Experts reveal their top 10 tips for getting a pay rise
Recruitment experts share their secrets on how to successfully negotiate a higher wage
HOW many times have you dreamt of winning the lottery and quitting your job?
Instead of waiting for your lucky numbers to appear, it might be time to bite the bullet and ask your boss for a pay rise.
To secure a rise there are a number of factors you need to consider and important questions to ask yourself and your employer.
But it can be an awkward topic to bring up, especially if it ends in your salary staying the same.
The Sun Online has asked a team of experts to share their secrets to scoring your next pay rise.
1. Do your research first
“Before you march up to your boss and ask for more money, do some digging into the current market rate for the role you’re doing,” says Amanda Augustine, career advice expert at TopCV.
Find out what the current market value of your job is and consider factors such as your company’s location, size and industry.
Many companies list their salaries for a range of roles so you should be able to find this by looking online. If you can’t look at similar-sized companies and see how much they are paying.
2. Know your worth
Evaluate how you have performed since your last review with your boss and use concrete examples to demonstrate what you’ve achieved.
This can include something such as where you have saved the company time or money, increased brand recognition or secured new business leads.
Ms Augustine says: “You will need to state how you have at least met, if not exceeded your goals for the year, and consider how your job has changed in that time such as if you have taken on more responsibility, bigger projects or more prestigious clients.”
2. Timing is key
Before you arrange the meeting “it’s important to consider the financial health of the company along with your individual successes, your manager’s workload and mood before asking,” says Bill Richards, managing director at job side Indeed.
"Quarterly or annual reviews are the natural times to ask for a pay review but the end of the tax year could also be a good time," he adds.
3. Be clear and confident with your request
If you’re not sure exactly what you want, how is your boss meant to work it out, points out careers expert Mark Di-Toro from Glassdoor.
“If you’re confident in your own ability then you’re more likely to get what you want but an employer won’t give you a rise if you can’t articulate a confident argument for it,” he says.
4. Learn a new skill
“By taking the initiative to learn a new skill, you’ll bring added value to your role,” says Mark Rhodes, recruitment specialist at Reed.
This could be anything from a new project you’ve taken on to a professional training course. Not only does this add another string to your bow, it also demonstrates ambition to your employer, says Mr Rhodes.
“You can never know too much and everything additional you learn will only add to your personal currency,” he adds.
5. State the facts and leave emotions at the door
If you are asking for a pay rise because of a change in your personal circumstances, “you need to go into the negotiation with clear facts written that explain your situation to your employer,” says Nick Kirk, UK managing director at Michael Page.
He advises approaching the meeting in a dispassionate manner and stating the facts rather than talking about how the situation makes you feel.
6. Go the extra mile
Do everything you can to stand out from the crowd in your job, says Mr Rhodes.
“In order to justify a payrise you must show your employer that you’re exceeding targets to warrant the extra expense. It’s not just enough to do what is expected of you.”
When opportunities for development arise within your workplace, be proactive and put yourself forward. Remember that the decision to award a pay rise is ultimately a business decision, one that may be controlled by people who don’t work with you on a daily basis.
7. Include a plan of what you aim to achieve
Along with listing your accomplishments, Anna Purchase, head of people at KPMG, says you should tell your employer what you’re aiming for in the future.
“Why you deserve a pay rise should be based on what you’ve achieved over the past year and crucially what you plan to deliver over the coming months.
“Bosses like ambition and will also want value for money.
"If you’re getting a pay bump they will want something in return so showing you have bold plans for the year ahead that will benefit them and the business will help them justify the increase to their superiors as well,” she says.
8. Use old school tactics
It might be worth trying an old school tactic when trying to secure a rise.
Former winner of the Apprentice, Ricky Martin, says he’s heard of people writing personal letters to a CEO of a company, to get themselves noticed for a salary increase.
9. Consider other options
“Ultimately you’ll also need to be prepared to leave if a change in salary is not forthcoming,” says Mr Kirk.
But even if the rise is turned down it doesn’t have to be the end of the negotiation and there are other things you could ask for.
This includes education, training, flexible hours or health or childcare benefits.
“Keep sight of your promotion path or the next opportunity to review your pay when thinking about alternative benefits and ensure anything you agree is maintained in future negotiations,” he adds.
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10. Get a new job
If your boss rejects your request, and you believe you’re underpaid, it might be time to look elsewhere.
Researching new roles, updating your CV, and networking will all help in securing your next position.
If you get an interview, it’s vital you’re prepared. You’ll need to know everything from what the company does, its financial history, where current employers have worked in the past, and the full job description of the role you’re applying for.
When writing your CV also make sure to avoid using the words employers are sick of seeing on applications.
If you're changing careers and need to file a self-assessment form, make sure you check the deadline for returning your form.
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