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Negotiating a Pay Rise
- Do you think you are not been paid enough? Not being valued at your
company?
- Do you look at your pay slip and wish you had been paid that little
bit more that you deserve?
- Do you think you have been particularly successful in your
job? And
gone beyond expectations? |
...... If you have answered 'yes' to any of the above, then it is time
to negotiate a pay rise. But how do you go about this and what are the
best strategies in order to get the best rise?
Most companies will conduct quarterly or bi-annually pay reviews for
their employee's, which if successful will result in a pay rise.
However, as a hard working employee that is successful, you may feel it
is justified to approach your boss to ask for a rise before your review
is due.
Whatever your situation is, you will have already agreed this is in
your contract and know when your pay review will be - and before your
conversation with your boss, the key thing to remember is that you must
prepare!
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Before you ask
It is advisable to do some background
work about salaries in your
industry and role and plan your negotiations prior to approaching your
boss. You can normally use salary analyzers or something similar on the
Internet, or even phone around to ask recruitment agencies for the
market averages for your role.
You need to really know what you are worth and what you have achieved
recently, and why you deserve the pay rise. You will need to explain
what skills and benefits you have brought to the company, how you have
excelled in your role in particular and that you are a loyal employee.
You will need to focus on your knowledge and experience you have
developed and the way you have grown, learnt and developed whilst
working for the company. You should note any expectations you have
exceeded, any additional responsibilities you have incurred and any
extra achievements you have made that stand out and you feel you
deserve credit for. You need to be able to explain all of these points
in detail, expand on any of them in detail and show that these are the
reasons why you should be considered for a pay rise!
You need to show your commitment and express your desire to do well and
tell your boss what you are trying to target and what you want to
achieve.
Things that you need to consider what you have done when negotiating a
pay rise:
· Projects you have managed, led, completed and have been noted as
being out standing
· Any awards you have received
· Any procedures you have put in place that may have saved the company
money
· Tasks you have been individually assigned to do due to your unique
skills and abilities
· Additional tasks beyond what you expected in your current job role
· Anything you have excelled on and been praised for in the past
Also be clear as to what your current salary is, what the average is
and what you ideally want!
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How much to ask for?
It is a good idea to ask for more than you anticipate and that you give
yourself room to negotiate. Expect your boss to propose a counter offer
after you have asked for your pay rise sum. You should definitely
bargain and you should expect it to usually end up in a middle ground
figure so always go in high!
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What if your boss says NO?
Just because you are going for a pay rise, you may not necessarily get
it - but do not be disappointed if he says no. Firstly, there is always
next time and from the feedback on this review you can work towards the
next. You need to understand the reasons why he/she has said no and
reflect on them. It is not the end of the world and it is not forever.
It may be due to the fact that you are still in the learning curve at
work and still developing new skills, in which case, once you feel
fully developed; it could be time to ask again.
Do not be afraid to ask for non-financial benefits as well, such as, a
phone or extra holiday. You could ask for training and development and
the company may be more inclined to pay for this, as you will be
learning more and bringing more value to the company. Employees are an
asset to companies that they work for at the end of the day!
If you really feel you deserve a pay rise and you are not happy working
at the company, then you can always search for a new
job that would be
willing to pay you more. It may be that your current company is not
suited to you and this is your sign to take the next step.
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Result!
It is a great feeling if you manage to receive a pay rise! If you work
hard and achieve great results, they do not often go un-noticed and you
will no doubt be rewarded with what you deserve. A good confidence
boost, self-satisfaction and self-affiliation will be the result!
Good luck!
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