If you are regularly reaching your targets and have recently taken on more responsibility in the business, you may be considering asking for a pay increase. Not sure how to go about this? Here are some tips.
📊 Why do you deserve a pay rise?
Ensure you are prepared to answer this question! Use your job description as a reference and consider how your role has changed since your last pay. Consider the objectives you have been set by your manager, have you met them? Discuss how you have positively impacted income to the business since your last pay rise.
📚 Research your market
As well as understanding your personal growth, it’s also useful to research what the market rates are, in line with your industry. Pick the top range that represents your market value and work with any shortfalls of your skills and experience to work out the number you wish to be at. If you are unsure how to find information about market rates, talk to a recruiter. We discuss salaries with hundreds of people each month, so have key insight into the going rates.
📅 Arrange the meeting with your manager beforehand
Do not catch them off guard! This won’t allow time for you nor your manager to prepare. Organise your thoughts and approach the subject before the negotiation.
👩💼 Present yourself professionally
Ensure you treat this as a discussion with your manager and avoid making demands. If you initiate a meeting with a hostile attitude, it is likely you will receive a similar response back. Be clear, concise and confident in yourself during the discussion but remember to remain respectful.
🚫 What to do if they say no
If your manager declines your request for an increase in salary, make sure you ask them for a clear idea on how you can reach the salary bracket you wish to be in. It is ideal to discuss a timeframe too, arranging another meeting in a few months’ time. It is also worth noting that you may need to be willing to walk away if you are undersold a role for your worth – know your value.