Do you feel like the time is nigh to negotiate a pay rise? Do it the right way to increase your chances of success with this comprehensive guide.
A salary is not the most important aspect of a job, but it is a factor that can make a difference in your overall satisfaction. It is a no-brainer that dissatisfied employees tend to leave or become disengaged with their company. This makes the employer incur losses, including time and other monetary resources.
Generally, one of the most crucial factors determining whether an employee becomes satisfied with their work is feeling that they are compensated for what they are worth. You may be working at your company, and the time comes when you feel like you deserve to get paid more than you are currently receiving.
If that is you, it will help if you equip yourself with the right pay rise negotiation skills. This post highlights all you need to know regarding your salary pay rise negotiation.
When is the best time to negotiate a pay rise?
There are many factors that should come into play before negotiating your salary increase. The economic climate, the timing, and the current state of your salary are crucial factors that will impact your decision to get a pay rise. If you have worked in one of the jobs that saw the biggest salary increases within the last year, perhaps you should also ask for one.
Moreover, the success of a pay rise negotiation is often dependent on two most important things: your ability to quantify your contribution to the company and your ability to build a solid case.
But when is the best time to ask for a pay rise? In our experience, here are some of the signs to indicate that the time is nigh for a pay rise negotiation:
- You’ve been there for at least six months (preferably a year or more)
- The company is doing well financially
- There isn’t a raise schedule in place
- You got promoted to a new position or took extra responsibilities.
Top 5 Crucial Steps When Negotiating a Pay Rise
To help you get started, here are the five most important steps you must take if looking for a successful salary increase negotiation:
1. Research salary data for your position
Before you request a pay rise, it would be prudent to know exactly how much other people in your capacity and experience are earning in the same role. There are lots of online resources to use. You can also conduct a quick survey on your colleagues, peers, and even workmates within the same level.
2. Consider your company’s financial status.
Do not rush to request a pay rise without actually knowing if the company will be in a position to comply. First, go through your company’s financials and growth. If the growth has been stagnant for a while, or if it has been on a decline, it may not be the right time to ask for a rise.
You should also consider the growth rate. If the company is growing financially but at a slow rate, and you feel compelled to request a pay rise, you shouldn’t ask for a lot compared to if the company is growing quickly.
3. Reflect on your achievements
You’ll want to demonstrate the value you bring to the company to give your employers a reason to consider your pay rise request. Reflect on all your achievements and document them. You can go ahead to create a presentation on the same to show your value and why you are an important player in the company.
Moreover, if you recently took up extra responsibilities, perhaps it would be best to indicate that within your presentation or case.
4. Get your numbers right
Asking for raise is not enough. It will be helpful if you become more clear regarding the actual amount you want as a raise. Based on your research and needs, you can have the least amount that you think you will be happy with and the maximum ask you think would be realistic also to your employer.
Having clarity in your salary range enables you and the employer to use it as a benchmark when discussing the exact amount of raise.
5. Have a contingency plan
Getting everything you want may be difficult, and sometimes, it might not just work out. When negotiating a pay rise, it is possible that your employer will not approve of it or probably seem hesitant to do so.
If this is the case, you mustn’t come out as ‘pushy.’ Instead, have a contingency plan that you can still benefit from in case the pay rise negotiations fail to go through.
One of the best contingency plans to have in mind is identifying some non-monetary benefits you can get. Some ideas include:
- Additional paid time off
- More flexibility
Employers are currently more cautious about employee benefits, so ensure you conform to their policies.
There are many ways to work towards getting a pay rise. The most important thing is to present your employer with your value to the company. You should have all your facts right, your numbers at hand, and a contingency plan in place.
If you do not feel like you’re not being paid what you deserve and negotiating a pay rise with your employer seems unfruitful, it will be right for you to contact a recruiter. Mindsoft India is a reliable recruiting agency that’s been assisting people like you in land jobs that befit their experience and skills. Get in touch today to learn more.