Did you know more than half of people have reportedly never asked for a pay rise? It’s not surprising if you think about it. After all, that conversation with your boss – when you ask for more money – can be an intimidating one.
However, this fear is also completely illogical. No-one ever got fired after asking for more money. Furthermore, the fact you’re thinking about your future within the company shows you’re considering staying long-term.
We could all use some extra cash so if you’re struggling to negotiate a rise in your salary, here’s some suggestions on how you could do it:
Usually, your boss will ask ‘how much do you want’ when you’re requesting a pay rise – and it’s surprising how many people don’t have an answer to that question. Evaluate your current workload, and job title, to determine how much you should be compensated for your efforts. You can use a tool such as PayScale to determine this. Alternatively, look at job adverts to determine how others in similar positions are paid.
It’s important you enter negotiations with a reasonable figure in mind. Either of those options should help you accomplish this.
However, it’s not enough to simply identify what you should be on. The next step is to justify why you’re worth paying more. Although it might be enough to highlight any additional responsibilities you’ve taken on, it’s worth putting together a business case.
Fundamentally, a pay rise is not a favour. It’s a contract between you and your employer. You agree to work for them in exchange for the sum they’ve offered. Therefore, highlight your accomplishments and the objectives you’ve completed – while also creating a plan for the future.
Armed with this, your request for a pay rise should stand a higher chance of success.
Your business case is only half the battle – the rest boils down to timing and luck. It’s also worth mentioning that if you’re still relatively new to the company (by under 12 months) your reasons for a pay rise must be excellent. For example, the job you’re doing is very different from the one advertised.
The health of the wider company must be considered as well. Your department may be flourishing but if the firm is making redundancies, your pay rise may be rejected on principle.
Instead, time your pay rise request for when your employer is in a good mood and the firm is doing well. You may stand a higher chance of success this way.
Even with the best argument and timing in the world, your pay rise is not guaranteed. If your request is refused, don’t give up. Instead, ask your employer what would need to happen for you to receive more money. Work with them to create a plan where, upon completion, your salary will be increased.
Alternatively, if your company cannot grant additional funds, request a benefit. This could include work from home rights, flexible hours, or extra holiday.
Pay rises aren’t requested out of greed – they’re usually because we need the extra cash. If your boss refused your request though, we could try sorting your financial situation with an IVA.c
This debt solution can make life much easier as it freezes interest and charges, stops creditor contact and – ultimately – writes off a significant portion of what you owe.
It might not be a pay rise, but it could still leave you better off.
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