Knowing how to ask for a payrise can increase your earning potential and demonstrate your value to your employer.
If you have:
- taken on more responsibilities and your role has expanded
- your workload has increased
- you consistently exceed expectations
- you have completed further qualifications
- or you have not seen adequate increases over the years
Then it can feel that this isn’t reflected in your salary package and we would recommend taking the following steps to support your request:
1️⃣ Benchmark your salary and check the market rate. If your compensation is below par, you can use this data as leverage for requesting an increase. Further consider the timing and company is in the position to offer you an increase in pay. Has it landed a great deal or had an upswing in revenue? Or are they going through cuts and a redundancy process? If the latter, you might wants build a case for increased benefits, such as additional paid time off, professional development, a new title or an equity stake instead.
2️⃣Quantify your achievements. Build your case by documenting costs savings or additional profits you have brought to the business or additional responsibilities you have taken on. Consider the time saved for any efficiencies you implemented and the impact of this to the business.
3️⃣Prepare for the conversation. Consider what you will say, how you will say it and how you demonstrate additional value to the business that isn’t being reflected. Be graceful but confident in the wording you will use. Role playing with a friend or family member can build your confidence and reduce the likelihood you will be underprepared in the meeting and over emotional. Remember also thank your manager for their time in considering the request.
4️⃣ Have a fall back position and a future plan. If your request is denied, ask what does need to change for an increase in the future and set a review date. If tight budgets are reason for a denial, ask about a one-time bonus, either now or after a set time period, or an upgrade in benefits, such as a remote, hybrid or flexible schedule or increased annual leave.
Companies do expect their staff to ask for and want a pay rise. You should ensure that you approach the conversation gracefully, demonstrate your value, the reasons you are asking for a raise and show your long term commitment to the business.
