Building a strategy to get a pay rise

Building a strategy to get a pay rise

Negotiating for a pay rise can be a daunting if not intimidating prospect. Implementing a strategy will certainly help in making that conversation go smoother. By articulating your value, achievements and why you deserve a higher level of pay, asking for the pay rise will be the easy bit.

To effectively negotiate a pay raise, following these key steps will set you on your way:

Prepare and research:

Before asking for a raise, thoroughly research the market rate for your position. Use sites like Indeed, Glassdoor, other well known job boards and if you have a relationship with a recruiter then ask for salary advice as they will see and hear about salary levels every day of the week. Many will have freely available salary surveys. This will build a picture for you to understand what similar roles are being paid. This will help you articulate your worth and justify your request.

Highlight your accomplishments:

Document your achievements since you started the job. Quantify these accomplishments where possible, such as targets achieved, new clients gained, projects completed, deadlines met. This evidence supports your case for a higher salary.

Understand Your Value:

Explain why you bring value to the company. This could include your skills, mentoring junior employees, contributions to projects, or the impact of your work on the company's success. Demonstrating your value can strengthen your argument for a raise.

Be confident:

Approach the conversation with confidence. You have prepared evidence supporting your request for a raise. Be prepared for a no, but also be ready to show your commitment and value to the company if you do receive a raise.

Schedule a meeting:

Request a meeting with your boss to discuss your salary. This shows consideration for their time and sets a professional tone for the conversation. Prepare for the meeting by gathering your research and accomplishments.

Have a fallback position:

If your request is denied, ask for feedback on what you would need to do to qualify for a raise in the future. This can help you understand what you need to achieve to secure a raise in the future.

Consider finding a new job:

If you're not satisfied with your current salary and cannot negotiate a raise, consider looking for a new job. Switching jobs often means higher salary increases compared to those who stay with their current employer. If this is the outcome then prepare yourself for the counter offer when the day comes.

Following these steps is not a guarantee but they will increase your chances of successfully negotiating a pay raise. Remember, the process requires preparation, confidence, and a clear understanding of your value to the company.