37 NEGOTIATING A PAY RISE
October 09, 2015
Your Career Podcast with Jane Jackson | Career Coach | Entrepreneur | Start Your Own Business | Careers
37 NEGOTIATING A PAY RISE
Oct 09, 2015
Episode 37: You love your job, you work long hours, you deliver without fail and you like your boss. However, you have a sneaky feeling that you are not getting paid what you are worth. Before you march into your manager’s office and insist on a pay rise, prepare well for your negotiation to give yourself the best possible chance for success.
Approach the negotiation with an open and positive mindset. The conversation should be a request for a salary review based on your performance in the role, not a demand for a salary increase. The salary discussion is not a battle, it is a conversation and should end up being a 'win-win' situation for both you and your manager.
1. Conduct Your Research
Before you approach your manager, ensure that you conduct research to find out the current market value of your role in your industry. You can do this by gathering information from your network of contacts that work in a similar industry and by comparing the information provided in various online salary surveys through major recruitment agencies such as www.robertwalters.com. These salary surveys provide the current market rate for different roles in different industries and I have found the Robert Walters survey to be an excellent indication in the commercial environment.
Ensure that the job size, company size and extent of responsibility are on par with your job when making a comparison.
Contact recruitment consultants who are specialists in your field and talk with them about your role. Indicate your key responsibilities (including revenue and number of staff you are responsible for) to get a feel for the market value of similar sized positions. An Operations Manager in one company can mean and hold differing responsibilities and salary to the same title in another company.
Recognise the difference between the value of the role that you perform from your manager's perspective and your value as an individual from your perspective. When approaching a salary review, think of it from your manager's perspective.
2. Find out internal budget constraints
Many companies plan for salary increases months in advance and managers are given a % increase figure that they need to spread across their staff when considering salary increases. Conduct research to gain an understanding of what the average % salary increases are in your industry. If you approach your manager with this knowledge it may be possible to negotiate an ‘out of cycle’ pay increase if you are willing to wait a few months.
3. Justify your request with evidence
HIghlight how well you get along with your team members, how you contribute to the positive, pro-active atmosphere.
Your accomplishments in the role will be the main selling point when it comes to a positive result in a salary review. Make sure you prepare yourself well before approaching your manager by documenting your achievements in your role to date. You may have increased profits, saved money, saved time, improved relationships with customers or clients, streamlined processes, improved morale, generated positive feedback and appreciation, demonstrated your creativity and innovation in your role to the benefit of the organisation. These are your accomplishments. Write them down so they are clear in your head. You can talk about how you have contributed to the success of the company or department with tangible results. This will remind your manager of your value to the organisation.
You will not get a salary raise because of emotional reasons, you will get a salary raise because of your worth to the organisation so stick to the facts. The manager does not need to know that you have multiple debts, a mortgage to service, school fees to pay, expenses that are going out of control.
4. Indicate how your continued excellent performance is a future investment
Discuss with your manager about how you would like to use your accomplishments as goals for continued