Business Bytes: How to ask for a pay rise
It is within our nature to want more, but sometimes the fear of rejection can make us wince at the idea of asking for a higher salary, even if we feel we deserve it.
When trying your hardest isn’t quite enough, there is a more tactical approach to getting what you think you’re worth.
Know your worth
Research is your first task and an important one at that. Do some digging into what others in your position are paid and if it’s more than you – then you have a leg to stand on. But don’t rush off to your boss just yet.
Think about why you are worth the extra money. Never missing a tea round or bringing in your wife’s homemade bakes hardly qualifies you for a raise. Exceeding targets and going the extra mile for the business is what makes you worthy of a remuneration.
Focus on how your role has helped the business grow and increase profits and you’ll soon have your boss’s full attention.
Remain professional
Tantrums nearly always fail to impress. Asking for a raise is no different. Keep professional at all times, rehearse what you want to say and how you will handle their responses.
Set up an informal meeting that suits your employer’s schedule – preferably after the recruitment freeze has blown over.
Have a pitch ready, be confident and explain why you deserve the raise. Whatever happens in those four walls, do not threaten to quit if you don’t get your pay rise. No one likes to be blackmailed and they might call your bluff.
Feedback
If rejected, stay strong, ask for feedback and be prepared that you might not like what they have to say.
It may be that there just isn’t enough money to fund your salary increase, and that’s business. Or it could be that you’ve not done enough to warrant a rise at this point in time.
Work with your employer’s constructive criticism and get them to set clear targets that would show you had created additional value. Then you will know when you’re ready to give it another shot and begin the cycle again.
