- Do you think you are not been paid enough? Not being valued at your company?
- Do you look at your pay slip and wish you had been paid that little bit more that you deserve?
- Do you think you have been particularly successful in your job? And gone beyond expectations?
...... If you have answered 'yes' to any of the above, then it is time to negotiate a pay rise. But how do you go about this and what are the best strategies in order to get the best rise?
Most companies will conduct quarterly or bi-annually pay reviews for their employee's, which if successful will result in a pay rise. However, as a hard working employee that is successful, you may feel it is justified to approach your boss to ask for a rise before your review is due.
Whatever your situation is, you will have already agreed this is in your contract and know when your pay review will be - and before your conversation with your boss, the key thing to remember is that you must prepare!
Before you ask
It is advisable to do some background work about salaries in your industry and role and plan your negotiations prior to approaching your boss. You can normally use salary analyzers or something similar on the Internet, or even phone around to ask recruitment agencies for the market averages for your role.
You need to really know what you are worth and what you have achieved recently, and why you deserve the pay rise. You will need to explain what skills and benefits you have brought to the company, how you have excelled in your role in particular and that you are a loyal employee. You will need to focus on your knowledge and experience you have developed and the way you have grown, learnt and developed whilst working for the company. You should note any expectations you have exceeded, any additional responsibilities you have incurred and any extra achievements you have made that stand out and you feel you deserve credit for. You need to be able to explain all of these points in detail, expand on any of them in detail and show that these are the reasons why you should be considered for a pay rise!
You need to show your commitment and express your desire to do well and tell your boss what you are trying to target and what you want to achieve.
Things that you need to consider what you have done when negotiating a pay rise:
· Projects you have managed, led, completed and have been noted as being out standing
· Any awards you have received
· Any procedures you have put in place that may have saved the company money
· Tasks you have been individually assigned to do due to your unique skills and abilities
· Additional tasks beyond what you expected in your current job role
· Anything you have excelled on and been praised for in the past
Also be clear as to what your current salary is, what the average is and what you ideally want!
How much to ask for?
It is a good idea to ask for more than you anticipate and that you give yourself room to negotiate. Expect your boss to propose a counter offer after you have asked for your pay rise sum. You should definitely bargain and you should expect it to usually end up in a middle ground figure so always go in high!
What if your boss says NO?
Just because you are going for a pay rise, you may not necessarily get it - but do not be disappointed if he says no. Firstly, there is always next time and from the feedback on this review you can work towards the next. You need to understand the reasons why he/she has said no and reflect on them. It is not the end of the world and it is not forever.
It may be due to the fact that you are still in the learning curve at work and still developing new skills, in which case, once you feel fully developed; it could be time to ask again.
Do not be afraid to ask for non-financial benefits as well, such as, a phone or extra holiday. You could ask for training and development and the company may be more inclined to pay for this, as you will be learning more and bringing more value to the company. Employees are an asset to companies that they work for at the end of the day!
If you really feel you deserve a pay rise and you are not happy working at the company, then you can always search for a new job that would be willing to pay you more. It may be that your current company is not suited to you and this is your sign to take the next step.
Result!
It is a great feeling if you manage to receive a pay rise! If you work hard and achieve great results, they do not often go un-noticed and you will no doubt be rewarded with what you deserve. A good confidence boost, self-satisfaction and self-affiliation will be the result!
Good luck!
You can also read this article in our Career Centre.