Learn how to leverage your achievements to build a compelling argument, navigate negotiation conversations with confidence and devise backup plans to ensure you secure the salary that reflects your worth.
In a competitive job market, learning how to advocate for your worth is a necessary skill. It can mean the difference between stagnant wages and fair compensation for your efforts. Whether you're feeling undervalued or think it's time for your pay to align with your contributions, we’re here to give you guidance on how to ask for a pay rise.
1. Build your case for a pay rise
When contemplating how to ask for more money from your manager, lay the groundwork for your salary increase by crafting a compelling case. Unfortunately, citing inflation and the rising cost of living won't carry much weight in these discussions. Instead, we recommend highlighting concrete and measurable achievements since your last raise.
This could look like:
Sharing a list of recent successes: Think everything from surpassing sales targets to implementing cost-saving measures or successfully leading a high-profile project.
Referencing performance reviews: Positive performance evaluations from peers and superiors serve as valuable documentation of your strengths and contributions, further bolstering your case for a raise.
Details on additional responsibilities or projects: These instances demonstrate your willingness to go above and beyond and can justify a salary increase.
Link each accomplishment to its positive effect on the organisation, emphasising tangible results that substantiate your request for a pay rise.
2. Research comparable compensation
Engage in a thorough examination of salary trends across diverse sectors to determine the fitting remuneration for your contributions and outcomes. Keep in mind the considerable disparity in pay between varying roles, such as the contrast between HR Business Partners in Manufacturing and those in Investment Banking.
This research strengthens your case by demonstrating your alignment with prevailing market standards. Need further assistance? Reach out to a Perennial HR recruiter for guidance on standard salary ranges based on your position, tenure and regional context.
3. Plan your approach and maintain professionalism
Armed with your accomplishments and the desired salary adjustment in hand, set up a formal meeting with your manager to advocate for your raise. Make sure to schedule the meeting ahead of time and clearly outline its agenda.
During the discussion, it's imperative to maintain a composed and professional demeanour, exuding confidence while remaining open to constructive input. Refrain from delving into personal motives for seeking a raise or discussing the compensation of others, as this could raise concerns about your discretion.
Instead, concentrate on presenting the factual evidence you've amassed to substantiate your request, showcasing your value to the organisation. Provide a comprehensive overview of your achievements to guide the conversation and ensure that no pertinent details are overlooked.
4. Facilitate constructive dialogue
Remember: when looking at how to ask for a pay rise, fostering meaningful dialogue is of utmost importance. While clearly stating your reasons for seeking a raise is vital, it's equally crucial to attentively listen to your manager's perspective. They might provide valuable insights into the company's current financial situation or strategic priorities that you hadn't considered.
Understand that this isn't just a one-sided discussion but rather a collaborative exchange where valuable feedback can enhance your professional growth.
5. Be open to negotiation
When you request for a salary increase, anticipate the possibility of a negotiation. This phase of the process offers an opportunity to fine-tune the details and ensure that the final outcome aligns with both your accomplishments and prevailing HR market standards.
For example, if you're a project manager who has significantly exceeded project goals and contributed to the company's bottom line, you might negotiate for a salary increase that reflects the value you've added. However, you should also be open to discussing other forms of compensation, such as performance bonuses or additional paid time off, if they align with your overall career goals and financial needs.
6. Plan for alternatives
While securing a salary increase may be your primary objective, it's important to have a contingency plan in place in case immediate financial adjustments are not feasible. This involves exploring alternative solutions that acknowledge your contributions and support your professional growth.
For instance, if your company is currently facing budget constraints or other financial challenges, proposing alternatives such as a future pay review or performance-based bonuses can demonstrate your flexibility and understanding of the organisation's circumstances. Additionally, you may suggest non-monetary benefits such as professional development opportunities or increased responsibilities that contribute to your long-term career advancement.
Navigating how to ask for a pay rise can be a daunting experience, but with the right preparation and approach, it can also be an empowering opportunity to advocate for your worth. For additional career insights on How to Optimise your LinkedIn Profile in 10 Quick Steps and How to write a cover letter and other HR interview insights, visit our website.
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