This is a collaborative post by Ellie Jo with tips on getting a raise.
Talking about money can be uncomfortable and many of us put it off at all costs, but avoiding the conversation could leave you on a salary far less than you deserve. Here are a few things to consider to help you get that pay rise.
How to Get a Raise
Research the current market
Do you know what the average salary for someone with your experience in your job role is? If not, then it’s time to do some digging. Knowing the going rate for your role gives you the ammunition you need to ask for a raise to simply be paid the going market rate. Remember to take into account things such as the size of your company, your location and your industry to get an accurate value. It’s important to go into any salary meeting with a figure in your head.
Demonstrate an interest in your own self-development
One of the reasons employees often gain a pay increase is through their own development, but not all employers will have a strategy to help you practice self-development and so you may need to take things into your own hands in order to demonstrate your commitment to your continued growth. Look into skills or qualifications that may help you better execute your job, many are available on the internet and you can now even get a qualification such as a masters degree in accounting online. Learning new qualifications or skills related to your role will make you a more valuable asset to your company and will help you negotiate a higher salary accordingly.
Keep a record of all of your key wins
Keeping a record of all the ways in which you have helped to move the company forward will help you demonstrate your worth. It can be easy to forget what you do on a day to day basis. Try to keep a document on your computer and jot down all of your key wins, such as, how you’ve saved the company time or money, any key clients you have secured, anything you have done to improve the smooth running of daily operations etc. You can then use this in your review as a way to demonstrate how integral you are to the success of the company.
Practice what you are going to say
Talking about money can make people feel very uncomfortable and you may find yourself stumbling over your words when you finally sit down in front of your superior. Practice what you are going to say to make sure you are able to put forward a clear argument. Try to practice to yourself but also to a friend or relative will help you prepare for any questions that may be asked back.
Have a plan B
For whatever reason, your company may not be able to offer you the raise you want at this time, and so it’s important to have a plan B. If you can’t get the money you want, what would still make you come away feeling valued? This could be additional holiday days, a change in your title or more flexible working hours. Have a think about what you want to keep in your back pocket.