We all feel apprehensive ahead ofย a salary review. However, when you know the best ways to approach a pay rise negotiation you feel much more confident. Martin Schmidt, Co-Founder and Managing Director at JobLeads, offers expert advice to help professionals to handle salary discussions.
1. Research market salaries and inflation trends
โBefore approaching your employer, take some time to research industry benchmarks for your role and seniority. Use reliable salary surveys or data from recruitment agencies to get a sense of the current market rate. Additionally, understanding inflation rates and how they have affected your purchasing power will give you concrete reasons for a raise that go beyond personal expenses.โ
2. Use data-driven evidence to show your value
โEmployers respond well to clear results, so before asking for a raise, put together a detailed account of your achievements since your last pay review. Focus on things you can measure, like how youโve helped increase revenue, cut costs, or improved efficiency. By demonstrating the tangible value you bring to the company, you make a stronger case for why your compensation should reflect your performance.
โIf you are new to the company, make sure youโre not rushing a pay rise conversation. Wait at least six months or until youโve had enough time to prove your value before actioning the steps above and speaking with your employer.โ
3. Pick your timing carefully
โChoose the right moment for the conversation; timing is key when asking for a raise. Ideally, request a raise during annual performance reviews or after completing a successful project, when your contributions are most visible. Itโs also important to be mindful of your companyโs financial situation. While the cost-of-living crisis may be affecting employees, businesses could also be feeling the strain. If your employer is experiencing a downturn, framing the raise in terms of retention or long-term investment might resonate better.โ
4. Leverage comparable offers or market value
โIf youโve received offers from other companies or have evidence that your role is being compensated at a higher rate elsewhere, use this information as leverage. However, tread carefully – this should be presented as part of your overall argument, rather than an ultimatum. Emphasise that youโre committed to staying, but want your salary to reflect competitive market rates.โ
5. Align your request with the companyโs goals
โWhen asking for a pay rise, ensure your case ties into your companyโs broader objectives. If your role has evolved to include higher responsibilities or strategic initiatives, illustrate how your work directly contributes to those goals. By framing your request within the companyโs success, you position the raise as mutually beneficial.โ
6. Consider non-monetary compensation
โIf your company is struggling to meet pay increase requests due to economic challenges, be open to discussing non-monetary benefits. This could include childcare subsidies, travel allowance, additional time off and much more. These can improve your quality of life while demonstrating flexibility and understanding of the companyโs situation.โ
7. Be direct, professional and empathetic
โHaving a conversation about a raise can definitely be stressful, but try to approach it with as much confidence as possible, while also being mindful of your employerโs situation, especially during uncertain times. Use clear, respectful language and be prepared for a discussion, rather than a one-sided request. If your manager needs time to consider the request or canโt provide an immediate answer, ask for a follow-up meeting to ensure the discussion remains on their radar.โ
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