A career expert has revealed seven crucial tips to help you land a pay rise – and one thing you should always avoid.
With inflation rising monthly and the cost of living coming under increasing pressure, there has hardly ever been a better time for a salary increase.
According to Charlotte Davies, career expert at LinkedIn, a poor salary was one of the most common reasons why people considered changing jobs at the beginning of this year.
However, she admitted that asking for a raise can be “daunting” no matter how well you do at your job.
Charlotte Davies (pictured), a career expert at LinkedIn, said a meager salary was one of the most common reasons why people considered changing jobs at the start of this year
She said: ‘It’s a process that each of us is likely to go through at least once in our professional lives, but it is something that requires a careful assessment of your current role and the financial position of your organisation.
‘If you ensure you are well prepared with thoughtful research and careful planning, you have a much better chance of approaching the conversation with confidence and putting yourself in the best position to negotiate an outcome you are happy with .’
At the start of the year, LinkedIn research found that many people were considering changing jobs, with demand for a higher salary being the biggest motivator for those looking to leave their current role (36 percent).
Professionals who said they would continue working said so because of a good salary (42 percent), higher bonuses (26 percent) and a promotion (26 percent).
Here are seven top tips for getting a pay rise. There is one thing you should avoid at all costs.
Prepare for all possibilities
The key to a good discussion about compensation is to prepare for all possibilities. It is important that you have evidence that you are excelling in your current role. This is not the only thing that can lead to success.
It is also important to anticipate the questions your boss/manager might ask.
For example, you can take steps to look at similar job postings to see what they pay (LinkedIn is a good place to start), decide whether you would be happy with a raise in six months, or consider whether you would accept another raise . If this position is offered, these are all possible topics that could come up in a discussion about a raise.
These are easy things to overlook, but they can be crucial in negotiations.
Don’t be afraid to rehearse
It is important to look and feel confident in what you are asking for. This is because you know exactly what you want to say and how you want to present your case to your manager. Consider it your time to shine.
Practice talking about recent achievements and discussing what you are most proud of with friends, family, or other colleagues.
It’s also worth considering reaching out to your professional network (privately!) to see if an old colleague or mentor can share advice or insights from their past experiences asking for a raise.
Think about specific measurable examples of where you’ve added value – whether you’ve won a new customer, recruited an excellent new team member, or helped the company operate more efficiently.
It can feel intimidating or awkward to talk about our own achievements, but taking the time to rehearse can help ensure you feel comfortable and confident with everything you say before it gets to the real work .
One of the top seven tips for getting a raise at work is to practice before your meeting and be prepared to negotiate with your boss (Stock Image)
Get the timing right
When you’re asking for a raise, timing couldn’t be more important – both for you and for your company.
Consider where your business currently stands given the current economic climate.
For example, perhaps their recent financial performance has declined, or they have cut back in some areas. It’s important to read the situation and know that it’s okay to wait if the timing doesn’t feel right.
Is the timing right for you on a personal level? If you have recently achieved your goals, completed a major project or piece of work, or received positive feedback from your manager, this may be a good opportunity to ask for a raise.
If you haven’t done so yet, but one of these things is on the horizon, it may be worth waiting until then.
Be prepared to negotiate
An important part of negotiating your salary is always doing your homework and making sure you have all the facts at hand.
Know what others in a similar position to you earn and make sure you compare the qualifications and experience needed for these positions with yours to ensure they are truly comparable.
This approach also shows your manager that you have done your due diligence.
Be open to more than just a salary
While a higher salary might automatically come to mind when negotiating a better compensation package in the workplace, if you don’t think the time is right to discuss pay increases within your company, consider the other benefits that could indirectly help you financially .
This could include arranging paid training, or more flexible working hours that could potentially save you on other aspects of your life, such as travel costs.
Take advice from others
Negotiating a raise is something you can practice and get better at.
If you want to boost your confidence, it can help to treat it like any other skill you want to develop.
Speaking and learning from other people in particular can help significantly.
Don’t be afraid to look for online resources and tools, such as LinkedIn blog posts, that can help you prepare.
It’s often helpful to hear from people who have been there before.
For new jobs you must arrange this in writing
For those who have already made the decision to seek a higher salary elsewhere, negotiating salary after receiving a job offer comes with its own unique set of challenges.
Convincing a new employer that you’re worth the higher pay can be more difficult when you consider that they haven’t worked with you.
The compromise is often that your new job promises a salary increase once you hold the position for a certain period of time.
My best advice for people in this position would be to get confirmation in writing. Whether that is a commitment via email or recorded in your contract.
This way you have more certainty about your financial situation and you avoid the stress afterwards.
But beware, there is also something you should always avoid if you are looking for an income improvement.
Don’t let a ‘no’ derail you
Even if you follow the above tips, there is a chance that your employer will not be able to meet your request.
This could be for a number of reasons, some of which are beyond your control.
The most important thing is not to let a setback derail you.
When the time is right, feel free to pick up the discussion again. If you feel like you’re not making progress or getting the recognition you deserve, it might be time to look elsewhere.”