I often speak with professionals seeking advice on approaching the sensitive subject of a pay rise. I understand that initiating this discussion can be uncomfortable.
It is important to navigate this process professionally. Here are some tips to help you prepare for and conduct a pay rise conversation.
Here are a few opportune moments to consider:
- Performance Reviews: This is an ideal time to discuss your achievements and how they align with your compensation.? If you don’t have performance reviews, proactively book one with your manager.
- Company Success: If your company has recently reported strong financial results or has completed a successful project, it might be a good time to request a review.
- Personal Milestones: After completing a significant project, earning a certification, or reaching a personal milestone/goal within the company.
- Market Shifts: If there has been a significant change in the industry standard for your role, it might be time to ask for a review.
- Team changes: Lots of companies regularly re-structure and change responsibilities.? If yours have grown, this is a time to consider a review.
Before scheduling a meeting, gather evidence to support your request. Here’s how:
- Research Market Rates: Use tools like Glassdoor or ask a recruiter (Delve constantly review market salary data) to find out the average salary for your position in your geographic area.
- Highlight Achievements: Document your accomplishments, including successful projects, increased responsibilities, and any measurable contributions to the company’s success.
- Show Value: Demonstrate how your work has positively impacted the company. Include data and specific examples to make your case compelling.
3. Set Expectations and have a Clear Agenda
When you meet, be direct and clear about your intentions. Outline the following points:
- Set Expectations – Tell them prior to the meeting that you would like to discuss your role and compensation.
- Express Appreciation: Start by expressing gratitude for the opportunities and experiences you’ve had at the company.
- State Your Case: Present your research and highlight your achievements. Use specific examples and data to back up your request.
- Request a Specific Increase: Be prepared to discuss a specific salary figure or percentage increase. Base this on your market research and personal contributions.
- Be Open to Feedback: Listen to your manager’s perspective. They might have insights or conditions that you haven’t considered.
4. Don’t take rejection personally
Not all salary review requests result in immediate raises. If your request is declined:
- Seek Feedback: Ask for constructive feedback on areas where you can improve or what additional responsibilities you could take on to justify a future raise.
- Set Goals: Work with your manager to set clear, achievable goals and milestones that could lead to a salary increase.
- Follow-up: Plan to revisit the conversation in a few months after you’ve made progress on the agreed-upon goals.
Remember, the worst outcome is not hearing a no.? At least a no can give you valuable feedback on how to make improvements to turn the no into a yes in future.
If a salary increase is not possible, consider negotiating other benefits, such as:
- Additional Vacation Days
- Flexible Working Hours
- Professional Development Opportunities
- Bonuses or Stock Options
I've seen time and again how proactive, professional conversations about compensation can have positive results. It’s not just about money, but also highlighting your worth within a company and recognising your contributions.
By preparing thoroughly, understanding market standards, and clearly articulating your achievements and goals, you position yourself as a valuable asset to your organisation. Even if an immediate raise isn't feasible, these conversations can open doors to other benefits and growth opportunities, setting the stage for future success. Take charge of your career and your worth.
