In this week's millennial money episode, Damien and I discuss how to ask for a pay rise.
We all think, on occasions, that we deserve a pay rise and sometimes are not sure how to go about asking for one. Get your preparation and approach correct and you will give yourself the best chance of receiving that extra bit of cash in your pay packet.
1. Only fight battles you can win
Do you deserve a pay rise?
- Don't ask for a pay rise if you are underperforming in your current role
- If feedback from appraisals is negative or you have been disciplined in some way then you are not likely to get a pay rise. Once improvements have been made, consider asking for a further appraisal or performance review so any improvements can be documented, providing you with a realistic opportunity to attain a pay rise in the future
- Create a case for getting a pay rise to prove your worth to the company
- Highlight any training you have done and the responsibilities you have
- Look at your job description and then compare it to what you do in your day-to-day role to see if you go above and beyond your job description
2. Do your homework
- Make sure you are aware of the going rate for your current job prior to discussing a pay rise
- Look at sites such as Linkedin jobs for comparisons or talk to recruitment agencies to get a feel for your worth in the job market
- Make sure you know when you last had a pay rise and how much it was
- Make a list of your recent achievements or any training you have undergone to prove your value as an employee
- Write down all information so that you can refer to it easily during any pay discussions
3. Take control
- Ask for a formal meeting
- Don't arrange a meeting during a stressful time in the month such as month-end or first thing on a Monday morning
- Refrain from stating that you want a pay rise ahead of your meeting
- Try to arrange the meeting early in the day as you and your boss will both be fresh and hopefully in a reasonable mood
- Don't ask for a pay rise if the company is making job cuts/cutbacks as it is unlikely that you will get one
4. It's a discussion, not an argument
- Always remain professional, don't resort to raising your voice
- Listen and let your manager explain why they think you may or may not be entitled to a pay rise
- Use psychology to make your employer think like you, asking questions such as "how would you feel if you were in my shoes?" or "if you were me and you had worked really hard and helped the business grow successfully, how would you feel if you were told you couldn't have a pay rise?"
- Rehearse beforehand the presentation of your case for a pay rise as this will help to calm any nerves
5. No doesn't mean never
- If your approach for a pay rise receives a negative response then ask what you need to do to get a pay rise in the future
- Offer to take on more duties, get a qualification or be part of any project teams, to further your chances of a pay rise in the future
- Leave the meeting with an action plan written down as confirmation
- You are only treated as you let yourself be treated, so if you are really unhappy in your current role, then be prepared to leave
6. Always end the meeting on a positive note
- If you are successful in obtaining a pay rise make sure you keep proving your value to your employer
- Don't rest on your laurels as this will affect your chances of gaining a pay rise in the future
- If you are unsuccessful don't leave your boss with a negative view of your professionalism by losing your temper
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