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On the JJ Barnes Blog, when everyone needs more money, I check out advice from Sue Andrews at KIS Finance about 10 ways to ask for a payrise in a ways that ensures your request is heard.
How To Ask For A Payrise
It may seem like a good time to ask your boss for a raise given the rising cost of living. But it won’t be easy to convince your boss that you deserve a raise now that businesses are under more pressure to cut costs.
At a time when everyone is hoping to see their salary increase to keep up with rising prices, HR specialist Sue Andrews at KIS Finance has been researching the best ways to ensure that your request is heard.
“Going the right way about asking for a pay rise can make all the difference,” explained Sue Andrews. “Just asking your manager and hoping for the best is unlikely to work, when they have so many competing pressures on their budgets. But by following these 10 simple tips, you can really improve your chances of successfully negotiating with your boss and getting the pay rise you deserve.”
1. Don’t Rely On The Cost Of Living Crisis
Since everyone is affected by the current increase in the cost of living, it is unlikely that your argument for a pay raise will be successful.
Since costs are also going up, businesses won’t want to raise wages for their employees because doing so will make their costs even more expensive.
The fact that your current salary isn’t going as far as it used to isn’t enough to convince you that you are worth more if you want to succeed. You need to make your own case for why you are worth more.
2. Don’t Talk About Your Colleagues Salaries
It may be tempting to use this as a basis for your request for a raise, but making it personal is a mistake that can have a negative impact on your boss’s response.
An approach that is significantly more professional and results in an argument that is more convincing is to conduct research and be aware of the current market rate for the kind of position you are applying for.
3. Don’t Make Emotional Arguments
Prepare well ahead of time and base your negotiation on facts. Clearly demonstrate to your manager what you have done in the past year that has benefited the company.
What are your most notable accomplishments? This could be the number of sales you’ve made, deals you’ve closed, new projects you’ve helped launch, or ways you’ve improved systems, depending on your job. They don’t have to all cost a lot of money; sometimes, a few small changes can make a big difference.
Don’t be shy about sharing all of your accomplishments because, especially in a large team, your boss may not always be aware of everything you’ve done.
4. Be Realistic
It’s not a good idea to ask for a price that’s too high because your boss won’t take you seriously if it looks like you just picked a number out of thin air.
Make sure you have the evidence to support your request, like data from a salary survey or job ads with descriptions of similar positions.
5. Have Careful Timing
It’s always a good idea to ask for a raise after delivering excellent work or receiving positive feedback from a client.
Be aware of the company’s financial situation as well. If things are really tight, it might be better to wait and make your request later than to be denied.
6. Make A Formal Meeting Request
This not only gives your manager time to get ready, but it also makes your request seem more serious, which makes it harder for them to ignore.
The letter doesn’t have to be long; all you need to do is explain why you want the meeting and why you think a salary review is good in general. When you meet, you can then present your evidence.
7. Be Confident
When you ask for a raise, it’s normal to be nervous, but you need to be confident to show that you really believe you deserve it.
Focusing on your delivery is essential because fidgeting or not making eye contact undermines authority. You will appear in charge if you sit up straight and speak in a friendly and collected manner. It can be tempting to try to say your piece as quickly as possible, so remember to speak slowly and clearly as well.
It’s also a good idea to make notes of your key points so you don’t forget anything important and cover everything you want to.
8. Think Beyond Money
Although they may not be able to raise your salary, your employer may be able to enhance your benefits package in some other way.
If you think this might be the case, you should be ready to ask for alternatives like more time off, a bigger car allowance, or maybe new opportunities for training and development.
This gives your boss a chance to demonstrate how much they value you in a more cost-effective manner during difficult times.
9. Stay Professional
When you ask for a raise, it’s most important to keep your professional demeanor and not get emotional.
Managers are also human, so they won’t like the feeling of having to agree to something. If things get heated, you might not only miss out on a raise, but you might also find that it hurts your chances of getting hired in the future.
Therefore, you should conduct yourself in such a way that, even if you don’t get the raise you wanted, you will still have improved your manager’s perception of your value to the company.
10. Don’t Threaten To Quit
A highly risky strategy is to threaten to quit if you don’t get a pay raise, regardless of how strongly you believe you deserve one.
Even if you get the raise, your professional reputation will likely be permanently damaged because people will perceive you as difficult and possibly manipulative. If you leave the company in the future, this could even affect your references, so the effect could be long-lasting.
Give your employer every opportunity to address the fact that your current salary is truly a deal breaker. However, if you continue to be dissatisfied with their response, it might be time to look for a new job.
About KIS Finance
KIS Finance are an independent finance broker specialising in bridging finance, development finance, commercial mortgages, equity release, and secured loans. Their team of advisors have considerable experience across multiple different areas of the finance sector, as well as insurance and compliance.
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