When we have our annual review, sometimes our thoughts lead to money… maybe it’s time for a pay rise?
Many people are too scared to ask for a pay rise. Why is this? If you believe you deserve a raise, spend time examining these strategies and schedule a time with your manager to ask for that well-deserved raise!
Conduct a self-audit – make a list of all the achievements in your current role. Think about where you add value to your organization and how you have grown the business. List out all of the tangible and also the intangible items on your list i.e. boosted staff morale, productivity increased, new clients.
List your achievements – make a list of the results you have achieved in your current role- ensure they are accurate and measurable, include statistics, sales figures, client testimonials and reports where possible.
Research remuneration for similar roles to yours – investigate other industries (or the same industry) to determine your market value. Most roles have something similar within a market, identify what this is for you and find out what the package includes, get educated.
Create your ideal package – make a list of what you would like to receive in salary, car allowance, employee benefits, 401K and time off. Give this a dollar figure as a package (don’t focus only on the individual components of your package.)
Consider your organization’s situation – be aware of how your organization is performing overall before approaching your manager for this raise. If times are tough, you are less likely to be considered for this. If the company is performing well, your manager might be more open to this request.
Schedule time with your manager– make an appointment to discuss this and let them know the agenda will be your package. Schedule this appointment for early in the day so your manager is not distracted by competing priorities and you are not spending the day nervous while waiting for the appointment.
Practice your presentation in your mind – know what you want to say and why you believe you deserve this raise.
List your manager’s potential objections – make a list of all the possible objections your manager may have and consider how you would respond to these.
Be calm – don’t be nervous and fidget in the appointment. Take a few deep breaths before the meeting and remind yourself of why you deserve this raise and the positive impact it will have on your life.
Be aware of your body language – ensure your shoulders are straight, sit forward in your chair and make good eye contact and smile. Try to appear relaxed and comfortable.
Be positive – don’t approach your manager timidly or they won’t believe you are worth the raise. Believe in yourself and your achievements.
Be assertive – use positive assertive (not aggressive) language when you are informing your manager of why you deserve this increase. Talk about the benefits to the company and to you.
Don’t blink, don’t look away – when you tell your manager the total package figure you would like to receive; don’t blink and don’t look away – hold their gaze and remain calm.
Allow your manager to respond to your request in the meeting – don’t talk while they process what you have asked for. Allow yourself to sit in the silence if required. Don’t try and fill the space with talking.
Provide options for your manager – provide alternatives of how they can give you this raise, discuss timeframes, possibly staggering the amounts, providing a bonus or one-time payment or by changing the structure of your existing package.
Agree on a response timeframe – if your manager can’t give you give an answer immediately, agree when they will come back to you with an answer for your request. One to two weeks would be appropriate in this circumstance.
If you don’t be bold and ask for a raise, you may not get offered one. Apply these strategies and approach your manager for a raise if you deserve one, now that’s productive!
