Asking for a pay rise can be a stressful and worrying prospect. However more and more we are forced to go beyond the boundaries of company reviews and request more money as individual bargaining becomes more commonplace. Here is a simple list of Do's and Don't to help you get that raise!
DO
1. Arrange your meeting in advance.
It is a good idea to prepare your boss for the meeting rather than just marching into their office because you have had enough and want that pay rise now! If you place the meeting to link in with something like the completion of a project especially one you were involved in heavily it may produce better results.
2. Do your homework well in advance.
Before you meet you should have a clear record of your achievements with your company that you can quote from to prove your worth. Do not go overboard with this however, keep it simple and concise and if possible provide testimonials from happy customers or managers within your company.
3. Think about your demands from the boss's point of view.
Why do you deserve this pay rise? Why would your boss give you this pay rise? Your boss must be convinced of the merit of giving away more money to you so you must ask what factors would influence his or her decision. Have you brought financial benefits to your company or helped your department in significant ways with new ideas or procedures?
4. Explain how a pay rise will help the company.
When a company considers giving you more money they must not only be convinced of your past merits but what benefits you will bring to the company in the future. You should be able to explain what you will do for the company over the next year or two that will make their investment in you worthwhile. However do not over commit yourself with unreasonable boasts you cannot fulfill.
5. Investigate salaries.
Try to find out what people in comparable positions in the firm or at rival companies earn. Look at job ads in newspapers or on the internet. Trade magazines frequently carry out salary surveys.
6. Be open-minded.
Pay is only one part of a package your company offers you. Sometimes your boss may refuse you a pay rise for a variety of reasons but may be well disposed to giving further benefits such as medical cover, life insurance, extra bonuses, share options and many more. Sometimes these benefits may be worth more in the long run than a simple pay rise!
DON'T
1. Expect too much.
Rates of pay may be on the increase but most companies deal with pay rises and promotions in a standard way of annual pay reviews. If you want your case to be treated as special and outside of the normal review you must be sure your reasons are very good.
2. Approach your boss at the wrong time.
Make sure you do not approach your boss just before a stressful meeting or after your company issues a profit warning. The mood your boss is in and the constraints and pressures he is under will affect things greatly.
3. Expect your boss to offer you a pay rise as a matter of course.
If you do not advertise your worth to the company in some way your achievements will hardly be recognized. Make sure your supervisors and managers know who you are and what good work you do. Do not go too far though as boasting will not earn you too many friends.
4. Plead on emotional grounds or get confrontational.
Just because you have a baby on the way or are buying a new house does not mean the boss will grant you more money. You still have to prove you deserve the promotion. Companies exist to make money and are not charities.
5. Threaten to walk out if you are turned down.
You are not indispensable no matter what you think. This also shows a lack of commitment to your company and will not go down well. If you do not get your raise now try to set a date to review your pay in the future as another option.
Be confident and Good luck!
