Negotiating a Pay Rise
03 Jan 2016
Think you're due a pay rise and you're not sure how to approach your manager? Here's how to successfully get a pay increase...........
The key to negotiating a pay rise is to be prepared. Never go to your employer without researching the market conditions first.
Here are just a few tips to help you get that pay rise you are worth without antagonising your employer.
Know your Role’s Market Value
Do your research and find out what your role is worth in the market. Don’t just take salary surveys into account. Go onto job websites and look at job specifications to see what your responsibilities match up to in the current market.
Take into account the market conditions and external factors. If there are redundancies in your sector/geographical area, take this on board when asking for a pay rise. Also be aware of your own company’s performance. If cut backs are happening in budgets, then it is not the time to ask for a pay rise.
Quantify your Own Worth
Take a good look at your job responsibilities and how you add value to the company. Be able to clearly outline and expand upon any achievements in your role and extra responsibilities which your employer may not be aware that you have taken on.
A pay rise may not be immediately available. Some companies operate under a strict policy of only implementing pay rises at certain times of the year and by pushing this issue, you run the risk of alienating the very decision makers you are trying to persuade. If such a policy isn’t in place, then still be sensitive about any immediate demands. Give your employers time to think about the issue.
Practice the Conversation
Being confident and articulate during the conversation with your manager will go a long way towards success. Be prepared to take rejection and take any constructive criticism on board. Have a figure in mind but also be prepared for compromise.
For further advice on career progression, talk to your Brightwater Consultant by contacting our office on:
Dublin | +353 1 662 1000 | [email protected]
Cork | +353 21 422 1000 | [email protected]