How to Justify a Raise in Pay to Your Boss
Whatever your position or level of experience, asking for a pay raise is a nerve-racking experience. In fact, many professionals, never build up the courage to ask! But if you genuinely believe you are being paid below your worth, asking for a raise could be the only solution.
So, to help lessen those nerves and bring you some needed confidence, here is your complete guide on how to make a success of it.
Do your research
Rule number one: always do your homework before approaching your manager, to ensure you have the strongest possible case. That means learning how much someone with your level of skill and experience is worth somewhere else, by comparing similar roles on online job boards. Also, look for salary surveys which will provide an overview of the going rate for certain job roles and levels of seniority. If you go in with plenty of facts and a strong rationale behind your request, your employer is much more likely to take it seriously.
Track your success
When you are preparing to enter a pay negotiation, it is a smart idea to note down of all your achievements and contributions to the company over the time you have been there. That could be details of successful projects, client feedback, or targets met successfully. Providing qualitative and quantitative evidence of your value will strengthen your case and show why you offer a good return on investment. So, create a list of your successes and accomplishments and have it ready to consult as and when needed.
Know what you want, but stay flexible
Before walking into any type of negotiation, you need to have a clear idea of what outcome you’re aiming for – as well as where you’re prepared to be flexible. Make sure you’re not asking for anything outlandish, but at the same time don’t sell yourself short. Bear in mind that your boss could push you down from your original offer, so be prepared for that. Also, think about whether non-monetary benefits would be a satisfactory solution. For instance, you could request an extra week of paid vacation, or more flexible hours, if your employer is short on budget.
Choose the right timing
When it comes to salary negotiations, timing is everything. You have to be sensitive to various external factors, such as the current performance of your company, its staffing needs, success rates – and the mood of your boss! If your company recently made budget cuts or had to make some redundancies, it is probably not a good time to ask for a pay rise. But if the company is hiring new employees and investing in growth, then there may be some space in the budget to reward your hard work.
When the moment finally arrives, keep calm and focused on your objectives. If you’ve done your preparation correctly, you should be confident about what you’re asking for, your reasoning and supporting evidence. There are also a number of key ‘don’ts’ to bear in mind, if you want to stand a chance of achieving your raise. Here is the rundown on what you should avoid:
- Don’t be too demanding
- Don’t go into detail about your personal finances
- Don’t play games
- Don’t make comparisons with other members of staff
- Don’t be too rigid
- Don’t deliberate too long
Follow these pointers and your employer is sure to take your request seriously. And even if you don’t get what you want immediately, don’t be down-hearted. Instead, ask your manager for feedback on your performance and what you can do to secure a raise in the near future. This ensures you’re on the right track to achieve your pay objectives and progress your career.
Send Us Your Vacancy and one of our consultants will be in contact to discuss your requirements and how we may assist.
Our Renaix Guide to Finance Careers, Salaries and Benefits provides information on trends in the industry.
On the hunt for your next role? Upload your CV below and we’ll be in touch to discuss your requirements.
For employers seeking the right skills and cultural fit for your business, send us your vacancy to find out more about how we can help.Submit CV Send Us Your Vacancy