How to ask for a pay rise … and get it
The financial year is coming to a close and that means its also pay review time. The information below comes from an article recently published on news.com.au.
With pay review season on the horizon, and the cost of living skyrocketing, it’s the time of year when employees are thinking about how to boost their pay packet.
Despite the government’s calls for wage restraint, the latest ABS data showed many sectors were increasing pay at a rate beyond the current inflation rate. So is it unrealistic to ask for more? Course not! Jerry knows how to get the money!
But what’s the best way to get more money out of the boss?Career coach Jane Lowder, founder and senior coach of Max Coaching, said employees should prepare themselves thoroughly before pitching for a pay rise by researching what the market rates are for your position, and proving your value to the company. One of the worst examples Ms Lowder had heard was of an employee barging into their manager’s office and proclaiming: “I’ve been here for a long time, I deserve a pay rise”. “And the manager’s response was: ‘What have you contributed?’” Ms Lowder said.“It’s not just based on longevity; it’s not just about turning up every day.”
She said preparation is crucial to getting what you’re after. “It really revolves around proving your contribution to the organisation,” she said. “Obviously the best way is to consider how you might add monetary value or impact the bottom line.” With a widely acknowledged skills shortage, keeping your employees happy is crucial for bosses.A third of more than 11,000 respondents in the CareerOne survey said they would quit their job if they didn’t get the pay rise they wanted.
Keep your emotions out of it
Crying, threatening to quit or begging are among the worst ways to negotiate “Keep it as a business discussion or transaction. Getting emotional doesn’t always carry over that well,” she said.Being demanding, or threatening to quit if you don’t get what you want won’t win you any brownie points either. “Holding the organisation to ransom is not a good idea,” she said.
Keeping an open mind and conducting a two-way conversation rather than a demand will also boost your chances, Ms Lowder says. Discussing what else you can do to contribute to the company will also help, but make sure you time the talk appropriately.If your manager’s under the pump or trying to meet a deadline, make sure you have arrange a suitable time to for a detailed chat.
Not just the $$$$
“Research shows that it’s not just money that will keep people in an organisation.“There’s an awful lot more incentives they can offer for retention.”These include gym memberships, subsidising private health insurance, or offering flexible working hours and the option to work from home.
Check out the competition
Be realistic in your expectations, research the market and seeing what the market rates are for your role using a salary survey, you are more likely to be clear on what to expect.“You need to suss out the market and be aware of how many opportunities there are out there for you as alternatives. Again it comes down to ‘do you have a niche skill and is it in high demand?’ And if so, that impacts on your ability to ask for more.”
