How to Negotiate a Pay Rise ??

Let’s face it: there comes a time in one’s professional career when a raise is necessary due to increased financial demands. Or perhaps you are working your fingers to the bone, taking on additional tasks, and you feel you deserve a salary increase. But how do you effectively negotiate a pay rise with your boss? According to a survey by Payscale , 70% of people who ask for a raise get some sort of pay increase. The art of negotiation is a complex yet essential skill for your career, and it can be learned and mastered with the right approach. Let's dive into some key strategies.

Timing is Everything

Before you decide to negotiate a salary increase, consider the timing. One of the often-overlooked aspects of salary negotiations is timing—not just what to say, but when to bring up the subject.

Ask yourself the following questions:

• What’s the financial state of your company?
• Is there a schedule for salary increases at your company?
• Have you been an employee for at least a year?
• Have you taken on additional responsibilities beyond your primary job functions?
• Is there an imminent performance appraisal?

If you can answer these questions positively, it might be the right time to proceed.

1. Do Your Research

Understanding your current market value will enhance your negotiation. Conduct detailed research on the current pay for your position. Use online sources like Glassdoor , Payscale or Salary.com to verify your findings. Knowing what others in similar roles are earning within your industry can provide a solid foundation for your request.

2. Evaluate Your Company’s Financial Health

美国哈佛商学院 advises that understanding when your employer is doing well can help you ask for a raise at the right time. Find out your company’s current financial state to ascertain if a pay rise is possible at the time, you want it. If your company is currently not financially buoyant, you might want to consider a more modest raise.

3. Highlight Your Performance

During negotiation, your achievements can be your strongest leverage. It is a crucial factor in employee performance. Highlight your accomplishments, additional responsibilities, and any new qualifications. Let your employer know why you deserve the pay rise.

4. Set a Target Range

Based on your research and job performance appraisal, set a target range for your raise. Start with the lowest amount you are satisfied with and end with the highest reasonable amount. According to a study by researchers at 美国哥伦比亚大学 , asking for a very specific number—say ?265,750 rather than ?250,000—can be more effective.

5. Prepare Thoroughly

Preparation is key to any successful negotiation. Know what to say and how to say it. Use your performance and achievements to convince your boss respectfully that you deserve a pay rise. Prepare for different scenarios and practice answering potential questions. Approach the negotiation as a civil conversation, not an argument.

6. Practice Makes Perfect

Rehearse before the meeting. Practice in front of a mirror or with a friend. It’s beneficial if you can practice with someone experienced in negotiation.

7. Schedule the Meeting

Book a meeting in advance to show you are serious about your request. Choose a day early in the week, preferably Tuesday or Wednesday, and a time when your boss is not too stressed, such as between 10:00 am and 11:00 am.

Sample Script

Here’s a sample script to help you get started:

"Thank you for responding positively to my request for a meeting. I strongly believe in the vision of this company, and since day one, I have been committed to achieving our collective goals and objectives. Since my last salary increment, I have taken on extra responsibilities, successfully executed several projects, and developed new innovations that have added value to our company. I have also earned a new qualification. Based on my research and my level of experience and skills, I believe a pay rise of [mention your target amount] is ideal for my position at this time."

Responding to Different Outcomes

If they say yes: Start with the highest amount of your range, but be flexible. If your employer can’t meet your request immediately, work together to set a future date for the raise.

If they say no: Maintain composure, professionalism and courtesy. Consider negotiating for alternative perks, such as a four-day workweek or funding for a course. Ask for feedback and appreciate them for their time.

Just like the popular Nigerian artiste, Davido says in his song Fall, our heartfelt wish is that Money fall on you. If you get a pay rise after following our tips, don't forget to send us our share. Just kidding - but go get that raise!

References

1. Payscale. (2018, June 5). PayScale Research Shows People of Color Up to 25% Less Likely to Receive a Requested Pay Raise than White Men. Payscale. Retrieved from https://www.payscale.com/press-releases/payscale-research-shows-people-of-color-much-less-likely-to-receive-a-requested-pay-raise-than-white-men/

2. Stobierski, T. (2020. June 18). 4 Steps To Determine The Financial Health Of Your Company. Harvard Business School. Retrieved from https://online.hbs.edu/blog/post/how-to-determine-the-financial-health-of-a-company

3. Mason, M., Lee, A., Wiley, L., & Ames, D. (2013). Precise offers are potent anchors: Conciliatory counteroffers and attributions of knowledge in negotiations. Journal of Experimental Social Psychology, 49(4), 759-763. Retrieved from https://www.sciencedirect.com/science/article/abs/pii/S0022103113000401

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