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How to Negotiate a Pay Rise
Although the ability to negotiate is a skill that’s in demand by employers, it’s also a skillset that’s very useful when setting your salary on joining the firm and, later on, for securing a pay rise. Attending training negotiation courses is a great way to brush and improve these vital skills.
So, why do you deserve a pay increase?
Firstly, it’s important to look why you think you deserve a pay rise. After all, you will have to demonstrate to the decision-maker that you’ve earned an increase. The factors that will influence this will be how long you’ve been at the company, how long it’s been since your last pay rise and the contribution you’ve made to help the company achieve its goals.
Once you’ve analysed the reasons for your pay rise, the next step is to evaluate how much your salary should increase. To do this, you should look at your current value in the job marketplace. It can help here to talk to recruiters or individuals in similar role.
Examine too where your job fits into the organisational structure of the company, any changes to your role since you joined and your overall strategic value to the company. This might be a time to also ask for a change of title to reflect new duties you’ve taken on during your time there.
Timing is everything
The time to ask for a pay rise isn’t when you’ve run out of cash at the end of the month or have an unexpected bill. The time to ask for a pay rise is when you’ve hit a target or completed a milestone - one that’s make a demonstrable and made a measurable contribution to the company. If you’ve just received praise for an achievement, then now’s the time to strike.
Preparation is key
Asking for a pay increase isn’t something to do on a whim. Just walking into your boss’s office and asking for more money probably isn’t going to deliver the best outcome. Planning for that meeting in advance will deliver much better results.
In the build-up to any meeting you should be recording key events and successes during your time with the company to build a logical and convincing case for your pay rise. Make sure you have any figures to back up your case and supporting documentation. If need be, get a statement from a manager or co-worker.
Finally, have a figure in mind and be prepared to negotiate. You might able to trade some element of your pay package for another benefit, such as extra time off, a career development course or a bonus/commission package enhancement.
If you’re not sure about what’s on the table, don’t accept it there and then. Say that you want time to think about it and remember, that, as part of the negotiation, you can be already laying the foundations for your next pay rise.
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