Do you feel like you’re putting in your best effort at work but not receiving the financial rewards you deserve?
Asking for a pay rise can be intimidating, but with the right approach, you can make a compelling case for your value to the company.
Here’s your guide to articulating your worth, asking for a pay rise, and what to do if you get a big, fat “no.”1
Know Your Worth
Articulating Your Value
First things first, you need to know your value. Start by evaluating your specific contributions and achievements over the past year. Did you lead a project that saved the company money? Maybe you streamlined a process or boosted team morale. Quantifiable achievements are your best friends here.
Example: “In the past year, I spearheaded a project that increased our department’s efficiency by 20%, resulting in significant cost savings.”
Do Your Homework
Research is key. Resources such as Payscale2 and Seek3 offer salary research and comparison tools that can help you understand the typical pay range for your position.
Example: “I’ve noticed that similar roles in our industry offer a median salary of $X, which is above my current package.”
Confidence is Everything
If you don’t believe in your worth, it will be hard to convince others of it. Confident body language helps to reinforce your message, so make sure to prepare thoroughly, practice your pitch and be positive.
Tip: Maintain eye contact, sit up straight and use open gestures.
The Big Ask
Before the Meeting
Let your intentions be known by requesting a meeting with your manager specifically to discuss your salary.
Timing your request can make all the difference. Ideal times to ask for a raise include your work anniversary, after a successful project, or during budget planning periods.
During the Meeting
Start with the positives. Thank your manager for their time and highlight what you enjoy about your role and the company. Then, lay out your achievements and explain how they’ve benefited the organisation.
Keep emotions out of it. Approach the conversation with a business-like demeanour and avoid discussing personal reasons for needing a raise.
It’s all about articulating your worth and value to the company.
How to Handle a “No”
Sometimes, despite your best efforts, the answer might be no. But don’t let that get you down!
No Money for More Money
If a salary increase isn’t possible due to the business’s financial limitations, consider negotiating other forms of compensation, such as a performance-based bonus, additional leave (e.g. a 9-day fortnight), or some form of flexible working arrangement.
Seek Feedback
If your manager does not think a pay rise is currently justified, ask what specific goals you need to achieve in order to secure a raise. Then set a follow-up meeting in a few months to revisit the discussion.
Plan Your Next Steps
If there’s no room for negotiation, it might be time to evaluate if your current job aligns with your financial goals. Use this as an opportunity to explore other job options where your skills and contributions might be better valued.
Asking for a pay rise can be daunting, but with the right preparation and approach, you can make a compelling case for yourself. Remember, it’s all about articulating your worth and value to the company.
And if the answer is no, don’t lose heart. There are always other ways to move forward and achieve your financial goals. So, go on – take charge and ask for that raise. After all, you’re worth it!
The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser.
1 https://www.michaelpage.com.au/advice/career-advice/salary-negotiation
