Top 3 things to consider when asking for a pay rise

Tamara Wood
September 2, 20193 mins read

There’s no question about it - we all like getting paid.

Whether it’s hourly, annually or that bonus you’ve been waiting for, we all manage to get by in the world thanks to a little thing we call payday! Whether you are in finance, projects or data analytics, one thing remains the same in every job: asking for a pay rise never gets easier. 
Let’s face it, asking for a raise can be downright terrifying, especially if you’re not sure where to begin.

And here is where we can help you! Being all-things-employment experts here at Morgan McKinley, we have devised 3 simple steps to follow in getting that well deserved pay rise you’ve been waiting for: 

Step 1: Benchmark - What are others getting paid?

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  • Call your recruiter! We are always happy to have a discussion about your skills, experience, and the demand and remuneration for the same sort of roles in the market. 
  • Review up-to-date salary surveys to see how you level up:
  • Take a look at online job ads for similar roles to see what remuneration is being generally offered.
  • Network. Ask your colleagues, friends and contacts who work in the same space who have a similar level of experience how they are remunerated.  


Step 2: Timing is everything - Is Wednesday the right day to ask for a pay rise?

  • Generally, the best method is to politely ask your manager for a time to meet to discuss an important matter. The meeting should be held discreetly, preferably in a private meeting room.
  • There’s no ‘perfect’ moment, but some occasions are better than others (a survey conducted in 2005 suggested managers are most receptive to salary review requests on a Wednesday). 
  • Your annual performance review is a good time to request more money – as is the end of your company’s financial year (especially if positive financial results).
  • After the completion of a successful project you were involved in.
  • Your contract is ending, and your company wants to renew. 

Step 3: In the meeting - Tell them why you deserve it

  • Start by thanking your manager for their time and tell them how much you enjoy the job. Then move on to highlighting your achievements over the past 12 months – and briefly outline how you will contribute to the company in future.
  • At this point, you should reference your research on salary benchmarking – demonstrate you have done your research and you know what you are talking about. 
  • It’s important to remain professional and gracious at all times. Once you’ve presented the reasons why you think you deserve a pay rise, let your manager respond and listen to them with an open mind. 

Performance counts and employees should seek out employers who have or encourage high performance cultures.

Tamara Wood's picture
Associate Manager | Accounting & Finance - Financial Services


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