Money, Money, Money: Pay Rises
Money, Money, Money… A sensitive topic in the corporate world. So, we are knocking down those boundaries, and getting down to the nitty-gritty – pay rises!
Over the past couple of years, the cost of living is at an all-time high. Electricity prices, rent, and groceries, everything is more expensive. Yet despite the increase in the cost of living, many individuals are not eligible for automatic increases in line with inflation and rising costs.
So, you may find yourself in a position where you need to ask for a pay rise – which is rather daunting. There are some interesting statistics surrounding this topic, for example, according to YouGov, ‘Women who have worked are noticeably less likely to have never asked for a pay rise (60%) than men (48%).’ This is a shocking reveal of the gender inequality in the corporate world, perhaps because of women’s positions as the main care givers, or because they are given less opportunities to ask for more pay.
Either way, we want to empower employees, so that they can get the most out of their work. We have some top tips so that you and your employer can come to a reasonable and fair agreement – helping to make workplaces a place where talent thrives.
The Time:
Good business is all about timing. Employers are more likely to feel generous when the business is doing well. So, if there is a month where the business has been hitting targets and smashing expectations, then this could be the perfect time to make your proposal.
However, we are aware that this is not always easy to decipher, or wait for, and so you may need to ask for a meeting, regardless of the business’ success. And if they can’t offer you the necessary pay rise, then there are other options for you.
Also, being on target yourself, whether financially or successfully completing your projects etc, is highly recommended. If you are performing at your best, then you can use this as context for why you are asking for this pay rise.
The Place:
An opportune moment to ask for a pay rise would be a pre-scheduled meeting. For example, your monthly 1-2-1s or Quarterly meetings are a great time to discuss salaries. The purpose of these meetings is to discuss the needs of both you and your employer, which includes your pay.
However, if you do not already have a meeting scheduled, or perhaps need a discussion earlier, then you should request a meeting. Ask your manager for a meeting, in person or virtually, to discuss your performance.
We don’t recommend leading you request with the words ‘pay rise’ as this may cause unnecessary issues. It’s best to go into the meeting with your proposal.
Write the Script:
You need to have rehearsed your proposal, discussing your exceptional performance, how your role has expanded, and how you are successfully meeting your targets. It’s time to sell yourself.
Then, talk numbers. We recommend being honest, transparent and being flexible where possible. Negotiation is a powerful tool, and it’s important that you and your manager are getting the most out of this meeting.
Prepare:
Do some research into industry averages for your role. If you are underpaid compared to marketed jobs at this time, then that can be a useful point to make in your negotiations.
And remember, always dress to impress. This is a business meeting, so even if your company attire is casual, a nice blowse with some office trousers or a tie could help you appear professional. The better prepared you are, the more likely they will take your proposal seriously.
Come to an agreement:
Some things are out of a manager’s hands, and so they may not be able to offer you the pay rise that you are hoping for. This is disappointing, but not the end of the world.
Firstly, always remain courteous, professional, and calm. This is a friendly conversation, so try to keep it that way. If the pay you desire is not doable, then perhaps a lower one is. Also, there are benefits that you can negotiate, like extra annual leave etc. Then discuss the possibility of this in the future.
Your employer may not believe you have reached this level of pay yet, due to experience or qualifications. If this is the case, then have a discussion on how you can improve. Make a plan, in order to meet the requirements, and revisit the situation at a later date.
And always remember to thank your manager for their time.
Well done:
Remember to pat yourself on the back. Whether you got that pay rise, or not, it is an achievement to ask for that meeting and discuss your performance. Criticism can be hard to take, and we are sure you took it like a champ.
And remember, that if you have asked for that pay rise, that you deserve, but your company can’t accommodate, then perhaps it’s time for a new setting. And that’s where we can help.
Apply with us today!