How to Ask for a Pay Rise…
Have you ever heard the phrase ‘if you don’t ask, you don’t get’? It’s actually kind of true - even in your workplace. Let’s face it, times are tough and inflation is sky high, which means that life is just more expensive! So, you’re defintely not alone if you’re considering asking for a pay rise…
We know that it can be daunting to ask your boss for a pay increase, and you may be thinking ‘ but is now the right time?’ ‘what do I even say?’ and ‘but there is a recession looming!’. These are all fair and justifiable thoughts, however, the truth is - with the cost of living increasing by so much, if you do not receive a significant pay increase this year, you’re actually losing money. But, do not fret, we have outlined below a few tips to make that conversation go a little more smoothly!
Do your Homework & Know Your Worth
Firstly, let us start by saying that it is absolutely essential to know how much you are worth, and to be able to clearly explain why you are worth that! This is one of the most basic rules in any successful negotiation. Make sure that you know exactly the skills and abilities that you bring to your team, and to the wider business before you even approach your line manager.
You also need to do your homework. Find out how much other people doing a similar role (and as brilliantly as you fulfil that role) are earning. If they are earning more, then this makes your case even stronger! You can find this out by using a reliable website (e.g. Glassdoor, Payscale, Salary.com or the Fishbowl app) to determine your fair market value. Remember though, that salaries vary depending on the company’s size, industry and location, so keep this in mind when doing your research.
If, after doing your research, you find that you are earning below market value, then maybe you have a strong case. Be prepared to share the amount you are asking for.
2. Let Your Value Be the Main Focus
Evaluate your own performance over that last year. If it has exceeded expectations, then say that. Highlight how you have made an impact by giving real examples (e.g. I completed x project which produced y results for the team and the company).
Be specific about what you have achieved since your last performance review. You will score even more brownie point if you can quantify the value of the work that you can done to the company’s bottomline (i.e. how much money the company is making).
3. Address the real reason you are looking for more money - talk about the rising cost of living
Use the real market conditions to justify your need for more money. Find out how much inflation is in your market and crunch the numbers - this should help you understand how much to ask for.
4. Alternatives
The best case scenario would be to get the amount you have in mind. However, the answer could be ‘no’. If so, negotiate your plan B. One option could be a one-off bonus which is generally easier for companies to offer. If that, too, is off the table, there are other benefits you can negotiate for like increased flexible working, more paid time-off etc.
5. Be Confident!
Last but certainly not least, believe in yourself! If you do your research and are prepared with compelling data, you will feel more confident initiating the conversation. And remember, if you don’t ask, you don’t get.