11 Jul How to Negotiate a Payrise
Preparation is key
Asking for a payrise is never easy, even if you know that you deserve one. Whether you took on more responsibilities, performed above and beyond, or had a terrific performance review it is only right that you talk to your superior about a pay raise. 2022 is a good time to inquire about one, a survey from Robert Half found that more companies are planning to give out raises this year. After a turbulent year of worker shortages and high turnovers, employers are keen to give out financial bonuses to keep top talent around. This article will go over the basics and offer some helpful tips on how to approach your superiors for a pay raise. If you need any further assistance, you can also seek the services of a career advisor who can help you get prepared and assist you with the necessary research. My Job Mentor recently assisted a client in securing a fifteen thousand dollar pay rise and is planning on expanding their services to assist in securing a raise.
How to ask for a payrise (and not get fired!)
Asking for a payrise, you need to think about why you believe you merit one and how you will be able to justify your request. A few reflective questions to consider for this: are what have you achieved in your position, have you taken on any more responsibilities, can you demonstrate an increase in performance, do you believe you are being underpaid. Make sure you can prove any claims or statements with evidence such as examples of your previous work or results. This is especially true if you believe you are being underpaid and should do some market research to confirm this.
Present a business case
When asking for a payrise that are still a few things that you need to keep in mind. Chief among these is being prepared and doing your research. You should conduct salary research and discuss with colleagues and family to work out how much your experience and role is worth and devise an estimate of how much money you would be requesting. Being prepared will help you feel more confident and can help demonstrate your ability to your boss. You can try practising your business case by running through it with friends and family, by preparing a script or visualising how the meeting will go.
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 being 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.