It can feel like the most awkward conversation in the world, but hey we all need to live right?
So how do you get one? When’s the best time to ask? We asked two experts for their thoughts.
Sinead Bunting, VP of Marketing Europe of job search site,Monster told us, “Asking for a pay rise is similar to your initial salary negotiations; however, once you’re in the job and have been doing it successfully for a while, you’re going to be in a stronger position. Most companies will work hard to keep good employees, as the cost in time, recruitment fees and the handover process make losing a valued employee bad news, however with businesses under pressure to continuously manage costs and overheads, making a solid business case is essential.”
Okay, we’re with you Sinead… so how do we broach the subject?
According to Sinead certain moments are more naturally suited to asking for that all-important addition to your wardrobe fund, like during your performance review or the end of the calendar or financial year can work just as well. However she warns, “don’t ask more than once a year as you’ll come across as unrealistic, if not greedy in your boss’ eyes”.
How do you pop that question?
Sinead suggests booking in time with your boss and prepare for the meeting thoroughly. “Compare your salary against similar jobs being advertised at the moment, or use an online salary calculator. The stronger the case you can present the better your chances of getting what you want. Use every possible advantage to help weight your case, including any recent achievements or additional training, qualifications or skills you have gained. Don’t forget to mention soft skills (attitude, teamwork, good time keeping etc.).
The price is right
Sinead also suggests, ask for more than you expect to get. It’s a negotiation after all – but don’t go too high. “Let them know you’re willing to take on more responsibility in return for extra money. Don’t rush things, but do ask to be kept up-to-date with how your request is progressing. Expect some resistance and be prepared to fight your corner, but don’t overdo it. If the cash you want is not available, be prepared to ask for additional benefits such as a company car or an increased employer’s contribution to your pension scheme”.
So are there things you shouldn’t ask?
“I can’t pay my mortgage, food bills, botox injections…”
Rob Moore best-selling author of the #1 book ‘Money, Know More, Make More, Give More’ and the man behind the current UK’s #1 business & lifestyle podcast ‘The Disruptive Entrepreneur’ hinted that you should play the victim, saying, don’t “tell your employer that you can’t cover your bills and you don’t have enough to live on, or to pay off your house and car. Employers don’t care about that and will only see that you can’t manage your money. They can also feel emotionally blackmailed, which has a high chance of backfiring on you”.
“I’ve another job waiting”
Also, even though it’s a bit of a negotiation Moore says that saying that you’ve got another job in the pipeline might also backfire on you. He revealed, “It goes very bad very quickly if a staff member plays off the new employer versus the existing one. As soon as I am used as a pawn to get a pay rise because the new employer is offering more, I’m out.”
Also don’t ask for a pay rise because you’ve heard on the office grapevine that someone else got a pay rise. Rob tells us, “This never works, at least not for me. It’s none of anyone else’s business what others are paid. Why would anyone increase someone’s salary just because they increased their colleagues’ salary? That’s not sound logic or financially smart. This also erodes the trust of discretion. An employer’s big fear is that when one person asks for a raise, everyone does. It can stop it from raising salaries of people who deserve it. So always be discreet and never use this as leverage to get a raise”.