Asking for a salary increase can be intimidating for many employees. It’s never easy to walk up to your boss to negotiate for more money. “What if he declines?” “What if this damages our relationship?” “Should I wait to receive a pay rise?” Questions like these may be running through your mind while considering this step. The reality is that it shouldn’t be difficult to make a case for a higher salary.
If you believe that you’ve grown in your role, achieved some great results, and have become a much more valuable team member, you should be comfortable requesting a higher pay. In this article, we will guide you through the steps to confidently ask for a pay rise and demonstrate your real value to your employer.
1. Assess Your Worth To The Company
The first thing you’d want to do is to evaluate how valuable you are to the company. Start by considering how much you’ve achieved since your last salary increase by listing significant milestones you’ve accomplished, additional responsibilities you’ve taken on for the business, and extra projects you may be working on. You can look back at your original job description and look out for the extra value you’ve added. Doing all these while backing them up with figures will remind you of how important you are to the company.
Also, research salary benchmarks for your role and level of experience in your industry and location. Every job has a market value and you wouldn’t want to receive a salary that is below what others are getting in your field. Doing this will give you a rough idea of what figure to ask for. This self-assessment will provide you with solid evidence to confidently support your request for a pay rise.
2. Ask For A Meeting At The Right Time
Once you’ve assessed your value to the company and believe that you deserve a pay rise, you can ask your manager for a meeting to review your salary. Approach them when they are likely to be receptive and in a positive mood. Avoid discussing your request during stressful periods, such as when the company is facing financial challenges or is busy with a major project.
You can decide to make this request right before a performance review or after you’ve achieved significant milestones or accomplishments. For example, you may ask “Would it be okay if we spent some time during my performance review to discuss my compensation?” You’ll likely get the meeting and agree on a time.
3. Rehearse And Prepare For What You’ll Say
So you’ve successfully secured a meeting with your manager or whoever is responsible. Now you have to plan for what you’ll say. Use the information you gained from your self-assessment to present a well-structured case during your salary negotiation. Rehearse your speech, and put yourself in the shoes of the manager to come up with potential questions they may ask. You can ask a friend or family member to role-play the conversation with you.
Also, make sure you have specific examples and data to illustrate your value and impact on the organisation. Facts and statistics go a long way toward convincing businesses of your value. Be confident and assertive while presenting your case.
4. Be Professional, Positive, And Flexible
When it comes to the meeting itself, maintain a professional manner, have a positive attitude, and be ready to answer questions. Avoid making demands or ultimatums, and refrain from comparing yourself to colleagues. Instead, focus on your individual accomplishments and how you’ve contributed to the company’s goals. Stay calm if the meeting doesn’t go according to plan, and be respectful and open to hearing your employer’s perspective.
You must be flexible enough to negotiate with your manager, especially if you are sensing a lot of resistance. If the request for a pay rise is flat-out declined, you may ask what they are looking for to be open to granting this request. You may also discuss ways to amend certain aspects of your compensation to favour you, including working hours, vacation times, and a promotion plan. More often than not, they’ll have to take some time to consider your request.
5. Thank Your Manager And Look At Alternatives
After your salary negotiation, thank your employer for considering your request. If you successfully get the pay rise you deserve, congratulations. However, if your manager doesn’t feel the same way, you may ask for feedback on areas you can improve to increase your chances in the future.
You may decide to upskill to become even more valuable to the business or ask for other forms of compensation, such as paying for additional study or providing you with extra annual leave. If you feel like you’re not able to come to a suitable agreement, you can start looking for a better job that will pay you what you deserve.
Conclusion
Asking for a pay rise can be nerve-wracking, but with thorough preparation and a positive attitude, you can increase your chances of success. Remember to focus on your achievements and the value you bring to the company. Be professional, confident, and open to negotiation. Whether you are successful or not, this helps you evaluate how much you are worth to your current employers.