Top 3 things to consider when asking for a pay rise
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?
Looking for jobs?
- 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.