slightly higher-level roles, this could make your argument more persuasive.
Have a back-up plan
So, you’ve made your argument and deliberated with your boss, but there are a few factors limiting your chances of that pay rise. The most important thing is to remain calm and positive after all this meeting could stimulate the creation of a personal development plan. This will outline the areas that you need to improve on to reach that next pay grade. Think of it as a road map to success.
Also, incentives aren’t only limited to financial benefits. Have you considered asking for flexible working opportunities, perhaps an extra day’s holiday or your birthday off each year? Chances are if you’re working hard and extra remuneration isn’t an option for the business, there could be room for negotiation and additional perks instead.
Whatever the outcome, take pride in the fact that you have broached the subject of a pay rise. Additionally, if things don’t work out the way you had hoped, this is the perfect opportunity to get guidance on how you can hit the next targets and benchmarks in your role. One to one time with your boss is valuable, so make the most of it.
Alternatively, if things become a challenge and you feel you are being overworked or overlooked, it could be time to consider a change in job.
Our expert recruiters are on hand to help you find the best opportunity.
by Dave Dewey