Getting a Pay Rise
Everyone would like more money but looking for a new job or promotion can take time, money and a lot of effort.
Many people are also very happy in their current job but feel that the pay they receive doesn't reflect that amount of work they put.
Although almost everyone would say they should be due more salary there are definite situations when an employee is given additional duties or a promotion that isn't reflected in their pay packet.
Asking for a pay rise is often seen as the biggest workplace taboo but as long as it can be backed up with an honest and justified case there's no reason why it shouldn't be successful.
Most employers will react in a professional manner about salary discussions as long as they are carried out in the proper way and very few will see this as a slight on them.
Remember, as long as there is a genuine case there's no harm in asking.
Getting PreparedAlmost everyone thinks they are worth more money than they are paid, but a serious request for a pay rise must be backed with some serious reasoning. Most people have very little experience of negotiating pay levels so even the thought of it can make employees nervous and unconfident.
The most important thing to consider is why a pay rise is actually justified. This must have some sort of bearing on the overall pay system of the company and how an individuals contribution fits into this.
Carefully plan and rehearse in your mind all the reasons why you deserve more money, how you go the extra mile for the firm, what you add to an organisation and why the additional pay is justified.
Pay is largely based on market forces and a lot of this will depend on how much it will cost the employer to find someone new. The average cost of recruiting a new member of staff in the UK is currently around £3,456 and this will work in your favour.
Before calling a meeting with the boss you should think about the following factors:
- Why you feel more money is justified.
- How you stand in relation to your colleagues.
- How you go the extra mile.
- What ideas and initiatives you have implemented.
- How you have made the company more money.
- What extra work or responsibility you have taken on.
- The market rate for your role at other companies.
- What sets you apart from other employees.
- The overall pay structure within the company.
Meeting The BossThe best way to discuss any financial matter will be to meet the person responsible face-to-face at an arranged meeting. You should always mention what you want to cover in advance so that both parties can be prepared and the issue of pay won't come as a shock.
Timing is everything and there may be a preferred time for salary negotiations such as an annual review or appraisal.
It may be that the company's budget will only cover a set amount for the role and a promotion or new job within the firm will be more suitable. Most of all don't get too downhearted if the negotiations fail and never threaten to leave on impulse as this will only create bad feeling.
If you do start looking for a new job you can always start negotiations again when you have another role to go to and that will be a win-win situation.
- At the meeting back up your claim with evidence.
- Act in a cool and calm way - it shouldn't be a showdown.
- Don't be afraid to negotiate.
- Be positive and try to demonstrate how you've added value to the organisation.
- Try to negotiate a bonus if a set of targets are achieved.
- If you're unsuccessful ask for a date when your salary can be reviewed again.