Do you feel as though your contributions are being undervalued by your employer? Are your peers earning more money than you? Do you believe you’re not being paid as much as you deserve? If the answers to these questions are yes, then what’s the best way to broach the subject of a pay rise with your boss? Is groveling the order of the day, or perhaps a sustained campaign of coffee runs, home baking and all-round sucking up is the way to go? If getting a pay rise at work is a priority for you then this guide to the essential do’s and don’ts will give you the best chance of a favorable outcome.
How To Get A Raise – Do’s
Complete Your Homework
You’ll blow your chances altogether if you simply wander into the boss’s office and demand a pay rise without first doing some research into what your value is. Check out the local labor market by keeping an eye on job adverts, industry salary surveys and internal job vacancies. You could also have a confidential discussion with a recruitment agency to find out what the pay situation is in your industry. By doing this beforehand, you’ll be much more informed and confident when it comes to approaching the boss.
Choose The Right Moment
Consider The Boss’s Viewpoint
A good starting point is to ask yourself what I have done to deserve a pay rise. Look at it from the boss’s perspective. What will convince her/him that you are worth more? The things they will be looking at include your commitment to the company, the value you add in terms of new business, your performance of KPIs as well as your all-round enthusiasm. Keep a note of all your achievements that you can use as ammunition in any pay negotiations. And so make it easier for the boss to say yes by presenting your case with their viewpoint firmly in mind.
For a variety of reasons sometimes the answer is no in which case it’s important to find out exactly what you need to do to move up the pay ranks. In this way, you’ll have some clear goals to work towards and it will be much harder for the boss to say no when you broach the subject again, having completed them all.
What’s more, if a pay rise isn’t a possibility then think about what else you could ask for in the shape of some additional employee benefits that will add value to your overall employment package. It could be some extra vacation time, more flexible hours, the opportunity to telecommute, subsidized gym membership, even a bigger office. So be flexible – a pay rise isn’t the only way to be recognized and rewarded for all your efforts.
How To Get A Raise: Don’ts
Offer Your Resignation!
Don’t threaten to leave if your pay demands are not met unless you’re really prepared to see it through. Not only will you come across as being petulant and demanding, but you’ll also make the boss feel threatened and as though they’re being backed into a corner, which is never the best starting point for a successful outcome.
Set An Unrealistic Starting Point
Don’t crash into the boss’s office and announce that you won’t accept anything less than a million! If your current salary is close to a million then fair play to you, it’s probably a reasonable expectation, but for the majority of us, a million-dollar salary is the stuff of dreams! Pay raises are a process of negotiation so set a reasonable starting point as the basis for discussion, rather than an out-of-the-park figure, which is likely to be met with laughter and an immediate negative response. That’s why doing your homework is so important. You can then be confident your request is not only reasonable, but it’s also realistic compared to the going market rate.
Whinge About What Others Are Earning
Yes, it’s important to have an idea what colleagues doing similar jobs are earning, but it’s a definite no to start by complaining that Bob in Accounts earns more than you. Instead of sharing in your sense of injustice, your boss is likely to perceive your complaint as a moan and a whinge. And no one likes a whinger and a moaner! You’re on much safer ground if you stick to focusing on your achievements, qualities and results rather than drawing a comparison with specific colleagues.
Time Your Request With A Company Loss
Make It Personal
Keep the negotiations strictly about work and your contributions and value in the office. Whatever you do, don’t announce that you’ve just bought a new boat or have booked a flash overseas holiday. Your personal circumstances are not a justification for a pay rise – even if changes in interest rates mean that you are struggling to meet the mortgage repayments on your current salary. It’s best to keep your personal situation to yourself and make the negotiations all about the business and what you can offer.
How To Get A Pay Rise: The Bottom Line
Successfully negotiating how to get a pay raise is as much about proper preparation and timing as it is about the achievements and value that you bring to the company. Use these do’s and don’ts to give yourself the best chance of a positive outcome.
And for the bosses out there, if you find that lots of your staff members are seeking pay rises, then it may be that you need to examine the recognition and reward structure within your company and your whole approach to employee engagement. Employee engagement is an umbrella term for policies, procedures and technological solutions that simply bring out the best in your staff members and enable them to get the job done as efficiently as possible. Get in touch with us here at MyHub to find out more.