Pathway to a pay rise
EIGHT THINGS TO CONSIDER WHEN ASKING FOR A SALARY INCREASE
The employment market is in positive territory, and whether you call it the great resignation, reshuffle or realignment, ent, there are many opportunities. So, with people leaving, now could be your perfect time to negotiate a pay rise.
Asking for a pay rise is something most people dread. However, when you shy away from m negotiating, you are walking king away from potential upsides: sides: increased pay, more flexible working hours and other employment benefits. Knowing how to ask for what you want is critical, particularly when considering the pay disparity between men and women. With some planning and strategising, approaching your boss for a pay rise doesn’t need to be complicated. Here are eight tips to get you started.
1. Pick your timing
Most organisations have performance and pay review cycles, and it helps to know how that process works. Ideally, you want to ask before budgets for the new financial year are locked in. in Secondly, pick a time when your boss is more likely like to be receptive to the conversation co rather than tired, t stressed or distracted. d As well, pick a time that works for you. y Negotiating is mentally m taxing, and your mind min will be pushed and pulled in many directions. If you are tired or stressed, you will be less equipped to manage it.
2. Build your case
Be clear on the value you bring to your role and how you demonstrate it. This knowledge is crucial evidence and data you can use to explain why you deserve a pay rise. You also need to know the going rates in the industry, so you can understand whether your request is above or in line with the market. You want to be reasonable with your request.
3. Know their needs
Seek to understand the other people involved – their operating style, agenda, needs and what they care about. The more you know those involved, the more significant insights you’ll have into what they are likely to support or reject. When you make the request, state your wants objectively and in a way that will resonate. You also need to explain how this will benefit the organisation.
4. Consider your trade-offs
Be prepared to consider the options available. You need to know what matters most to you and what you may be willing to give up as part of the negotiation process. For example, you may be willing to trade time for money or money for more holidays.
5. Get on the front foot
Research shows that we don’t like people who initiate negotiations for higher pay – regardless of gender, but it’s only women who suffer a penalty. People are less inclined to want to work with a female who asks for a pay rise – either as a co-worker, subordinate, or boss.
One way to address it is to get on the front foot. Walk into the negotiation and say: “I want to say up front that I’m going to negotiate for this pay rise, and the research shows that because I do this, you’re going to like me less when I do.”
Let that sink in for a minute, then move into the negotiation.
6. Think about the steps
Think about how the negotiation process may unfold and the steps required to secure an agreement. Consider each of these steps in advance and be curious about how they may play out. Running through possible scenarios and outcomes will enable you to respond better as issues or objections are raised.
7. Don’t ask – don’t get
When you think about it, what’s the worst thing that could happen if you ask for a pay rise? They say no. So, don’t let fear hold you back.
If your boss responds with a no, find out what would need to change for their response to change.
Do they need to see more contributions or have more budget? If they have no intention of ever considering a pay rise, you’ll want to assess options outside the organisation.
Often the best way to get a pay rise is when you shift roles.
8. Slow down
If you find your mind racing during the negotiation, focus on breathing and breathing deeply. This practice helps your nerves relax and your heart rate to slow down, making it easier to reflect and respond calmly.