Tuesday, May 28, 2024

How to ask for a pay rise

As they develop their skill set and achieve goals in
the workplace, it’s understandable that most employees would like, or perhaps
even expect, an increase in salary to match. However, this doesn’t mean
everyone is seeing their accomplishments reflected in their pay packet.
According to Totaljobs’ most recent Job Satisfaction Index, 70% of those surveyed
had not received any pay rise or promotion in the last year. What’s more, those
that believe they deserve a raise might not be brave enough to request one.
Research by CV Library showed that two out of three men and a mere two out of
five women would feel comfortable asking for a pay rise.

If you can relate, have no fear. Nerves shouldn’t be
what stand in your way of asking for a higher salary. When the time comes to
discuss an increase in your wages, follow these steps, and hopefully you’ll be
able to negotiate the raise you deserve.

1. Do your research

When asking for a pay rise, you’ll be in a much
stronger position if you already have an ideal salary in mind. We’d all love to
see our wages double or even triple, but you can’t just pluck an
unrealistically high number out of the air and expect to be taken seriously.
Instead, do your research and choose a fair, realistic and well-informed new
salary to put to your boss. And the only way you’ll know what you’re worth is
by finding out what others like you are being paid. London-based creative
recruiters Major Players recommend researching the
salaries on job listings similar to your role, speaking to friends or mentors,
or contacting a recruitment.

However, it’s also important to look into the state
of your company before you initiate negotiations. If the business is having a
financial lapse, now is probably not the time to ask for a pay rise. Make sure
you read over the company’s pay policy too — if there may be a set procedure in
place, you will need to see which criteria you need to meet before being
considered for a pay rise.

2. Ask after a big accomplishment

The best time to ask for a salary increase is after
achieving something notable in your job. Research from Payscale shows that
senior staff have a better chance of getting a pay rise than those
in lower-placed roles, with managers 42%, directors 119% and executives 142%
more likely than an “individual contributor”. This suggests that those who add
the most value to the company have the highest odds of boosting their pay
packet. Therefore, to swing the balance in your favour, the best time to ask
for a pay rise is when you’ve done something that truly proves your value. If you’ve just completed a
difficult project, exceeded your targets, or played a leading role in securing
a major new client, this would be the perfect moment to discuss your salary.
Your boss will be far more likely to agree when your recent successes are fresh
in their mind.

3. Have good reason to request
more money

You need to have solid evidence to support your case when
asking for a pay rise, as your employer won’t be necessarily willing to spend
any more money on you if there’s no demonstrable reason to do so. NHS worker
Tessa Fyson learned this the hard way, as she explained
to the BBC
: “When I got asked the inevitable question, ‘Why should
we give you a pay rise?’ – I froze! […] It made me feel and look incredibly
naïve and I was told to think of the reasons why and then come back.”

Make sure there’s at least one impressive achievement you
can draw upon to explain why you deserve to be rewarded. Your point will be
made even more effectively if you can emphasise your accomplishments with
concrete data. Tracking your performance with simple visual aids like graphs,
charts or even just percentage increases will clearly demonstrate how your work
has directly benefited the company.

4. Be confident

This may be easier said than done, but you have to hold your
own when broaching a topic this important. Talking about salary always seems awkward—Brits,
for example, find it harder to discuss money than personal issues
such as mental health and infertility. However, if you have done all the
necessary research and can supply solid evidence supporting the reasons you
deserve a pay rise, there’s no need to be scared.

Practice how the conversation could go with family or
friends if you want some extra preparation. And even if you do feel anxious
once you’re in front of your boss, try and fake confidence by sitting up
straight, making direct eye contact, and speaking as calmly and professionally
as possible. Hopefully your employer will agree to your proposal, but even if
not, they’ll certainly respect your approach and look upon you more favourably
when you next ask for a pay rise.

5. Consider alternative benefits

Of course it will be a disappointment if your request is
declined, but if this does happen, try and get the most you can out of the
conversation by mentioning any other benefits you’re interested in. Over
two-thirds of British employees claim that a pension scheme is one of their most valued workplace benefits, along with
health insurance, life insurance and critical illness cover. Consequently, if
you want your employer to increase the contribution they make to your pension
scheme, for example, ask about this sooner rather than later. This chat is also
a great opportunity to discuss your work-life balance, target-determined
bonuses, or the notion of taking on further responsibilities. As you will have
already demonstrated your worth earlier in the exchange, you will have
hopefully proved your value to the company, and won’t leave the room
empty-handed after all.

Claire James
Claire Jameshttp://www.firedigitaluk.com
Claire is an accounts manager at Fire Digital UK, an online publishing and content marketing company based in the North West.

Recent Articles

Related Stories

sakarya escort bayan Eskişehir escort bayan