Maslow's Top Tips for asking your employer for a pay rise.
You’re enjoying your job, you like your team, and for the most part, are feeling good about your career. But… you aren’t being paid what you are worth. It can be a delicate situation when asking for a raise but although it can feel a little difficult, having the ability to propose and negotiate your value is a skill that is necessary for your professional development.
Rising costs of living and inflation mean we need to see an annual pay increase that is above the current rate of inflation, otherwise, you guessed it, you are actually going backwards and earning less.
Here are some helpful tips to help you in this process:
Research market salaries:
Begin by researching the current market rates for your position and industry. Look for reliable sources such as salary surveys, industry reports, or job postings to gather accurate data about what professionals in your role typically earn.
Assess your value:
Reflect on your performance, skills, and achievements within the company. Consider the specific ways you have contributed to the organisation's success, such as exceeding targets, taking on additional responsibilities, or driving notable projects. Identify how your contributions align with the company's goals and emphasise your value.
Highlight increased responsibilities:
If you have taken on new tasks, additional projects, or increased responsibilities since your last salary adjustment, make sure to document and present this information. Clearly outline the added value you provide and how it goes beyond the original scope of your role.
Document accomplishments:
Compile a list of your accomplishments and successes during your tenure. Include any notable achievements, awards, positive feedback from clients or colleagues, or improvements you have made to processes, efficiency, or revenue. Quantify these achievements where possible to demonstrate tangible results.
Prepare a comprehensive proposal:
Craft a formal proposal that clearly outlines your request for a pay increase and supports it with the information you have gathered (as above). Include an overview of market salaries for your position and industry, along with a detailed description of your contributions and accomplishments.
Schedule a meeting:
Request a meeting with your manager or the appropriate decision-maker to discuss your proposal. Choose a time when your supervisor is likely to be available and not overwhelmed by other pressing matters. Be sure to emphasise the importance of the meeting and briefly mention that you would like to discuss your compensation.
Communicate your request:
During the meeting, express your gratitude for the opportunities you have been given and your enthusiasm for the company. Articulate your desire to continue growing within the organization while acknowledging your commitment to delivering exceptional results. Present your proposal, clearly explaining the reasons why a pay increase is justified based on market standards and your contributions.
Be open to negotiation: Your employer may have questions or concerns about your request. Be prepared to address them and be open to constructive dialogue. Consider alternative options such as performance-based bonuses, additional benefits, or professional development opportunities if a salary increase is not immediately feasible. Make sure to get a time commitment to when you can next discuss compensation.
Maintain professionalism and patience:
Regardless of the outcome, it is crucial to remain professional and respectful throughout the process. If the request is denied or postponed, ask for feedback on what you can do to reach your desired salary in the future. If the request is approved, express gratitude and reinforce your commitment to continued excellence.