Here’s How To Increase Your Chances of Getting A Pay Rise
I was having dinner with a friend recently.
While we were chatting he mentioned about of a friend of his saying that they deserved to be paid more.
On one level this is understandable. Everyone can always identify someone else who seems o be doing a similar job but getting more money.
At the same time saying you deserve and actually getting a pay rise is very different.
You probably opened up this message thinking you would find the magic formula.
Sadly this does not exist. On the other hand there are things you can do to increase the chances of getting a pay rise.
Start with some research
In your profession there are salary surveys undertaken by professional bodies and recruiters.
Before you go into discussion with your employer you should have done your research, thoroughly.
You don’t just want the headline numbers. You need to dig deeper to discover similar roles in organisations of a similar size to your organisation.
Researching by location or area of the country is important too.
Understand the financial health of your organisation
Most organisations don’t have a bottomless pit of money.
Every additional pound or dollar spent on salary has to generate more than the amount spent.
Is your organisation in strong financial health and growing or is it stagnating or surviving?
Make a compelling business case
Ultimately your chances of success will come down to making a compelling business case that shows why paying you more will actually improve the bottom line results.
Most will never bother to go as far as doing this.
Why?
Because it involves a lot work and effort and of course might get rejected.
Choose your timing wisely
You might have heard the term right time right place in terms of career.
When it comes to asking for a pay rise, think about when the timing is going to be right.
For example, if the organisation has just had its most successful half year this might be the time to present your case especially if you have made a big contribution to that success.
In truth there is no guaranteed blueprint or formula for getting a pay rise but there are things you can do to increase your chances of success.
About the Author Duncan Brodie
Since 2006 I’ve worked with in excess of 8,000 accountants and professionals in workshops, seminars and one to one helping them land their next jobs and become better leaders, presenters and business partners. Before that I spent 25 years in accountancy climbing the career ladder from Payments Clerk to FD. I’m a CIMA Fellow, Certified Professional Coach and Team Coach Facilitator.