6 Tips for Asking for a Pay Rise

Here’s 6 tips for asking for a pay rise, even during the cost of living increases.

There is a lot of talk about cutting costs and making financial compromises which can be an important step in managing your money, especially in the short term. But equally so is increasing your income, raising your prices or asking for a salary increase.

This can feel uncomfortable sometimes for fear of being rejected, or beliefs we shouldn’t talk about money or an underlying sense that we don’t deserve more. But your income, once used to support your financial goals and then managed well, is your biggest chance to improve your financial position in the long run.

1. Understand your own Value

Before you even ask or meet with your manager, focus on you. Understanding and recognising your own true value, who you are and what you bring uniquely to the role.

Compile a list of not only what you’ve done and achieved but focusing on what your value brings for them. When you can understand and convey your value and what’s in it for your employer they’ll be more likely to see the value of rewarding you. Ask yourself

• Can you bring more new business in?
• Do you bring a way the company can save money?
• Do you bring expertise they need to operate or succeed don’t have elsewhere?

Once you’ve got your answers be prepared to demonstrate this with your manager.

2. Do your Homework

Decide well before you ask for this meeting how much you’d like as a pay rise and the lowest pay rise you’d accept. Also consider are their other employee benefits that are valuable to you that you’d consider as part of a package.

Research market rates on the internet or ask recruiters what range they expect for your role, qualifications and experience. Get talking to other people doing similar jobs in the company and be confident to ask them how much they are making.

When it comes to asking for more, start with your highest figure first. Only if this doesn’t get met with a yes consider moving to a number lower in your range.

3. Collate Evidence to Ask for a Pay Rise

Before the meeting, make a list of what you’ve achieved over the last 12 months. This is anything you’ve done that’s over and above your job role too. New projects or ideas you’ve brought on board, great feedback from customers, additional training and qualifications; anything to demonstrate your value.

Share this with your manager as an opening gambit for the conversation, and refer back to this to support your case.

4. Practice Asking to Make Perfect

Asking for more can be nerve-wracking so practice a mock pay rise conversation with a friend or coach before your meeting.

This will help you get your thoughts in order and to state your reasons and evidence with confidence.

You’ll experience the emotions you may feel on the day and get the chance to hear yourself asking for more out loud. Even if your friend just says ‘No’ or behaves differently to your manager, it’s a chance to practice what you want to say, and how it will sound, how it will feel. Repeat the discussion until you feel confident and imagine a positive outcome. Use this practice to become aware of some of the things you tell yourself about money, your value and how much you can have. If you need more support shifting some of these money beliefs get in touch with me.

5. Be Clear your Want to Discuss a Pay rise

Be clear to your manager in advance that you want to have a discussion about pay, don’t just drop it into another conversation or book a meeting disguised as something else.

This will make it awkward and it’s likely they will feel on the back foot or defensive. Giving them time to prepare may also mean they identify for themselves the value and contribution you bring.

Ask for a meeting and establish that it will be solely to discuss your pay and benefits.

6. Prepare for You, but Focus on their Gain

Go in prepared for you, knowing your value and with your evidence but focus on them and what your pay rise will give back to the company.

Make it clear what is in it for them and articulate the company focused reasons from step 1 to persuade them they will benefit from saying YES.

and if it doesn’t go to plan…

Don’t be Disheartened

If you don’t get the YES you wanted don’t be disheartened. You can now ask for clarity on when your next review will be and confirmation of what they’d expect to see from you in order to increase your pay.

Continue keeping evidence of your successes and find a champion or mentor in your team who’ll back your development.

And be Open to seeking new opportunities elsewhere if needs be.