AROUND this time of year we often set ourselves goals, and establish what we’d like to achieve.
For many of us that might be getting a new job or promotion – but if you’re happy in your role, have you ever considered just asking for a pay rise?
It sounds simple, but for many people the idea is horrifying because they don’t want to make a fuss. However it’s a smart move, if done the right way.
Here, Aliza Sweiry, the UK managing director of creative recruitment agency Aquent, provides her top tips on how to ask for the pay rise you deserve…
Do your homework
Before raising the topic with your manager, you’ll need to reflect on your value to the company and what you bring to the table.
Set realistic expectations by researching job vacancies that are similar to your role and have a look at the required qualifications.
If you have been with your company for a significant amount of time, or if you work in an industry that is facing major skills shortages, it is very likely that your employer will be willing to bump up your salary to keep you around.
Chatting with a recruitment consultant is also one of the best ways to get some valuable insights and tips.
Build your case
Boost your chances of nailing that pay rise by providing your manager with the hard evidence.
Have you been consistently reaching your targets? Are you a key-player when it comes to solving problems? Have you implemented new ideas that have enabled your company to massively reduce their spending?
Don’t be afraid to blow your own trumpet by giving specific, quantifiable examples as to why you are an essential member of the company.
Don’t forget to prepare for questions and be ready to negotiate offers from your manager.
During the conversation, remember to show you’re super-enthusiastic about pursuing this job, it will certainly be noticed.
Be ready to compromise
Many employers offers a wide range of appealing perks, so if you are faced with a “no” you may want to explore other options.
Sometimes being compensated with extra holiday allowance, a more flexible work schedule or the ability to work remotely may be some good incentives to consider.
Just remember to evaluate whether such things are genuinely of value to you.
Timing is everything
Increase your chances of landing a pay rise by approaching your manager at the right time.
For example during a positive performance review or following the successful completion of a complex project.
A happy manager is more likely to be receptive and willing to compromise.
Consider postponing the conversation if you notice your team is under a lot of stress due to a heavy workload or if the company is making cutbacks.
It is also important to initiate this conversation privately to avoid discomfort.
Being professional in your approach goes a long way.
Always end on a positive note
If your employer has agreed to a salary increase, congratulations!
However, remember to continue proving your value as an employee.
This is not the time to sit back and take it easy.
On the other hand, if you don’t receive the salary increase you were hoping for, don’t despair!
Ask your manager if there are any steps you can take to improve.
This may involve extra training or mentorship. Inquire when you can have the salary conversation again, perhaps in a few months.
If you are ultimately unhappy with your salary and you feel like you have tried everything, consider leaving.
After all, finding a new job is one of the best ways to secure a salary increase!
Tools for success
Additionally, there are tools you can use to assess how much you should be earning.
Mikaela Elliott, senior manager of employer insights at Indeed, adds: “When it comes to negotiating, either with your current employer or with a would-be boss, doing your research beforehand will set you up for a productive conversation.
“Indeed’s salary tool analyses hundreds of thousands of salaries to give you a good understanding of how much you should be earning, and shows you your earning potential.
“It also helps you manage expectations before you enter negotiations.”