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How to get a pay rise

 

How to get a pay rise

If you believe you’re entitled to a pay rise, verbalise your opinion, in private, to your line manager immediately and resist any temptation to moan about your lack of remuneration to your colleagues. It’s crucial however that before this conversation takes place you are prepared.

Listed below are the key things to think about prior to this discussion:

  • Investigate current market rates for your role. You don’t want your manager to be better prepared than you in this area.
  • Be knowledgeable about the financial status of your business and similar businesses within your industry. Asking for a pay rise after the Managing Director has made people redundant will make you look mercenary and out of touch.
  • The old saying goes ”to have more you need to become more”.  Quite simply in order to be worth more to your employer, and gain more yourself, you need to be able to demonstrate you’ve developed extra skills, abilities and knowledge beneficial to the business. Quantify your new skills and abilities in terms of either making extra money or saving money for the company. Demonstrating either of these points will make gaining a pay rise far easier.
  • Once you’ve discovered how you are adding increased value to the business make sure you can articulate your ideas simply and clearly. Brevity is key and don’t be afraid to demonstrate this in a graphical format if possible.
  • In all negotiation a stage comes when you have to name a figure. This figure needs to be a balance between realism and confidence in the extra value you’re adding. Don’t be ridiculous in your demands but don’t sell yourself short when choosing the figure.
  • If at first you don’t succeed in attaining the pay rise you desire make sure your line manager explains why, currently, you’re not eligible for such a pay rise. It’s also important to leave the meeting with a clear plan of the skills, abilities and achievements you need to demonstrate in order to achieve a pay rise as well as setting a time frame for their achievement.