Asking for a raise at work is no easy feat – for most us, the thought of approaching the topic of money so candidly makes us squirm in our chairs. But asking for increased compensation for your increased workload is normal. UK earnings are growing, with workers receiving an average of a 3.3% pay rise in 2018, according to the Office For National Statistics. So how do you go about asking for a raise?
Here are our top tips on the subject, from making your business case, to negotiating salary, benefits and perks.
Establish Your Goals And Ask For Feedback
Have a conversation with your manager around the ways you can excel in your role, and how you can advance to a higher position over a period of time before you ask for a raise. It’s important that you and your manager are on the same page, and that they can be assured that you listen to feedback and implement it. That way, when you come to the discussion about a higher salary, you’ll already have proven that you take your job and their advice seriously, and that you’re willing to put in the work to meet your career goals.
Detail Your Performance And Achievements
One of the best ways of making a strong case for a raise is to prove the extra work and accomplishments you’ve undertaken. If your last appraisal was a year ago, show your manager how you’ve exceeded expectation or met challenges with success. For example, as a marketing manager or sales representative, you might want to support your claims with statistics. How have you increased revenue compared to the previous year? What changes have you implemented to increase customer engagement? You’re basically looking to prove why your work has grown in value.
Be Prepared To Take On More Responsibility
If you want more money, chances are your boss will want your responsibilities to increase to match the pay check, or they’ll want you to meet certain KPI’s. Talk about the tasks and responsibilities currently required of your role, then discuss how your role could develop and in what ways you could expand your skills in the organisation.
Do Your Research
When it comes to asking for more money, it’s always smart to know what industry standard salaries are for the type of work you’re doing. It won’t go down well if you approach your boss with a colossal number and no evidence to justify why you deserve it. Determine your market value by looking at salary trends for your location, role, skills, qualifications etc. Research at Colombia Business School found out that giving a precise number instead of a rounded one will make you seem more informed, for example, £33,500 instead of £35,000.
Be Willing To Compromise
So you’ve completed your pitch, and your manager seems convinced, but isn’t prepared to increase your salary, instead offering other benefits and perks. Work out what value those benefits and perks would add to your life, because sometimes they can be worth more in the long run than a couple of extra grand on your salary. For example, flexible working or being able to set your own hours would allow you to work around your other life responsibilities, like children. Paying for childcare can be expensive, but what if your boss allowed you to be home half an hour earlier everyday to pick them up from school? Be prepared to compromise when you go into the discussion, and keep an open mind.
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