Prepare for a pay rise
It’s only natural to want your efforts to be recognised. Asking for a salary increase can be nerve wracking, and often people put it off because they’re too scared to ask, and end up unhappy or feeling undervalued. Here are my tips on how to negotiate a pay rise effectively, clue: it’s all in the preparation!
What do you want out of it?
It’s important to have a long think about what you want to achieve from the conversation beforehand. When was the last time you had a salary review? How much are you willing to negotiate? What will you do if you don’t get what you want, is it time to resign and start looking for something new?
'Always bear in mind there is more than one way of having your efforts rewarded, it might not always be monetary.'
You need to have all this in your head beforehand so you know exactly what you will and will not accept and won’t make any hasty, on the spot decisions. Money isn’t everything and it might be that you’ll accept other benefits like days off or flexible working hours, so always bear in mind there is more than one way of having your efforts rewarded, it might not always be monetary.
Get the timing right!
If you’re already nervous about having this conversation, you’ll find loads of excuses not to do it. But as we all know, often, if you don’t ask, you don’t get. Of course there are times when you definitely shouldn’t ask (when the company is suffering financially or you have just lost a big contract for example), but there'll never be a perfect time so you have to find the balance and go for it!
'There'll never be a perfect time so you have to find the balance and go for it!'
Performance reviews are the ideal time, but if you don’t get these then ask for a meeting and go somewhere private like a meeting room or a café. Not while you’re in the kitchen and your manager is microwaving their lunch. Optimum time would be mid-morning – first thing in the morning can be hectic and after lunch people are usually a bit sluggish.
You might be amazing at your job, but you want to be able to back this up with some cold, hard facts. Have you achieved or perhaps exceeded your targets or objectives? If you don’t have clear targets/objectives, showcase your soft skills and use the value of your experience (skills and strengths) to affirm your reasons for deserving a pay rise. It’s worth making sure that you’re not over confident. Nobody likes a show off and it won’t incline someone to be generous with a salary increase.
'Make sure you know where you stand within your company and within the industry.'
In order to justify more money you have to make sure you know where you stand within your company and within the industry. Do a bit of research into what the going rate is for your role, either within your own network or ask recruiters like us who can give you a realistic idea of what salary you should expect.
Remember, be positive! Even if the answer is no, it might not be a little further down the line. If it is a deal breaker, you can always move on. Who knows what other adventures await!
If you're looking for some advice or a new role, get in touch with us and let's discuss your options.