How to Get a Pay Rise – Top 5 Tips
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Many of us want pay rises but are too worried about asking for it. You could be concerned you’d be wasting your boss’ time, you’d be wasting your own time, or that you don’t have enough proof that you deserve it. The truth is, many of us “deserve” pay rises and it takes a little courage to address the issue and you never know – you could get somewhere. As the old saying goes, if you don’t ask, you don’t get.
So, with that in mind, here are 5 tips to getting a pay rise, or at least increasing your chances:
#1 – Make a list of accomplishments
I recommend checking out Wonga’s recent blog post which you can read here, itlooks deeper into negotiating pay rises. Their top tip for negotiating a pay increase is making a specific list of accomplishments. They say that you should point out instances where you’ve made significant contributions, saved the company money and time, displayed leadership qualities, or saved a project. “Perhaps you’ve completed a part-time course, which has increased or cemented your skills. These are all sound reasons when it comes to asking for a raise. Remember, you’re negotiating because you believe you deserve it, so now’s your chance to make your employer feel the same way.” Try not to be too woolly with your wording. Don’t just say ‘I help the team a lot’ – state exactly when you helped them team. Give specific dates if you can.
#2 Time it right
You need to make sure that you time the meeting right. Obviously your annual appraisal is a good time of year to bring this up, but if you feel another time of year is appropriate (perhaps when you have just won a big project, for instance,) then consider speaking to your boss sooner. Also, consider the time of day. When your boss is really busy, it might not be appropriate to go into his/her office then. Pick your time wisely to give yourself the best chance of being heard.
#3 Do your research
This telegraph article advises you to do your research before asking for a pay rise. They say that you should get a sense of whether you’re actually undervalued within your company by asking colleagues how much they’re paid. If that fails, use job advertisements to judge how much competitors pay similar employees. Use this as evidence in your meeting.
#4 Listen to the response
The telegraph also suggests listening to the answer – don’t be long winded and feel like you need to fill the silence. Say your piece, then be quiet. Wait to hear what your boss has to say. You’ve said what you need to, so hand the floor to your boss now. It can be easy to over-talk and then muddle your words.
#5 Be patient
You might not get an instant answer. It could even take a couple of months for a decision to be made, or for HR to get on board and then for it to filter down through to the Finance Department who manage the money payments. You don’t want to wait forever, so be sure that you stay up to date with the current progress of your ‘application’ but at the same time, don’t be too pushy. It can take time for change to happen, so be patient and hope for the best.