Listening to the news – it’s easy to see that businesses are under pressure …as costs increase, prices go up… and as prices go up people need to earn more money. Whist I am not sure exactly how this will ‘all come out in the wash’ it made me think it would be a good idea to provide a few hints on how best to negotiate a pay rise. Like all things – there are ways of doing this well, and it’s all in the preparation.
So a few tips…
- Firstly and importantly – it’s not a matter of just asking or demanding – it’s more a matter of showing that you deserve a pay rise.
- Emphasise the value you add to the organisation. For example have you: earned extra revenue for the company, saved the company dollars, received great customer feedback, met tight deadlines, suggested solutions or improvements, demonstrated you have used your initiative or worked extra hours voluntarily? Assess, document your information, prepare and have the facts ready.
- Look to ‘beef up’ your job by taking on more. By adding more responsibility you are positioning yourself for an increase.
What else could you add to your role?
- It’s a good idea to have a reasonable figure in mind. Companies are under pressure these days so make sure the figure you are thinking about is fair.
- Check with recruitment agencies to gain market information to help you.
- Keep emotions out of the picture – its best to be prepared and deal with the facts.
- Don’t threaten to quit. This could end badly. You can always decide what you might want to do in your own good time. Perhaps if turned down, ask what you need to do to increase your salary – what advice do they have for you to be able to position yourself to earn more?
- Ideally the best way to tackle the subject is in a meeting. A meeting means two-way communication that will allow you to present your case answer questions and overcome objections on the spot. When you request the meeting it would be wise to let your employer or manager know the nature of the discussion.
So – there we are. Asking for a pay raise might not be easy for you, just as it isn’t for most. Even when you muster the courage, there are no sure ways of asking or “magic pills” that guarantee your success but I hope the points noted might at least increase your chances!
I would love to hear how you get on!
