July 22 2019
How to ask for a pay raise?
Millward Brown research for Grant Thornton International (2016) shows that employers have an increasing problem with finding loyal and qualified employees. You’ve been working at a company for some years, but you still earn the same? You have a good chance to get a pay raise. Find out how to prepare for a conversation with your boss to achieve your goal.
Choose a good moment
What is the financial status of your company? If there are no financial problems, nothing stops you from talking to your boss about a pay raise. Downsizing is planned and the enterprise has received letters from a court enforcement officer? Put the pay raise talk off for a different moment.
Plan the meeting with your boss. Do not try to talk to your boss on the go or in the corridor. Fix a specific meeting date. The best idea is to choose a neutral place, e.g. a conference hall. Before the conversation you may hint on its subject. The employer will be better prepared if you tell him or her that you want to talk about growth prospects and financial issues.
Do not let your emotions take the wheel
Stay calm while getting ready for the talk. Emotions should not take control over you. Prepare the agenda of the talk. Think through what you want to tell your boss. Remember that a pay raise is a business decision based on analysis. The more facts you present, the better. What have you done for the company? How has it grown thanks to you? What else can you do? Do not tell your boss about your loan, difficult financial position or problems at home. He or she does not care.
Do research and find out how much employees on your position earn. You may ask the HR Department about the rules for awarding bonuses and pay raises at your company. The average remuneration amount will provide you with some information regarding industry finances and your boss will see that you have come to him or her prepared.
During the discussion, try to find out how much your employer is willing to offer you. Do not state a specific amount and if you have to, propose an amount higher than you expect – it will give you some room for negotiation.
Do not blackmail
Threatening to leave the company is not a good solution. Remember – everyone can be replaced. And you risk a great deal by forcing your boss to make a decision. If your supervisor decides to continue working with you, you may lose his or her trust.
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“Do not compare yourself to other employees. Remuneration amount is a company secret. Even if you know how much your colleagues earn, keep it to yourself,” says Rafał Wilk, COO Solutions.Rent.
Write down everything you do at the company. Think whether the company would do well without you. Enumerate courses and trainings you took part in. Include accomplishments, completed projects, successes.
A pay raise talk may generate a lot of stress, but remember – if you don’t fight for yourself, no one else will. The results of the conversation are not as expected? Do not feel discouraged; you may ask your boss for an additional training budget or financing a medical/sports package. It is not remuneration; however, your supervisor will see that you are flexible and a pay raise talk may be held again in the future.
How to prepare for a pay raise talk? Answer to the following questions:
- How much do people on my position earn?
- How have my duties changed within the last year?
- How have I grown within the last year?
- How have I contributed to the growth of the company?
- What remuneration amount would be satisfactory for me?
And maybe a lack of raise inspired you to start up your own company and you are looking for its seat? Click here!