Asking For A Pay Rise: Tips and Tricks
One of the most common reasons candidates tote as a reason for looking at moving jobs is ‘I want more money’, which of course is a natural reason, but do you need to find a new job to get more money? If you like your job why not just ask for a pay rise ?
This may sound simple but if you want to be successful, then here are some tips and ideas to help you.
The most important tip is to prepare and plan to help you believe why you are worth the money/pay rise you are asking for.
Does your Firm have a Policy?
Most Firms will have a policy of reviewing salaries on an annual basis usually in line with producing their new yearly budget.
So firstly check your employee policy manual (or perhaps your contract or similar document) for information on possibilities for a pay rise.
If somebody has left recently or is leaving then this may be a good time to ask, as you may be able to negotiate a better job, or the Firm may see the value in your request and rather than risk losing you, accede to your request! Have you recently saved the Firm money? Maybe you solved a serious problem for the Firm? Most bosses will recognise the merits of a reward under these circumstances.
Companies set budgets for pay increases before annual reviews, so don’t leave it until then.
Approach your boss a few months before and begin the conversation. They can investigate how much you do for the company to justify an out-of-policy pay rise. You’ll need to do your research to back up your argument.
You know why you are worth more money, so give your Boss an incentive to reward you. If you do more than expected, show evidence that you deserve a pay rise by documenting your accomplishments.
Consider the idea of taking on more responsibilities to justify a pay increase.
Don’t just ask for a pay rise without a firm idea of what you are looking for. Have a reasonable figure in mind and be prepared to discuss this. Establish your earnings range based on your job, size of your Firm, qualifications, experience, skills, and demand.
Conduct research the following ways:
- Talk to a specialist agency who will know what people like you get paid.
- Look at adverts for jobs like yours.
What is your Boss Like?
Knowing your Boss is important. If they play it by the book they may prefer a direct approach. Let them know in advance you would like a meeting to discuss your salary. Then be upfront about the pay rise that you want and why it’s appropriate.
Follow the chain of command when asking for a pay rise. If your immediate boss is a supervisor, don’t go over their head to the department manager.
How to ask!
Talking to your Boss, although difficult, is far more likely to be more effective than a letter or email because they are an inflexible, one-way method of communication. It’s also easier for your boss to say no to your request for a pay rise via email. You can communicate and present your case better in a face-to-face meeting, and both of you can overcome objections on the spot.
In the meeting, be polite but firm when negotiating and don’t get emotional.
What if they say NO ?
This is the 65,000 dollar question.
You obviously think you are worth more money, so ask your Boss why they are saying no. These reasons could include:
- You are already being paid more than your peers
- “I think you are already being paid enough”
- “We have no money to pay an increase at the moment.”
- “I can’t pay you anymore at the moment, but talk to me again in ‘x’ period of time again.”
If you are successful, great! If not, then look at your options. These might include looking for a new job.
If you do need any help or guidance, please call Ian Hodge on 07725 953346.