Rising inflation and interest rates, increased rail fares, petrol highs, the overall cost of living, guaranteed compensation has never been more important. But how do you address that subject and secure the right outcome without jeopardising your position and relationships with your seniors.
Well it starts by doing your research and having facts that justify your request. You need to be able to demonstrate you have researched the market and used real time reliable sources to prove your existing salary is not in line with the market. As a tip, explaining your “friend” has just moved job with the same skills as you and has secured a £20k pay increase and promotion is not going to help you.
Pay Rise Tips:
Find out what somebody doing your job, in your region, with your number of years’ experience and same level is likely to be paid. A good recruiter will know their market and for every client they work for, the need clients they don’t partner with so to be able to introduce their candidates. Therefore, they will know exactly what are the salary bands being offered across the market for candidates at your level with your experience. Your own HR department will also be able to provide the current salary bands for your role, so you can benchmark yourself and where you sit within your level at your current organisation.
Speak to a recruitment consultant about the kind of salary you could command if you looked for an equivalent job, or “go on job sites and see what’s being advertised right now”, If you have friends or colleagues in similar roles, ask them what they are being paid, but as mentioned, this should be used as a guide to help your research and case.
There may be a gender pay gap in your industry, so if you’re a woman, “don’t only talk with other women to get your facts – or you might not realise how high is possible”. Understand the going rate for your industry and level of experience.
Ultimately, your goal with this research is to enable you to argue that your current pay is not in line with the market, where demand is strong and job vacancies are at high levels. Great employees cost a lot to replace and, given the current market, you’re already in a strong position.
Asking for a pay rise when your manager or supervisor feels receptive will increase your chances of getting a positive result. Several factors will influence their receptiveness, including:
The business financial health: companies are more willing to invest in their employees when they are financially successful. If your company is hiring new employees, securing new clients and expanding, its financial health is probably good.
Their workload: companies are more willing to invest in their employees when they are financially successful. If your company is hiring new employees, securing new clients and expanding, its financial health is probably good.
The time of year: if your workplace has regular employee reviews, these meetings provide a natural time to discuss your salary. The start of a new financial year provides another excellent opportunity
Your recent achievements: recent achievements, such as exceeding a sales target or leading a successful project, can reinforce your value and encourage your manager to consider your request more favourably.
Your work progress: you are likely to be more successful when you ask for a pay rise after completing a project rather than when you are in the middle of a major job. Complete outstanding tasks or items on hold before asking for more money.
Schedule a meeting:
Schedule a meeting with your manager to discuss your salary. You can ask for a meeting in person or via a video conferencing. Suggest meeting to chat about your performance, rather than your salary, as that offers the ability for this to be avoided, financial discussions are always personal and sensitive.
Be prepared and know what you want to say
Preparing a script for asking for a pay rise can help you feel confident during your meeting. Depending on your confidence speaking, you may write a list of bullet points or a more developed script with complete sentences. Think ahead about possible objections/observations, understand what these might be and be ready with examples to back up either your personal performance or that of the company
Business attire for a business meeting
Dressing appropriately on the day of your meeting will give your manager a positive impression and can also subconsciously help you get into character and the right frame of mind. Dress as you would for a job interview or an important presentation. If your workplace has a casual dress code, a suit or dress may seem out of place. However, being smart regardless for a professional meeting where you are discussing your personal finance and it being increased will be important.
Be friendly, Be Confident, Be Positive