In today’s world, earning a fair wage is essential for most of us to survive and thrive. However, despite rising costs of living, average wages have not been keeping pace, making it harder for people to make ends meet. If you feel like you’re not being paid what you’re worth, negotiating a pay rise may be on your mind. But how can you go about it in the most effective way possible? In this blog post, we’ll share three tips on how to best negotiate for more money, including how to prepare for the conversation, what figure to ask for, and when the best time is to ask. By following these tips, you’ll increase your chances of successfully negotiating a pay rise and getting paid what you’re worth.
Timing is important
When asking for a pay rise, timing is important. Choose a time when the business is doing well and not too busy. This gives you the best chance of successfully negotiating more money.
Don’t ask at a time when you boss is under pressure. They are more likely to say no.
Additionally, make sure to ask for a pay rise when you’ve been taking on more responsibilities or have been delivering great results. This gives you a strong argument for why you deserve a pay rise.
Prepare and be confident
When asking for a pay rise, it’s important to be prepared and confident in your abilities. This means scheduling a talk in advance and being upfront that you want to discuss pay. Additionally, you should have lots of evidence of why you deserve a pay rise, such as achievements and development goals. This evidence helps your manager understand why you should be paid more and helps you feel more confident when asking.
In many cases your boss themselves might not be able to agree a pay rise with you because they don’t have the authority to do so. So by ensuring you have the evidence to back up why you deserve a pay rise, you give your boss the evidence to take up the issue with the person who can authorise your pay rise.
Have a figure in mind and be persistent
It’s best to have an exact figure in mind before embarking on a conversation about pay. Do your research and look at job adverts for comparable roles and salaries. The figure should be realistic and reflective of the skills you bring to the job. Additionally, if the first conversation doesn’t result in a pay rise, don’t give up.
These conversations can take time, and it’s important to keep the communication open. You could also negotiate other benefits such as extra holiday or flexible working arrangements.
I my working life I have asked for a pay rise on many occasions, and, I’ve always got one, sometimes much more than I expected. I once went asking for a pay increase with a figure of 10% in mind, and my managers response was “I knew this day was coming”, and gave me a 50% rise. You often don’t know your value until you ask.
In a management role, so far I have never refused a pay rise, I have always given one. Now some people I have worked with might disagree, and yes, if I was announcing that the company have made a big profit this year and someone says “Hey can we all have a ray rise then?”, I will have said no. Someone taking the time to ask me formally, and having been ready to answer questions about why they should get a pay rise, or agreeing to take on extra responsibilities, has always been given a rise.