Tips for Asking for a Payrise in 2024: How to Approach Your Boss

How to Prepare for a Payrise Request

Asking for a pay raise isn’t easy, but if you approach it in a professional way, and you are well prepared, it can pay great dividends. In 2024, the cost of living has increased so if it’s been some time since you had that pay rise conversation, and you believe you have contributed to your organisation, it could be a good time to ask! After a turbulent year of worker shortages and high turnovers, employers are keen to give out financial bonuses to keep top talent around.

In this article, we’ll offer some helpful tips on how to approach your supervisor for a pay raise.  If you need further help, book in for a coaching session and we will take you step by step through what is required to prepare for a payrise request.  We recently assisted a client in securing a $15k payrise and I’m certain that we can help you too!

To prepare for a pay raise request, think about why you believe you merit one and how you will justify your request. Reflect on what you have achieved in your position, any additional responsibilities you have taken on, and any increase in performance you can demonstrate. Make sure you can back up any claims or statements with evidence. If you believe you are being underpaid, do some market research to confirm this.

Presenting your Business Case

When presenting your business case for a pay raise, start with any positives from your position and anything you are proud of. Then, talk about your achievements, such as percentage improvements or perceived benefits. Be concise and avoid wasting time with empty text. Write your proposal in an active voice with an overall positive tone. Timing is also important, so set up a specific meeting to discuss your salary instead of springing it on your boss without notice. Avoid presenting your request for a pay raise when times are tough, such as during decreased profits or recent layoffs.

Common mistakes people make when requesting a pay raise include providing an ultimatum, becoming aggressive or emotional, and making unfounded or unreasonable requests without any supporting documentation or research. To avoid these mistakes, be well-prepared and have a professional manner during the meeting with your boss.

If your proposal gets rejected, ask if there is another way your accomplishments can be recognized, such as bonuses or extra paid leave. If this isn’t possible, you can always inquire again in three to six months. If you decide to switch careers, only resign when you have found your next job and make sure you don’t burn any bridges on your way out.

Tips for success

Your business case should first be presented in writing/email and then be followed up with a private and preferably in-person meeting with your boss, however, a video call works just as well.

Your business case should cover three main points. First, it should start with any positives from your position and anything you are proud of, secondly, it should talk about your achievements like percentage improvements or perceived benefits and third it should be concise, don’t belabour your point or waste time with empty text.  Your proposal should be written in an active voice and have an overall positive tone for example ”I am committed to the future of this organisation” or “I am confident that my results show that I am deserving of a pay rise”.

Timing is also an important factor to consider when asking for a raise.  As mentioned, you will want to set up a specific meeting to discuss your salary, instead of springing it on your boss without notice or at an unrelated meeting.  Also, avoid presenting your request for a pay raise when times are tough such as decreased profits or recent layoffs.

Common Mistakes and What to do if you are Turned Down

There are some common mistakes that people often make when requesting a pay rise. The most common and worst mistake people make is providing an ultimatum.  This will get you nowhere. Other common errors that people make are becoming aggressive or emotional and making unfounded or unreasonable requests without any supporting documentation or research. This can show a lack of responsibility or preparation which will reflect poorly on your request.  To ensure you are successful make sure you avoid these mistakes, are well prepared and have a professional manner during the meeting with your boss.

If your proposal does get rejected there are still a few things that you can do. You can ask if there is another way that your accomplishments can be recognised such as bonuses or extra paid leave for instance.  If this isn’t possible at least you signalled your interest to your boss and you can always inquire again in three to six months. Being turned down for a pay raise may have you considering changing jobs but consider this on a case-by-case basis. If you do decide to switch careers only resign when you have found your next job and make sure you don’t burn any bridges on your way out.

Book an appointment with us and we will assess if you have a good business case and help you to prepare to negotiate with confidence.  Phone Tara 0403 747 573, Email or book online: https://my-job-mentor.appointlet.com/