This is a question that I get asked quite often and I completely understand! Asking your boss for a pay rise can be totally daunting. But sometimes you just have to bite the bullet and ask the question. That leaves you with one key dilemma… How do you ask for a pay rise and get a resounding “yes” as the response?
Well, I’ve got the goods my friends and I am willing to share. These are a few things you to need to think about when asking for a pay rise – here are my top tips!
Ask yourself why you deserve a pay rise.
You can’t shouldn’t just ask your boss for more money because you want it. There needs to be a good reason. Have you taken on additional responsibilities? Have you made a significant achievement that has benefited the business? Has there been a considerable amount of time since your remuneration has been reviewed (more than 12 months)?
Many times have I seen employees use their own personal circumstances as justification for a pay rise – “I need more money because….” Sorry to break this to you, but your employer pays you based on the value you provide to the company, not based on the amount you need to live your lifestyle.
Consider whether your timing is right.
There are a range of things that affect this and the ticket is to know the business you work for. If the company is struggling and letting people go as a result, then this might not be a great time to ask for more money. Similarly, if you have a performance review coming up in the near future I would probably wait. Performance reviews are a great time to talk money, especially if you have been performing well. The best time to ask for a raise is when you have taken on extra tasks, demonstrated strong achievement or the company is excelling.
Plan your presentation.
When I am asking for a raise I present my proposal in writing and follow up with a face to face meeting, but I recognise that this isn’t always appropriate and/or possible. If it is, then go to town. Show them what you are worth.
In a written proposal I would be sure to demonstrate exactly how you have provided value to the business. Present your facts and don’t waffle. You want to provide a strong argument for receiving more money. If given the opportunity, always follow up with a meeting. Offer your boss the opportunity to ask questions and discuss your proposal in more detail. If you handle yourself professionally, this will make your argument more compelling.
If it is not appropriate or possible to present a written proposal and you will be making your request face to face, you should still put something in writing. This doesn’t necessarily be something that you provide to your employer, but you should have some very clear talking points documented so that you present your case in an articulate manner and don’t forget any key points.
Decide what you really want.
Getting a raise doesn’t necessarily have to mean an increase on your base salary. There are a heap of different things you could ask for instead, like a bonus scheme for reaching specific targets and key performance indicators, increased tools of the trade (car allowance, mobile phone allowance or paid mobile phone plan), improved overtime, insurance plan, discounts, share options – the list goes on!
The last time I negotiated a raise I asked for extra annual leave instead of a pay increase. I asked for an extra two weeks of leave per year – this would have equated to a few thousand dollars per year in a salary increase, which after tax wouldn’t have made much of a difference to my fortnightly pay. In the lead up to my wedding and with a month’s holiday planned, the paid leave made so much more to me. My employer was stoked with my proposal. I wasn’t asking for a massive raise and although I would be taking an extra couple of weeks leave per annum, it was not going to actually cost them any more money!
Practice makes perfect.
I’m not kidding. You need to practice. I like to practice all of my most important life speeches in the shower or when I’m alone in my car but you choose your own practice place. It is important to run through your presentation to make sure you are clear about your argument, can answer anticipated questions and can respond to possible objections. If you are feeling it, role play with a friend!
Planning to ask for a pay rise? Make sure you are well prepared with these tips!
What to do if they say “no”?
So you rocked your presentation and the boss still said no? Take a deep breath and remain calm. Now is not the time to throw your toys out of the pram. The best thing you can do in this situation is ask for feedback. You want to know:
- Why your request has been denied
- What plan or steps you can put in place to receive an increase in the future
In the grand scheme of things, money is money and if you don’t feel that you are being paid what you are worth, you may decide to start looking for another role, but don’t make any rash decisions. The most important thing is that regardless of whether you decide to stay or get a new job, you need to maintain your professionalism!
Good luck with asking for your pay rise! If you use any of these tips please get in touch and let me know how you go!
Do you have a conundrum you would like some help with? Drop me a line in the comments or get in touch via email!
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