Yahoo Finance How to get a pay rise: Step-by-step guide
Want a pay rise but don’t know where to start? These expert tips will help you.
When was the last time you requested a pay review with your employer? Well, if you haven't done so recently, or maybe you never have, now might be the right time.
With wages growing painfully slowly, if you have not negotiated for a pay rise, it’s likely the impacts of the cost-of-living crisis are hitting your finances hard.
“Many people find that asking for an increase is daunting but doing so is essential for anyone who wants to maximise their worth,” Resume.io career expert Rolf Bax said.
“Sit on your hands and you’ll be left behind.”
Bax shared his top five tips to requesting a pay review, and how to increase your chances of being successful.
1. Prepare your pitch
First and foremost, you need to be able to demonstrate why you deserve a raise. That means showing why you are worth more to your company.
“The increased cost of living is not why. List your achievements since your last pay rise, especially those that exceeded objectives. List any increases in work volume and/or extra projects you’ve worked on. Include how these have benefited your company - if you can add a dollar figure, great -, and how they mean you now bring greater value to your employer.”
Bax said it was important to re-read your resumé and, if it was out of date, to update it immediately.
“It will help you compose your presentation, and you can leave it with your employer after your meeting if they need time to think. Research comparable salaries. Know your worth.”
2. Set up a meeting
Tell your employer the meeting is for a salary review. Bax said it was important not to make them feel they had been ambushed and to pick the correct timing.
“Obviously, don’t pick peak workload times or soon after a failed project - even if it wasn’t yours,” Bax said.
“You can set the meeting in person or by email. Either way, be clear, concise and professional. Briefly outline what you wish to discuss and any supporting information, so that you enter the meeting on a positive note.”
3. Be confident
Take a list of your points and your resumé with you so you don’t forget anything. Be positive and approachable so the meeting is amicable.
“Get to the point quickly. It shows your strength as a negotiator. Do not become emotional and do not bring personal reasons into the discussion. Present business evidence only as this is hard to ignore,” Bax said.
“The meeting is a two-way conversation. Be prepared to listen to your employer’s point of view. They may provide valuable feedback if you have to go back and pitch again, and an argumentative person will make an employer raise a wall.”
4. Be willing to negotiate
Once you have researched comparable salaries, create your own numbers range – from the wage rise you would most like to the smallest rise you will accept, Bax said.
“State only the highest figure in your meeting, knowing that is likely your employer will want to negotiate. Listen to their reasons. Be firm in your rebuttal, restating the reasons you have given for deserving a raise but be prepared to compromise,” he said.
“Have a contingency plan if you are not offered what you want. You can ask for benefits in lieu, and/or ask for another review in six months. If your employer has put up a roadblock, such as a lower-revenue period, lost client or a recent hike in operating costs, ask for another wage meeting when these are resolved.”
5. If all else fails - be prepared to walk
Lastly, be prepared to get what you want. Be prepared to apply for another job.
“If you did all the homework before your wage-rise meeting, you should be ready. You might find a new position that moves you up, or you might find that your current employer doesn’t want you to leave? Either is a win,” Bax said.
“Is your resumé as good as it could be? Do you understand your true value and achievements? Is your presentation technique as good as it can be? These things are easy to answer. Ask experts. These may be professional consultants, ex-colleagues or mentors.”
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