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How to negotiate your way to a pay rise
Negotiating your way into a pay rise can be a daunting task. It involves a smart combination of articulating your skills and what you contribute to the company, as well as clearly stating what you are hoping for in a direct manner.
Follow these guidelines to give yourself the best possible opportunity for pay rise success:
1. Know the job market inside out
Before you even consider approaching your manager for a pay rise, you need to do your research. Have a clearly researched understanding of the current market rates for your role and what you should be expecting. Talk to your business mentor, recruitment agents or people who have advanced in the same industry as you for a better understanding of the salary of someone with your qualifications in your field of expertise.
2. Be aware of mitigating circumstances
It is ill-advised to enter into any pay rise negotiation without knowing your company’s current economic climate. Rallying for a pay rise may strain relationships if your company is not secure financially and others are being laid off. Knowing the economic situation prior to bringing up the topic will give you the confidence to negotiate if the timing is right.
3. Stay clear and confident
As with putting yourself in a good position for a promotion (link to blog 'Get promoted faster'), similar rules apply when negotiating a pay rise.
Being able to clearly demonstrate and outline that you are a valuable member of your company is imperative. Keep your CV up to date with any relevant job training or new skills you have acquired since you have joined the company. Those in charge of deciding your pay rise fate will want to know how you have benefited their company. Being able to clearly show tangible evidence is a positive move in the right direction.
4. Hope for the best, but plan ahead
Sometimes your manager won't be able to make the final call on giving you a pay rise – as much as he or she may want to. Individuals higher up in the company or limited budgets often dictate who gets promotions or pay rises and who doesn't. Making it clear to your manager that you are interested will put the ball in motion for your name to be brought up when the economic climate is right to be rewarding hard workers.
If you’re looking for more information about the current economic climate in your industry, have a look at our market insights articles.
Being prepared and knowing what to expect is key to negotiating your way to a promotion. You can do this by: • Knowing the job market inside-out, including what workers with your skills and in your industry are being paid on average • Being able to walk the line between confidently asserting your worth, but also accommodating to your company economic climate • Rehearsing how you are going to approach your manager for a pay rise when the time comes