Does the mere thought of asking for a pay raise have you feeling anxious? We get it, we have all been there. But does that mean that you should avoid it altogether? Definitely not! At WORK180 we are currently seeing an increase in job opportunities with our Endorsed Employers, specifically in the banking and finance, IT, and manufacturing and operations industries. In some areas, this means that supply is greater than demand which ultimately means it’s a candidate’s driven market – remember this when you are negotiating your salary for your new role. We hear you saying, ok but what does this mean for me in my current role? If you are considering asking for a pay raise, then there is no time like the present.
Here are 5 tips on how to negotiate your salary and get the pay raise you deserve (you can apply a lot of these tips when negotiating your salary for a new role too!):
1. Know your worth (and don’t sell yourself short)
Think about your worth and the value you bring to your employer. Start with your skills, your networks (relationships with others), and the successes in your role so far. What have you contributed to your employer that they wouldn’t have been able to achieve without you? Write it all down! Creating a list of your achievements makes it easier to put together your business case for a pay raise.
2. Do your research (arm yourself with information)
Do you know what the expected salary is for a person with your level of experience in your industry? Conversations with colleagues about pay can be difficult (and awkward), however, there are other ways to benchmark what you should be paid. Take a look at job ads for similar roles and compare the pay that is being offered. There are also a bunch of resources online to help you, such as the handy LinkedIn salary tool or Google “Salary Survey” for even more options.
3. Prepare a business case (put it all in writing)
Take a look at your job description and outline how you have addressed each component and where you have gone above and beyond. How have you contributed to the success of the business? Have you saved the company money, brought in a valuable client, or improved efficiencies? Include them all! Another tip is to ask for feedback. Speak to colleagues and clients and ask them to provide you feedback in writing and then include them in your business case.
4. Schedule a meeting with your manager (and set context upfront)
So by now, you know your worth, have done your research, and used all that information to put together your business case. Now is the time to schedule a meeting with your manager to discuss your request in person – but don’t catch them off guard! Email your manager summarizing your request (including some highlights from your business case) and ask them for a meeting to discuss. This will give your manager time to prepare for the conversation as well. This is the hard part – it’s daunting and you might be tempted to press delete instead of send but you’ve got this!
5. Shake off your insecurities (or fake it till you make it)
Talking about your salary, a pay raise or promotion can be uncomfortable and it is normal to be nervous, but the key is to present as confident and professional. Remember, you have your business case to support you. Take some notes into the meeting with you so if you find yourself going blank, forgetting key information, or rambling, you can use your notes to help you stick to the facts. And finally, don’t wait for your manager to propose a salary – get in first! If you are first to propose a salary, you are setting the expectations and it is then up to your manager to negotiate your proposal.
And what if they say no?
Don’t be disheartened. You have opened up the conversation and have shown your manager that you know your value within the company. Discussing your salary can open up other opportunities such as training and development, mentoring, and leadership development programs. And if your company doesn’t have these opportunities to help you grow and develop? Then maybe it is time for you to look for these opportunities beyond your current employer and find a company that does. Yes, these companies do exist! You can find them by going to work180.co, selecting an employer and taking a look at their benefits and policies table. Just follow the link here, it’s simple.
WORK180 has your back when it comes to job searching. We’ve asked the hard questions for you to ensure our Endorsed Employers are proud to support diversity, inclusion, and flexibility – and most importantly, your success. To view and apply for a job through WORK180 visit work180.co.