HOW TO ASK FOR A PAY RISE
There are many reasons you may choose to move on from your role – discontent with progression opportunities, a mismatch between you and the company values or even trying a different career path. However, if it is monetary value that is your key motivator, and ultimately you are happy and fulfilled by your role, then you should broach the conversation of a pay rise with your line manager. But where do you start?
Choose your timing
There is nothing worse than apprehending your line manager when you’re all enjoying team drinks after a well-earnt success. Be sure to broach the topic of increasing pay in a professional, prepared and planned manner. Usually, pay rises are discussed in 1-2-1s or annual reviews, but that doesn’t mean you should wait. Speak to your manager and pop a meeting in their diary with a clear agenda outlining your ideas to discuss.
Bring your own evidence
In the run-up to the meeting, be sure to evidence your contribution that indicates you deserve this increase. Keep a diary, write a timesheet, whatever is best for you to accurately and fairly display the work you have been doing – list all your accomplishments and additional responsibilities. It would also be great to do a compare and contrast with your current salary banding to show justification for your boost, so speak to HR and ask for whatever frameworks your firm has in place, your job description and show that you are consistently exceeding expectations.
Bring market evidence
If you’re asking for your wage to be increased because of market rate, prove it. There are many tools available online to showcase what your role should be being paid, and can be split between region, seniority and sector, but similarly, you could conduct your own research. Network with peers, check current job advertisements and be sure what you’re asking for is fair and reasonable.
Prepare, prepare, prepare
If you perhaps get nervous, or you are worried about how you are going to come across in your meeting – just practice. Write out exactly what you want to say and practice it ahead of time, perhaps with a loved one playing the other person. It sounds simple but imagining the scenario and adequately preparing for it in advance will mean you come across much more collected. And always feel free to take in your notes, so you are sure to remember everything and be able to showcase your research.
Of course, not every pay rise request will be accepted for a myriad of different business reasons. HR policies can restrict managers' rights to give pay rises outside of certain time brackets, or the firm may have a set percentage increase limit (most are around 4%), so be sure to continue the conversation even if you’re met with a no. Understanding the reason may still incentivize you to stay with the firm, however, if you don’t feel that the reason is satisfactory, then perhaps the next job is to look at roles that you will enjoy just as much with a wage you deem acceptable.
If you’re interested in looking for a new role, you can get in touch with our team here who would be happy to help, even just to discuss the market average for your role and what your peers are doing in terms of career development and progression.