Guide to Negotiating Your Next Pay Rise
Negotiating a pay rise is a skill that you can learn, and one which can be vital in ensuring you’re earning the salary that you deserve. To help you out, here are some top tips for securing the wages you want and need. Know Your Value Before you approach your employer, make sure you have done your research and know how much your skills and professional performance are worth. Talk to people in your own company and friends, family members and colleagues working elsewhere. You can also make use of online salary checking tools and chat with recruitment specialists to find out what value they would put on your role. What do You Want? Get it straight in your head what you want the outcome of your pay rise request to be. This will ensure that when it comes to talking to your employer, you can be clear about what you’re asking for and can explain why you feel this is important and what the rationale is behind your request. Speak to Your Boss Even if they won’t have the final say on your pay rise, it is worth speaking to your line manager as their support could be crucial in securing a salary increase. Pick Your Time Make sure that the time is right when approaching your employers for a pay rise. You are much more likely to get a positive response if they have the time to listen to your reasoning, rather than if you are interrupting them when their minds are on other things. The best time to broach the subject is during a pay review as part of your company’s performance management process, or during a performance development review, when the focus is already on you and your work. Have a Business Case Ensure you have a water-tight case for why you deserve a pay rise, along with evidence of achievements and skills. Get ready to show off examples of your work or explain how you have gone above and beyond the call of duty in your current role. Try to use quantifiable data if at all possible. This could include specific figures or timeframes. You can also invite your employer to speak to other members of staff who can give an insight into how your skills are enhancing the business overall. Be Prepared to Negotiate Have clear boundaries in your mind relating to what you want to achieve, but be ready to negotiate and discuss your requirements and how these can fit in with your company’s operations. Know what you will accept and what you won’t and have some ideas of ways in which your overall package could be improved if finances are limited. Take Your Time Remember that if you receive an offer, you don’t have to make a decision on the spot. Don’t be afraid to tell your employer that you need to think about it but pledge to try to get back to them in a timely manner. Even if your initial thought is that you have received the perfect offer, it can still be a good idea to give yourself until the next day to consider all the implications.
Piper Fitzgerald is a Specialist Talent Consultancy operating within Audit, Tax & Advisory Australia wide, recruiting only the Top 15% of candidates. If you are currently looking to recruit for your organisation or are interested in current market opportunities contact Simon on email@example.com or 1300 619 510.