A Quick Way to Start Making More Money…
In our last blog post we discussed how you can figure out whether you are possibly underpaid at your current job. If you think you are, you can start building your case for a pay rise or a promotion – and here are some tips on what steps you can consider taking. Just keep in mind that it’s not about you versus your employer: view the negotiation as a discussion and a partnership that is beneficial for both you and them.
First of all, determine how much you are going to ask for. Of course, you may be inclined to ask for as much as possible, but be sure not to price yourself too high and compromise your chances altogether (you can read more about this in our previous blog post). Be clear with yourself on what your absolute boundaries are and think of how much scope for flexibility you would be willing to allow. Be sure not to be the first person to name the number – instead, have a narrow range you are going to ask for.
Be ready to discuss more than just the numbers: ask if there are any other compensation elements available, such as flexible time, additional paid vacation days, extra training or a free car park.
Once you have decided how much you think you are worth, it’s important to pick a good time to discuss it with the boss: timing is everything! Asking for a pay rise can obviously be quite disruptive for the employer, so it’s often better to wait for the planned performance review. If you don’t have such reviews annually, try to set up a meeting with your employer and give them time to prepare to make it less stressful for them.
In the meeting, talk about the knowledge and skills you have and how they add value to the company. Bring up specific things you have done since your last pay rise and include examples of your finest work and projects. As well as that, talk about your future potential and how beneficial it would be for them to keep you as part of their team. From their perspective, the main reason to pay you more is because you will deliver more in the future, so make an emphasis on your future plans for your position with the company.
And doesn’t matter how well you think it goes – always be prepared for a “No” if the company are not in a position to offer you more. In that case, you can give it another try when the timing is good, or start looking for a better-paid role. Good luck!