LOOKING FOR A PAY INCREASE FROM A CURRENT EMPLOYER

Every person has a 'net worth' and a feeling about whether they are being paid or valued enough by their employer. If employees feel as though they deserve more recognition for what they do, have been particularly successful or exceeded expectations then it is time to ask for a pay rise.

The most successful negotiators will employ the very best strategies to get what they want.
This is founded on sound research and knowing what they are worth.

Why wait for your annual or quarterly performance review if clearly succeeding in the role.  How about asking for a pay rise before the review process?  This gives both parties time to prepare and consider a business case. If there is little confience in any success then leave any talk of a pay rise until the performance review meeting.

                                                                                                                                 

1) Before asking for a pay rise - do homework!

Any pay rise has to be justified so it is important to research / benchmark salaries with other companies and job roles in the industry. Using the Internet or asking recruitment consultants will give an average market value on a local, regional, national or even international basis depending on the role in question.

2) Building a credible business case

Staff budgets are normally fixed in advance so any pay rises have to be justified.
Any business case has to include a credible rationale to why a pay rise should be paid and why an employee should deserve an increase over another.

Justification could be special achievements, completion of special projects or any particular skills and benefits a person contributes (adds value) to a company. Other aspects to consider are evidence of exceeding expectations, extra responsibilities, being overlooked for pay rises in the past and
significant employee loyalty, etc.  Deserving employees will have to stand out from others.

3) Reinforcing the case

Companies always require something back from their employees if sanctioning a pay rise.
It is important to iterate a continued commitment to do well and promise to stay focused in the future.

4) Negotiating a figure

Establish a realistic figure to negotiate with.  Expect the employer to negotiate from this figure so factor this into any bargaining position. Chances are the settlement figure will be somewhere in the middle. Companies will not want to upset existing pay structures so remain realistic throughout.

5) What happens if a pay rise is refused?

Do not be too disappointed if a pay rise is refused.  Management should be able to give feedback to improve and refine strategies for next time.  Some performance targets and a structured plan
can be put in place to help achieve salary expectations in the future.

It could be an opportunity to ask for more training and development or for non-financial benefits a company can offer such as extra holidays or private healthcare.

If pay is an important motivator, then it maybe worthwhile considering other opportunities
but finding another employer may not be the ideal solution.

6) Negotiating a successful pay rise - a moral victory!

Earning a pay rise shows that a company values its employees and will pay more for people who add value. It shows confidence in own abilities and negotiation skills can be used elsewhere in business.

                                               


                   

Looking for a pay rise from your current employer!  - Advice on building a credible case.