Show Me the Money! How to Get a Pay Rise

When it comes to asking for extra pay it can be about as fun as root filling. A survey by recruiters Robert Halff showed that about 52% of finance professionals would consider moving jobs instead of asking for more money.

The good news is that there is a way to apply for a pay raise that is effective, constructive and usually less stressful for all involved. Before we go into details there are a few things we need to check.

Is it really about money?

Are you sure it’s just the money? A slightly more fat pay slip will not make your co-workers at least annoying or lazy. It will not give you more leisure time and will not shorten your commute to work. The pleasure of seeing the extra money that hurts your bank account will soon dissipate and leave all the other basic issues untreated at the center and leave you miserable as before but a little more lucrative.

How do you know you are getting paid low?

Maybe you feel like you do but do your research. There are online surveys that will give a rough idea of ​​where you should be, recruiting experts will give feedback on this and your published job review job will help measure your value. If you are at the top of the range it does not mean you can not ask but it does mean that you may have to adjust your expectations.

A point to keep in mind is that some organizations have general annual salary increases that are not related to eligibility, others have annual performance reviews that include salary reviews, others have set strict salary ranges, i.e. salary increase related to promotion and for some it is purely ad hoc. The principles are the same but the timing of the application should be considered.

When to request a pay raise

Get some time in your executive diary, request a meeting or email, and define it as a career or personal development.

Timing is important to think about:

  • How much time you will need – this is not a 10 minute call to the same extent you should be able to move your point in less than 40 minutes. It will probably be more than one meeting
  • When your manager is particularly busy, stressed, less accessible
  • The length of time since your last salary review / evaluation
  • Avoidance on Monday mornings and Friday afternoons
  • Make sure you have no unfinished projects, tasks or work or beyond the due date, otherwise the call may end before it starts

How to negotiate a pay raise

Negotiate your salary increase

Once you have done your research, you know your value, the next step is to build a business case why you believe you should be paid more. Keep it professional and relevant to the business while you may think a new kitchen, or holiday are a good enough reason not to impress your line manager. It should be about what you have achieved or what you bring backed by facts and figures and how it has had a positive impact on the business. Support your case with 3 to 4 details that can be about your achievement or your skills and experience.

Try to keep your emotions in check, practice what you are going to say and how you are going to say it. Keep it easy and allow for the fact that your manager does not feel as comfortable as you do. There is a good chance you will not get an answer at this first meeting. Your manager will likely have to sign a raise and any challenge you face may help them argue with the adults.

Listen carefully to every response and do not reject anything at all, be sensible and willing to compromise. Understand that there can be a delay before making any agreement, counter-offer or rejection – try to get a timeline for the answer so that it does not drift.

Institute for Employment Studies It is estimated that there are currently around 1.3 million job openings in the UK and that the biggest challenge facing employers is fulfilling these roles. The UK labor market saw the highest number of resignations in the quarter in 2021 400,000 from July to September compared to 270,000 in the same period in 2019.

So there is a high demand and more and more mobile workforce willing to vote with their feet if they feel dissatisfied then against this background you have a stronger bargaining position than usual.

One last word on resignation, by all means use your research to highlight inequality but try not to threaten resignation in your opening negotiations, it is not such a good game. This is always an option, but it can be exercised after all the other ways have been explored and especially if it is only about money. What, by the way, rarely.

We offer a Free career callSo you can find out how Career coaching Can help you. To order the call, please call 0345 686 0745 or fill in our details Contact Us Form.

for further reading:

Read Corinne’s tips on how to get a raise

This article was first published by Personal Career Managements LinkedIn page.

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