So, you’ve been with your company for a couple of years and your responsibilities have grown.
You manage a team, you are involved with more strategic/commercial projects, or you directly contribute to a larger proportion of your company’s bottom line. However, your pay has remained the same.
Negotiating a raise can be daunting because it is difficult to quantify an uplift. Looking at market rates isn’t always applicable, considering that different industries have different standards of pay.
Here are my top 4 tips for asking for more money, both within your company or externally!
1. Make Commercial Arguments
Think about the reasons you are looking for more money. Backing up your request with commercial arguments will carry more weight and therefore give you a higher chance of success.
Did you directly contribute to revenue (how much)? Are you invaluable to your clients/stakeholders (can you demonstrate this)? Do you undertake responsibilities outside of your current remit (e.g. training & development, internal business strategy, public speaking)? When did you last get a pay rise (does it correspond to inflation)?
It goes without saying that the better you are performing in your job the more negotiation power you will have!
2. Plan Early
If you are looking for a pay rise start planning early because a lot of companies are restricted by budgets. If you want a raise in June, book a meeting with your line manager to discuss your performance and responsibilities a few months ahead. You are unlikely to ask for a raise and get it on the spot, so it’s important to get your company to reassess the remit of your role, so that they can plan for your pay increase.
Checking in with your line manager is good for both sides. It gives you an open dialogue with your manager about how they feel you are doing and how you feel you are performing in the team. If the feedback is positive, it is a good time to mention that you would like their advice on how to attain a pay rise. If the feedback isn’t positive, it gives you an opportunity to understand the quantifiable results that will lead to you being considered for a raise. For example, “complete 3 new projects”, “manage 2 more accounts”, or “grow revenue by x amount over the next 6 months”; therefore, giving you something tangible to work towards.
3. Be Confident
Have the conversation with confidence. Being bold and assertive reaffirms to your employer that you are adding value and can step up. Seeking compensation is a natural request to balance that.
The gender pay gap exists because men are generally more comfortable with pushing for a pay rise and are therefore more successful when it comes to receiving one. So being bold and assertive when asking for a pay rise, is even more applicable to women.
4. Do Your Research
The market usually pays about 10% for an external move, so you could use that as a starting point. Do your research by looking at similar level vacancies and job specs in the external market.
Specialist recruiters talk to candidates in your market day in day out, so are a good sounding board. We will give you an impartial view on what your experience and seniority level are worth in the current market.
*hint hint* Talk to US! I may be partial, but Nicholson Glover have been operating in the market research and insight industry for over fifteen years. All consultants have an in-depth knowledge of the industry and can discuss what options might be right for you.