How To: Negotiate A Pay Rise
It’s no secret that negotiating a pay rise can be one of the toughest challenges to undergo with an employer. We all strive to achieve and succeed which ultimately, earns us more money. But when is the time to ask the big question, how do the negotiations work and what are the fundamentals of going about getting what you want? We have everything you need to know on the career marker below.
Set the meeting
To begin your pay rise negotiations you’ll need to set aside some time to meet with your line manager to discuss your current performance. Try to make this over a work milestone; performance reviews, contract renewals or even work anniversaries. Give yourself enough time to prepare for the meeting and don’t get overwhelmed, if you truly deserve a pay rise then your hard work is already done.
Get your figures right
Come prepared! You must be ready to make your case and answer any misgivings. Note some of your recent achievements and consider average salaries for your position in your industry. Numerical statistics are always good and relay your case in a concrete and precise manner. Your aim is to demonstrate why now is a suitable time for a pay rise and how you are a valuable asset to the company.
Timing is everything
Not everyone is entitled to a pay rise simply because they feel they deserve one. Before you consider the subject ask yourself if the salary increse you’re asking for is justified by your performance. Have you been consistently overachieving and are you out performing your colleagues? The best time to negotiate your pay rise is after a period of consistent performance where your employer will not be surprised by your request.
When you first start to consider the idea of a pay rise, begin to take note of your successes and achievements. Play to your strengths and show your employer why they should invest more money into you. Demonstrate your current contribution to the company and offer to increase your responsibilities. Promising to increase your daily output is always a good way to prove you’re a worthy investment. Your manager may not be the final decision maker so writing your case down in a clear and concise manner will allow them to communicate your valid request to the relevant people.
Money isn’t everything
Sometimes, pay rise requests are declined due to reasons out of your control. However, just because your employer has turned down your appeal for an increase in pay does not mean you can’t enquire about non-financial benefits. For example, you could ask for subsidised travel to work, a bonus scheme or even more paid time-off. It could also be an idea to investigate the realms of paid training in a certain area of expertise. Not only will this enhance your skills in a personal matter, your new knowledge makes you a more valued employee.
Don’t burn your bridges
Finally, if you are not successful in your pay rise negotiations, make sure you leave the door open to revisit the matter in 6 months time. If the disappointment leaves you feeling that it’s time to move on, then remember to always remain professional and cordial with your manager. You’ll never know when your paths will cross again.
For more information on how to negotiate a pay rise, please contact email@example.com | +44(0)20 7734 9779 stating your title and we’ll ensure one of our experienced consultants gets back to you.