Money Matters and Legal
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You’ve been working hard, and you feel like now is the time to take the next step. Although there’s nothing wrong with asking for a pay rise, it can be daunting, so we are here to help.
Even if you have been working hard, you still need to build a case to present the reasons why you deserve the raise. For this, look back at projects you were evolved with and situations where you went beyond expected, proving you are a key asset to the company. Try and be as specific as possible, including using KPI’s.
Be prepared by writing these points down. A couple of bullet points will help when you are explaining this to your manager and help you feel more confident and prepared.
Researching salary trends in your career paths, can also be helpful. With a quick google search you can find out the average salary for someone in your job role. Research your benchmark salary based on your role, experience, education and location as salaries vary based on these specifications. By having this backup research, you will not only be more confident when asking for a raise but also be able to justify the value you are asking for.
When you are in the meeting, we suggest you follow this structure:
State your purpose for scheduling the meeting.
Note your ideal salary and how you arrived at that figure
Mention your strengths and reasons why you feel you deserve a pay rise.
Open the discussion by asking your manager what they thinks
Although you don’t have to do this, it would be beneficial to mention and open the conversation about new responsibilities that might come with your new salary, such as:
New deliverables.
New colleagues to manage.
New superiors to report to.
New performance standards.
Choosing the right time to ask for a salary increase is just as important as the preparation. The best times to ask for a raise are at annual performance reviews or after successfully completing an important project.
Your manager might ask you a couple of questions and try to negotiate with you. In case this happens, always return to your achievements and research in the most clear and specific way possible.
If you get the salary raise, it’s crucial that you keep or exceed the performance levels you were reaching prior to the salary increase and ensure you achieve your goals and KPIs.
One reason for a declined salary increase is due to restrictions on the company’s budget. If that is the case, propose specific goals and deadlines with your manager to help you reach your desired salary. An alternative is to ask for perks, such as:
Additional holiday time
Job title change
Flexitime/ Review working hours
Telecommuting/ Remote working
If your manager declines your salary increase request, you can ask them about:
desirable skills goals or achievements
their views on overall performance
a good time to revisit the conversation
Always leave a salary review meeting with a set of next steps and actions, despite the outcome of the meeting.
References
https://www.theguardian.com/money/2007/nov/15/pay.workandcareers
