Need a pay rise?

HOW TO ASK FOR A PAY RISE

The idea of setting up a meeting with your boss or manager to discuss your salary or pay rate can seem extremely daunting, and most Australians will try to avoid this conversation all together. That’s why we have created this article, to give you a few pointers on the matter.

1)????CHOOSE THE RIGHT TIME:

When asking about a pay rise, timing is everything, there are several elements to consider before choosing a time to meet with your manager,

a)????How is the company going financially?

If the company is at a low point, it probably isn’t a good idea to ask for a raise, look for warning signs such as layoffs and cutbacks in spendings. Do your research, because if the company is in good financial health this will become useful when talking to your manager.

b)????Have you successfully completed a significant task or project?

Reflect on your achievements, it still may not be a good time to ask, but if you’ve recently exceeded in a goal or accomplished a milestone you can document these for reference during the meeting with your boss.

c)????So, when’s the best time to ask

You should try to gauge your boss’s mood, if they’re currently under a lot of pressure and seem stressed out, it probably isn’t a good time to ask. Some employers conduct annual and quarterly reviews, some provide a workplace where people are comfortable to bring this topic up naturally, if this does not apply to you, the end of financial year might be your best chance.

2)????COLLATE YOUR SUPPORTING EVIDENCE:

You must be able to present facts with tangible information, show proof the value of your role in the industry and list any rising volumes of work or new projects you’ve been involved with. Knowledge is power, so try to familiarise yourself with the pay rise process at your company. Consider what you’ve achieved in the last year, how you’ve gotten to where you are today and remember to refer back to your job description – are you going above and beyond?

If you’re able to include a percentage improvement or dollar figure, do so, but if you cannot provide numbers then try to show copies of positive client or management emails, results and reports. You will increase your chances of securing a pay rise if you conduct yourself in a confident and professional manner.

3)?????DO YOUR RESEARCH:

The first step is to understand the standard procedure for salary reviews in your organisation and consider the state of the current market. Get online and investigate salaries for similar positions or skills sets equivalent to yours, if pay secrecy is not included in your contract it may help to ask your colleagues what they’re being paid. Stick to the facts, don’t compare yourself to other employees, don’t get emotional, don’t complain about the rising cost of living, just prove to your boss that you’re an asset to the company and that you truly believe you are deserving of this rise. Your boss may want to negotiate your salary increase with you, so be prepared to discuss this in detail.

4)????HAVE A CONTINGENCY PLAN:

You must have a backup plan in case your manager cannot afford to give you a pay rise right now. If this is the case, try to arrange a catch up in 3-6 months for another review, or offer some alternative benefits that aren’t money related. It’s important to stay open minded to other options because this conversation can lead to further opportunities such as career development, new title or promotion, training, working from home arrangements or mentoring to name a few. Throwing yourself in the deep end and having this tough conversation will already merit your confidence and dedication to the company.

5)????SET THE MEETING:

Don’t ambush your manager, set up a formal and confidential meeting with them regarding a salary increase or pay review, make sure you give them notice about the meeting and what it’ll be about. When the time comes, remain calm, collected and professional – try to take control of the meeting. Ensure you have prepared all your materials and performance evidence, so you don’t forget any of the most important information. Also be prepared to wait for an answer, your manager is not going to agree on the spot, they will need to review their budgets and (hopefully) draft up the paperwork before giving you an official pay rise.