Negotiating for a raise can feel daunting, but it’s an essential skill to master in your career. We often meet job seekers who are dissatisfied with their pay, but many are not sure how to approach the topic or pitch in the right way for the best chance of getting a result.
Start by doing your homework. Understand the market rate for your role by researching online salary surveys, industry reports, and talking to peers. This gives you a solid foundation and ensures you’re asking for a fair and realistic amount.
However, this is only part of the foundation. Your worth is tied not just to your experience, but also to the value you as an individual bring to the business.If you ask for a higher salary based on market rate alone, you may be asked to bring evidence as to why you deserve the median/higher end of the market rate, as opposed to the lower end. Collate a list of tangible and measurable achievements in your role as a representation of value that you bring to the business. It is a good idea to always write down and make a note of details of achievements when they happen as recalling them months and years later can be difficult.
It is also important to understand your employer’s pay review cycles. Some businesses review salaries every financial year, some every calendar year, and some are just ad hoc as needed. If your business has a set time-frame that salaries are reviewed around, keep that in mind when initiating the discussion.
When you’re ready to make your case, be direct but diplomatic. You can start the conversation by expressing your appreciation for the opportunities you’ve had in your role, then transition into discussing your contributions. For example, you could say, “I’m proud of the progress I’ve made in this project, which has resulted in these outcomes. Based on this and my overall performance, I’d like to discuss adjusting my salary to reflect my contributions.”
Be prepared for the possibility of pushback. For example, be aware of the company’s financial situation. If the business is facing challenges, you may need to temper your expectations or be open to creative solutions. Your employer also may need time to consider your request or might not be able to meet your desired salary immediately. In such cases, it’s helpful to have a backup plan. This could include asking for a future review date, additional responsibilities that could lead to a raise, or other forms of compensation, such as extra annual leave or a performance bonus.
Remember to keep the conversation positive. Avoid ultimatums or threats to walk away unless you’re genuinely prepared to do so. Retain focus on your value and how you can contribute to the company’s success. Throughout the conversation, keep the tone collaborative. Position yourself as not just asking for more money, and more towards discussing how your role has evolved and how you can continue to add value to the company. Emphasising your commitment to the company’s goals can make your request more compelling.
Talking to a recruiter can be a useful tool when exploring this avenue of your career development. Reo Group’s Search Partners are experts in their fields and have their fingers on the pulse of market trends and insights. A good recruiter can help you understand what your skills and experience are worth in the current market, and partner with you throughout the journey.