Asking for a pay rise can be challenging. Not least because this is the moment where you begin to assess your worth to the Company. Many people put up barriers to asking the question, so much so, that recent exit interviews suggest at least 40% of people leave citing salary as the issue.
The time and effort you give to preparing to ask for a pay rise should be equivalent to that which you put in when you applied for the job. Nothing should be taken for granted and everything should be included as potential options to increasing your take home package.
DO YOUR HOMEWORK
- Check your salary against the market rate for the job. Explore if there are differences between the content of your role against those you are comparing against. You need to have sound evidence to take forward into your negotiations.
- Have a look at your local job market. Is there a skills shortage for the job you do, if you left your employment would your employer have to raise the salary?
- Check your company’s salary bands and increment scales. What pay should you be receiving for your length of service, qualifications, performance reward pay?
- Is there an optimum time to be having the discussion e.g. during an annual performance appraisal. The outcomes from the appraisal can provide you with evidence of your worth to the company.
- If you are currently being paid the national minimum wage, it’s important to check its current rate on the government website. The minimum wage differs between industries and you could be owed money if your wage has not been kept in line with government standards.
GO FORWARD WITH CONFIDENCE
It is important to get your mindset right. You are selling your argument for a payrise to your employer. You need to go forward with confidence and a clear rationale for your argument.
- Set out how you contribute to the success of the company.
- Highlight your achievements and the skills you bring to your work/the team.
- Draw attention to times when you have gone over and above your role to deliver against a target/deadline.
- Use customer feedback on your performance to illustrate your worth.
- Use your market research on the salaries of other similar jobs in the market.
- Pitch the salary figure slightly higher than you are looking for. This gives you some room for negotiation.
- Be prepared for an unsuccessful meeting. Don’t be too disheartened. There are several other ways you can gain recognition for your performance.
- Ask if there are any objectives they would like you to meet to facilitate a pay rise.
- If their budget will not allow for a pay rise, introduce the idea of perks or benefits instead.
- Close the meeting positively e.g. thank you for the opportunity
TIMING
Like any negotiation, success will be affected by timing.
You need to be aware that if your industry is struggling economically you are unlikely to attract a higher salary. Check out if your Company is putting a hold on salary increments or, beginning to lay people off. Also, is your line manager stretched and unlikely to give sufficient time to your arguments?
However, there are some optimum times to press ahead:-
- Performance Appraisal meeting
- Immediately following your completion of a successful piece of work
- Where you have covered for colleagues or taken on extra work
FACE-TO-FACE PRESENTATION
Just to go over what we said earlier:-
- Go into the meeting with CONFIDENCE
- Present yourself as you would for an interview:- on-time; smart; well prepared
- Control any nerves, present calmly and with good eye contact
- Make your point assuredly and use the information you gained in the homework phase.
- Do not be downhearted if you are denied a pay-rise; use other options to negotiate e.g. perks or benefits.
ASKING IN WRITING
There is the option to ask for a pay rise in writing if you prefer this to a face-to-face meeting.
Using all the information above, present your argument clearly and with confidence emphasising why you should be given a pay rise.
Include your job title, current salary and length of service. If you have your Performance Appraisal outcomes you could attach these as further evidence.
Hopefully your pay rise request will be granted. However, if your request is unsuccessful and you think it’s time to move on then contact one of our Jubilee Recruitment Consultants to discuss the opportunities we have available.