With wage growth continuing to lag behind the rate of inflation, many of us might be thinking of knocking on our manager’s door and asking for a pay rise.
As prices go up, it gets harder to make ends meet. Perhaps you’ve not had a pay rise for several years. Perhaps you’ve taken on extra responsibilities not reflected in your pay packet. If that’s the case, it’s not unreasonable to broach the subject of a pay increase. But even so, it’s still an awkward conversation to have, so what’s the best way to do it?
Here are our 5 top tips:
1. Build your case
The first thing you should do is demonstrate why you deserve a pay increase.
You might have smashed all your targets and made some big wins that have benefited the wider organisation. Or maybe you’ve taken on additional duties and responsibilities over time that weren’t in your job description when you first took up the role.
With this factual evidence in front of you, you’ll be in a stronger position to persuade your manager that you deserve better remuneration.
2. Find out what others are earning
It’s good to go into this conversation with a realistic figure in mind, so look for job adverts for similar positions on the internet and see what salary they’re offering. When you factor in your years of experience, that could help you negotiate a reasonable figure with your manager that you’re both happy with.
3. Give your manager the heads-up
As we said earlier, discussing pay can be awkward, and that can be the case for your manager, as well as you.
So maybe let them know in advance that you’d like a face-to-face meeting to discuss your pay. That can give them time to think about your contribution to the company and prepare to discuss your salary.
4. Be confident, but not confrontational
If you want to convince your manager what an asset you are to your company, you can’t risk alienating them by going in too strong. Otherwise, you risk provoking a prickly situation before the conversation really gets going, and they won’t be as receptive to what you say, even if you’re presenting a very strong case.
While it’s vital to be confident and sure of yourself, it’s just as important to be warm, friendly and personable, so you can both negotiate in a positive, constructive spirit.
5. Timing is everything
You’re much more likely to have a successful outcome in your meeting if you speak to your boss when the business is performing strongly. If your employer has enjoyed recent successes and big wins, there’s a better chance of them responding positively to you and being in the right frame of mind to negotiate.
Of course, we can’t promise that your manager will offer a higher salary if you ask for it, but sometimes, it can pay to be proactive.
In the meantime, make sure that you are investing your current earnings wisely. Give us a call and our advisors will be able to help you with the right financial plan and investment options.