Think you might be worth more than you’re currently being paid? You’re not alone.
According to the Harvard Business Review, the majority of us have no idea whether we’re being paid fairly or not. We simply accept our wage for what it is and do our best to make ends meet.
Fortunately, things are starting to change. 2021 introduced the great resignation. More people than ever are in search of greener pastures.
With options like remote work now available, most employees have more options than ever before if they want to seek out a new source of income.
Of course, you don’t have to jump ship if you’re happy with your current job. If your only issue is with your wage, you can always consider asking for a pay raise instead.
Asking For a Pay Raise: How to Prepare
Even if you know other people in the same position as you are earning a higher wage, it can be nerve wracking to approach your manager and ask for more money.
The best way to improve your chances of success, and your confidence, is to be prepared.
Start by doing as much research as you can. Build a case by looking at the annual projected incomes of other people in your field according to the Bureau of Labor Statistics.
You can also consider printing off some similar job descriptions which offer a higher salary than yours.
Just make sure all the duties outlined in that description are things you do on a daily basis.
There are various tools online which can also give you insight into what people in your location with your skill set are earning.
Make the most of these services before you approach your boss.
Keep in mind, it’s also helpful to have evidence of your worth to show your employer.
If you’ve achieved great things in recent projects, or helped the company to accomplish important goals, make a note of what you’ve been doing.
Getting the Timing Right
Once you’re prepared, the next step is finding the right time to ask for a pay rise.
Ultimately, there won’t be any moment when this conversation is going to feel particularly comfortable, but some times are better than others.
For instance, if you’ve recently completed an important project, or done some excellent work which received positive feedback, that could be the perfect time to broach the topic of a raise.
Your manager will already be happy and will have plenty of evidence of your value.
It’s also worth looking into when your company has its annual financial and budgetary reviews, as this could make it easier for your boss to determine if there’s enough money available to consider a pay raise for you.
Do not approach your boss when they’re in a bad mood, or after the business suffers a major loss.
Plan Your Speech
Finally, with the perfect time in mind, and the right evidence to back you up, it’s time to start planning your speech.
You don’t need to give a long-winded presentation, but you have to pitch yourself to your manager and make it clear you deserve your pay raise.
A full script probably won’t be necessary. However, it’s worth making a few notes or bullet points to help you practice what you’re going to say. Remember, when making your case:
● Be clear: Highlight the fact that you want to continue working with the company and helping the business to grow, but you also want to discuss your salary.
● Be specific: Tell your boss what kind of salary range you’re looking at based on the research you’ve done. Make sure you have clear evidence this salary is fair.
● Show the facts: Draw attention to the factors that justify your request for a pay raise. Solidify your value with the things you’ve accomplished lately, and what you’ve been bringing to the company. Performance reviews can help with this.
● Be confident: Make sure you present yourself in a confident manner. If you don’t seem sure that you should be getting extra money, your boss isn’t going to be convinced either.
● Show gratitude: Remember to show gratitude for the support and money you’re currently getting at the moment. This will make you seem less greedy.
● Be ready: There’s a good chance your employer is going to ask you some questions, so be ready to defend your request and respond as logically as possible.
This approach should improve your chances of getting a “yes” from your boss.
If you don’t get the answer you’re looking for, maybe it’s time to look into other, higher-paying roles?
What’s your biggest issue? How do you handle it – or can you think of any additional tips you can share with others if you don’t have an issue with this in your life?
Share them with us in our Comments – or share this blog post on Twitter or Facebook or wherever you feel it could help someone you know.
Cheers, Helene Malmsio
Related Reading: Win Win Negotiation Skills
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