So, you want more money at work, but you’re not quite sure how to ask? A familiar rush of fear washing over you as you get tongue tied asking your boss for a boost to your salary. That’s the thing about the unknown, it strikes fear into the most confident of people and asking for a pay rise is up there with something most of us feel uncomfortable asking for.
Whilst we’re used to hearing the phrase ‘if you don’t ask, you don’t get’, when it comes to putting it into practice in a professional situation many of us become stumped as to how to go about getting some extra money coming in each month.
Asking for more money IS an awkward conversation, but keep in mind these points and you’ll actually find that your employer is likely to be most accommodating.
Make a Case
You know you want more money, but why do you deserve it? Begin by listing out why you should be given more money. Think about what you bring to the company, how you meet deadlines, whether you’ve gone above and beyond deliverables since you started at the company. If you’ve attended training courses or improved on a certain skillset make sure to include these too. You should be building a case that shows you’ve more than earned more money and you’re willing to keep up the good work too.
Peter Brown, Senior Reward Consultant at Paydata offers his advice; “Most companies offer a standard annual pay increase to everyone, often in line with the cost of living. Many companies also perform annual salary reviews, assessing whether an individual should receive more than this basic increase. It takes a little confidence, but most bosses are respectful of reasonable requests. And even if you don’t get a pay rise, what have you really lost?”
Do Your Research
When asking for more money it’s tempting to pick a figure out of the sky, but if it doesn’t match up to similar roles in the area or the pay scale the role generally offers you’re unlikely to be successful. Know your worth and make sure you understand the current market for the role you’re doing and be prepared to negotiate on salary too. If possible bring this to the table as well, if a role at another company in the area is paying more than you currently earn make this known as employers are often keen to make sure they are offering competitive salaries.
Don’t make it Personal
Your personal finances aren’t your employers concern, so don’t bring these into the equation when asking for more money. Stick to why you are deserving of a pay rise, not that you’re struggling for money and really want to book a summer holiday. Be professional and stick to the facts that you can back up with evidence.
Work for It
It’s easy to work hard towards getting a pay rise, receive the good news that your wage packet will be improved and then start to slacken off as your goal is achieved. Not only this not what your employer will want to see, but you aren’t really doing yourself any justice or helping your personal development. If your pay rise goes hand in hand with a few extra targets to reach or goals to achieve then keep in mind that they aren’t a hindrance to you getting more money, they are there to help you improve your professional self.
Weigh Up Your Situation
It’s easy to think that things could be better elsewhere, but the grass isn’t always greener. So, if you aren’t offered as much as you’d have liked or it’s a flat out no, don’t fret. You may have a situation that’s much better than you think it is. Do you have flexible hours? Free meals? Good holiday allowance? Healthcare and pension plans? A good atmosphere? Sometimes money can’t buy the things that actually allow us to enjoy the working environment we’re in so don’t jump ship straight away if things don’t go your way.
Asking for more money isn’t easy, but by keeping in mind these tips it should help to make the situation a low easier and more successful too.