How to navigate asking for a pay rise...4/12/2022
Feeling underpaid and overworked? It might be time to ask for a pay rise…
This is especially relevant in the current candidate driven market, where companies are competing for talent and therefore, are willing to pay more to retain the best employees. If you genuinely feel you deserve a pay rise, the following steps are how to negotiate one!
Pre-plan: Requesting a pay rise comes with preparation. In order to validate your pay, research what colleagues on a similar level earn so you have a realistic, ballpark figure- make sure this aligns with your industry and location!
Timing: Timing is crucial when asking for a rise in salary. Pay attention to your companies’ financial year/promotion calendar, for example having a conversation a couple months prior to these dates will allow enough time for discussions. Furthermore, after you’ve completed a successful project, you’ve taken on more responsibility, or your contract is being renewed.
Justify your pay rise: Before asking for a pay rise, ensure you have built a case to prove why you’re asking for a rise- using quantifiable data will underline your value to the company. State times when the company has directly benefited from your work: when you’ve overachieved, the impact you’ve had in crucial projects, the amount you’ve increased sales by etc. All these factors prove why you deserve an increase in salary.
Outline future plans: To reinforce your worth to the business, outline your future plans, any beneficial projects you want to start, your upcoming targets and plans to excel them etc.
It’s worth considering that if your employer can’t offer more money, they may be able to improve your working life in other aspects: improved benefits, a company car, increased holiday allowance etc.
Recent reports state that when employees are evaluating a role, the majority placed work life balance as more important than financial benefits, so this option shouldn’t be dismissed…