5 tactics to effectively negotiate a pay raise15 Nov, 20215 mins
Ready for a pay rise? Wondering how you go about asking? We're here to help...At one time or...
Ready for a pay rise? Wondering how you go about asking? We're here to help...
At one time or another everyone has felt the value of their work isn’t reflected in the compensation they receive. If you’re at this stage it’s important to approach the issue objectively, armed with all the information and evidence you need to negotiate a pay rise.
But what should you do? Here are our top 5 tips for planning and executing a strategy to help you get the pay rise you deserve.
1. Get your timing right
Most companies will have a set pay review time, but if not, can you include these conversations as part of your performance or year end review?
If you don't have formal reviews, then go ask for one.
Asking for a raise can be disruptive to employers, so it's importnat to ask at the right time.
2. Make sure you know your worth
Research what others in your position, with your experience and in your industry should be paid. Take advantage of salary survey and other online resources to get the information you need.
3. Build a business case
Can you clearly show your value to the business? Record specific things you've done, your achievements,and significant moments whilst working there.
Where possible, use quantifiable data, such as figures and timeframes.
Highlight your track record and the results you've delivered that demonstrate your value to the company.
4. Prepare for discussion and negotiation
Be ready to talk through your proposal with your employer and make sure you know what you deserve. Be clear in the flexibility you're going to allow and what you are, and aren't, willing to accept.
Do you have a salary range in mind?
Are there other things you can negotiate besides your salary, such as bonus?
5. Carefully consider the outcome
Each situation is different and you may need more or less time to consider an offer depending on how closesly it aligns with what you wanted. It's understandable for you to take some time to think about the offer in front of you.
Regardless of whether you get your desired outcome or not, be gracious, understanding and thankful for the opporutnity. The last thing you want to do is burn any bridges.