How to correctly negotiate a pay rise
Want a pay rise? Here are some tips to help you out.
Many people find themselves in roles where they feel they are worth more than they get paid, right? But not everyone is willing to take the steps in order to negotiate and secure that elusive pay rise or they go about it in completely wrong way…standing in front of your boss shouting ‘I’m not paid enough’ isn’t the best approach!
So, if you are sitting there feeling undervalued and under paid, take some time to read our tips on the best ways to demonstrate your value and worth to hopefully secure those extra pay day pennies.
1. Be honest with yourself
Do you really deserve a pay increase? If you are being brutally honest with yourself, and you do not think you deserve the rise, then you are going to have a pretty hard time trying to convince someone else you are.
Take a look at your contribution to the business on a day to day basis. Are you fulfilling all your duties on your job description? More than this, are you going above and beyond? are you hitting your targets month on month? Or even better are you exceeding them? Being able to show your value in facts and figures is a great way to show value ad.
Have you shown initiative? Improved the running of a department or business as a whole? Implemented new procedures that have improved function and operation? Even increased company profit?
Have you shown dedication and commitment to your role and the business? Have you worked overtime when required to ensure the completion of a project or to support other members of your team?
All these things go a long way to proving your value to the business.
2. Are you worth what you think?
Take some time to research your industry and what the average rates of pay are for your role. Many companies now release up to date salary guides. For reference SearchDATA Group’s can be found at https://searchdatagroup.co.uk/wp-content/uploads/2019/12/Salary-Guide-2020-UK.pdf
Don’t go demanding an unrealistic salary for your role!
3. Plan your approach
You manager will not take kindly to being blindsided. Request a meeting in a reasonable timeframe and make your intentions clear, so they have time to prepare a proper response.
4. Have your evidence
Make sure you have written down all your evidence and examples so that they can be clearly understood and presented to your manager. This will not only help you to put your request succinctly to them but will also give them the evidence they may need to put your request to senior management.
5. Be open
There is a chance your request will be denied. Don’t let this be the end of the conversation – try to negotiate. During a negotiation try to remain calm, in control of your counter argument and polite at all times. Losing your cool will put you in a much weaker position to make such a request again in the future.
If there is no chance of a rise in salary, what other perks or benefits could you ask for instead? Flexible working? Working from home? Travel expenses? Keep the conversation open to all opportunities.
6. Make a plan
If this time it’s a no, then think of what you can do now to put yourself in a stronger position in the future.
Could you take on some more responsibility? Could you participate more in business development? Could you undertake some training which would benefit your role and the business as a whole?
Now that you have raised the issue and management are aware of your eagerness for progression, can a target or set of deliverables be set to enable you to gain the pay rise once completed?
Asking for a pay rise can be a difficult conversation but if you have put in the work and can provide evidence of your value add then you should have nothing to fear.
It’s also worth baring in mind that a no may be based purely on the business economics and not how much you are valued by the business. It could be there just isn’t the money in the pot at the moment. But if you continue to work hard and be a valued and reliable member of the team, once money does become available you will surely be one of the first in line.
SearchDATA Group