Asking for a raise without being prepared can cost you thousands of pounds. Many people ask for a salary increase under the assumption that their boss sees them every day and understands why they should get one. However, getting managerial recognition for hard work is different to pitching for an increase.
Here are four tips to help your wage increase request pack a punch.
Use examples to validate a business reason for your wage increase
Your salary comes out of the company budget so you should treat your request like any other pitch for company funds. Support your argument by preparing a written business case. Your examples should cover how projects you worked on grew turnover, gained company exposure or contributed to company growth e.g. ‘….the business has benefitted from my work on.....or experienced growth in turnover due to….’
Include measurable examples of how you’ve grown your skills and taken the role to the next level since your last salary review, e.g. 'in 2014, I worked on project X, and this year I’ve worked on significantly higher level projects such as….’ Support your examples with quantifiable results where possible, i.e. '...this resulted in a 20% increase in new client engagement.'
The great thing about writing a business case is that more often than not, your manager has to ask someone higher up (who won't know you as well) to approve it and they can forward your proposal to support and evidence your pitch adequately.
Keep personal reasons out of it
You'll probably have personal motivators for wanting a raise. Perhaps it’s a new car, or to pay off credit card bills. A business shouldn’t have to compensate for how you choose to spend your money out of work.
Research your worth
Don’t guess how much of an increase you can negotiate; put your worth at market value! Get on LinkedIn, competitor websites and carry out a wage comparison on jobs that match the responsibilities you cover and years of experience you’ve accumulated. Many recruitment websites offer salary surveys where you can enter your details and get an estimate of your worth against the industry average. Glassdoor has a 'know your worth' salary calculator and you can also see the results of the Projectus salary survey 2018 here.
Are doing the work of two people?
Find out the salary to hire a second person and quantify how much the business will save by giving you an increase instead.
Stay quiet and pause
This is a tactic used by the police during interrogation. People become awkward during periods of silence and are compelled to fill them quickly. Let your manager speak first, this keeps you in control of the conversation and allows you to counter offer and see what benchmark they are starting at. If you go first, you won’t be able to negotiate up from that!
Practise your pitch on a friend or trusted colleague first
Test your business case on a friend or trusted colleague first. Get feedback on whether your tone and language resonates well as opposed to confrontational or too demanding.
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