Happy new year. Welcome back. Hope you enjoyed a nice break. Wait, what? How is it March already? Have you thought about your 2017 pay rise yet? Maybe you just completed a whole review process and the mere thought of going through it again is too exhausting to even consider. However, in order to ensure the outcome you deserve, planning early and establishing a few simple strategies will lay the groundwork for success down the track.
Simply thinking you deserve a pay rise and maybe even asking for, or suggesting it outright might not be enough to get what you are after. To ensure success, you should take some time to build a strong case that demonstrates why you deserve it. Laying the ground work and preparing throughout the year can help you achieve a successful outcome once the time comes to broach the subject. Alternatively, if you’re under-prepared, the experience can be awkward and ineffective.
Your strategy for achieving a pay rise should focus on providing proof of why you deserve it.
Step 1 – Define success. Have a conversation with your manager or supervisor early in the year to discuss what success means to them. For some people’s roles, especially those that don’t have quotas or defined KPIs, success is sometimes subjective. Sitting down and defining what you need to achieve over the next year is a great first step. Write this down and gain agreement from your manager – a quick email confirming the conversation you had is all that’s required.
Step 2 – Record your accomplishments. Continually striving for excellence in your role is the best way to achieve success. But don’t forget to maintain an up-to-date record of achievements as they happen throughout the year – this should include formal performance evaluations, customer thank you or commendation letters and awards, as well as details of all your major and minor wins and successes. Casual comments from colleagues, superiors and customers could be included, as well as details of new systems or processes you implemented or initiated, and tangible victories such as productivity improvements, new customer wins, revenue and/or profit gains.
Step 3 – Know your market value. Do some research to find out what people in a similar role to you earn. Knowing what you’re worth in the outside market is the best way to demonstrate your value to your employer. Make sure to reference your sources and perhaps have examples of recent job ads to prove what you’re saying is true.
Step 4 – Plan your approach. Review your accomplishments before preparing an outline of the conversation you’d like to have with your manager. It’s a great idea to practise what you’re going to say but don’t be afraid to take notes with you, so you remember to cover off all the important points without becoming flustered.
Step 5 – Maintain professionalism. Have the information on hand in order to answer questions and delve into more detail if necessary. Try to relax and present a confident, businesslike approach (preparation will help here). Respond to your manager’s questions and comments in as much detail as required. Acknowledge positive feedback and try not to disagree with any negative feedback – instead use this as an opportunity to gain input into what you could have done better. After presenting your facts, ask for your pay rise outright. State what you feel you deserve based on your achievements and successes. It’s often a better idea to state a range – saying ‘I think I’m worth X’ doesn’t carry as much weight as ‘my recent research indicates that someone in my position typically earns between X and Y’. You could also mention that you’d like to be in the upper end of that range.
Step 6 – Accept the outcome. Accepting the outcome with positivity and grace regardless of the result is important. If your request is rejected, make sure to ask for specific feedback on how you can prepare for a more successful outcome next time, and possibly get agreement on a review time that is sooner than 12 months.
Asking for a pay rise can be a difficult subject for many people to broach, however preparation will ensure the best possible outcome. This shouldn’t be a one off or irregular event either – take some time to regularly review and assess your career status and progress against your goals every 12-18 months.
Would you like help developing a career strategy that puts you on the right trajectory for success? If so, please see our Career Guidance and Career Coaching Services.