With the economy gaining momentum, many people are considering hitting fast forward on their careers after a sitting tight in jobs, waiting for the market to pick up.
Now salaries are rising, employees could be tempted away by higher salaries, especially if their current pay remains frozen. But what if you still love where you work, yet you could really do with a better income? There is an alternative: a pay rise.
Understandably, the idea can be daunting, but a plan of action could result in a healthier bank balance. Follow these top 10 tips to help get the pay rise you deserve.
1. Research the market
Find out what your peers are earning in your region. Visit the newly launched www.comparemysalary.co.uk, the UK’s first e-salary comparison website that provides up-to-the-minute income and benefit package information. Since it takes into account peoples’ experience, location, size of company, management responsibilities, and other factors that determine salary, it is an essential tool in establishing how much you should ask for.
2. Present your case
You need to persuade your employer that you deserve a pay rise by presenting an impressive business case, highlighting the value that you bring to the organisation. Have you brought in a lot of new business for instance? Have you helped boost productivity and customer satisfaction as a result of recent training maybe? Make a list of your achievements and, where possible, accompany them with hard evidence.
3. Timing is everything
Do you have an annual performance review coming up? This could be the ideal opportunity since you will be discussing your achievements anyway. You should also wait until you have a few major successes behind you before asking for more money. Your employer needs to see that you are contributing to the organisation’s success.
4. Anticipate questions
A technique often used in job interview preparation, is jotting down a few questions that you think your employer may ask. Practising your answers will also give you the confidence to handle the meeting in a professional manner.
5. Mention your ambitions
Consider how your employer will benefit from their increased investment in you. How will you step up your performance once you have the pay rise? Taking on new responsibilities, offering to mentor junior staff or committing to further training to fill skills gaps in the organisation are just a few ideas.
6. Why do you need more money?
People ask for salary increases for different reasons. Maybe your job has grown beyond its original remit. Perhaps you have upskilled through training in recent years, or you are now managing more staff. Whatever your motivation, your enhanced experience should be reflected in a higher salary.
7. What are you willing to accept?
If your employer is not in a position to fully meet your expectations, be ready to consider a compromise such as a smaller increase but with a commitment from them to review your salary in a few months’ time. Think about this carefully because you may be asked how low you are willing to go.
8. Look beyond the money
On a similar note, an enhanced benefits package is a great alternative to more money. Whether it is gym membership, private medical insurance, or study support for professional qualifications, such benefits can support your career and keep you healthy! Ultimately, we all want to be happy in our work, so, it is certainly worth considering as a ‘plan b’.
9. Do you really need to threaten to leave?
Be careful before you mention looking elsewhere for a job. It could disrupt the relationship with your manager, and if you do not actually follow through with your vow to leave, you could damage your reputation.
10. Keep a focused mind
Even if you are desperate for more income, it is important to stay cool and concentrate on the matter at hand throughout negotiations. Focus your mind on the ultimate goal such as saving for a deposit for your first home, or paying off that stubborn credit card bill. b