We’re all feeling it – the soaring cost of living! Inflation has run rampant across the globe over the last couple of years, and the money in your pocket seems to be diminishing at a frightening rate.
At the same time, you have pulled out all the stops at your workplace to make sure you’re getting in the sales, completing the projects, and continuing to perform productively. You know you deserve a pay rise. But does your boss. Here’s our failsafe guide to putting yourself in a position where your boss cannot say no to an increase at your next pay review.
Research the job market and know your comparative numbers
The best way to truly understand if your pay is commensurate with your level of skills and experience is to dig around on websites like Glassdoor, Payscale, or Salary.com. You can pull out useful data and statistics from these sites as to similar rates of pay, as well as get an insight into the availability (and potential shortage) of people with similar skills to you. In many sectors these days, there is a definite lack of skilled people to fill current vacancies, which places you in a powerful negotiating position..
Timing is everything
The last thing you want to do is barge into your boss’s office one morning and demand that he give you a raise. Timing is everything, and you need to plan your approach based on a number of external factors.
For example, if the company is in financial difficulties and everyone is being asked to tighten belts and ride out the worst of the difficulties for the long term survival of the company, then a rise is probably not going to be possible no matter how good your power of persuasion.
However, if you can demonstrate that your work is pulling the punches when it comes to keeping everyone buoyant, and you can hook a pay request onto past and future performance successes, then use these as part of your overall annual performance review.
Take control of the flow of the meeting
Every part of this process needs to be measured and controlled, from the initial meeting request, through to setting the agenda of the meeting. The more prepared you are in advance, the more you can lead your boss through a well thought out, well researched pitch.
Negotiating for a pay rise is like pitching for a piece of work. The confused mind doesn’t buy, and if you boss is not convinced of your value, then you are not going to be successful in your bid. Within your pitch you need to:
– Outline your contributions to the company, focusing on specific achievements, projects you’ve led, and results you’ve delivered.
– Emphasize how your work has positively impacted the company, such as increased revenue, cost savings, or improved processes.
– Highlight any additional responsibilities you’ve taken on since your last salary review.
Practice. Practice. Practice. This is your chance to shine an be proud of your achievements. This is not the time for modesty or self deprecation. Practice in front of your partner or a good friend, as ask them to throw difficult questions at you. You want to overcome any objections, and preparing for them in advance will give you that added boost of confidence.
Recognise this is the start of a negotiation
Setting out your list of demands and being bullish about not backing down is not going to do you any favours. You’re not a union leader.
It may even be that your boss would love to offer you a pay rise, but then has to clear it with those higher up. If your boss can’t offer a salary increase immediately, consider negotiating other benefits like additional vacation days, flexible working hours, or professional development opportunities.
Do not leave the discussions open ended. Put a date on the next time a pay review can be tabled into the schedule.
Remember, the key is to present yourself as a valuable asset to the company and to approach the conversation with confidence and professionalism.
