When negotiating a pay rise, it is critical you don’t approach your meeting unprepared. A lack of research will lower your confidence and will likely result in an outcome you’re disappointed in. It’s extremely important to know the market value of your role, understanding your contribution to the company, and having a clear idea of what you want, is essential for a successful negotiation.
Start by researching your market and understanding how your current salary measures up against the average in your sector. There are several ways of doing this;
Keep track of your accomplishments and check every month or every one-to-one with your manager to see how you are performing against your target i.e., are you below, on, or above target. Is there anything that you can improve on? Get as much of it as possible and record it somewhere.
Keeping a record of this throughout the year is important for when it comes to appraisal time, you can say to your manager – ‘this is how I’ve performed against my target, this is how consistent I’ve been, and I’ve done everything asked of me.’
Once you have your records of your successes, be clear about the value you add to the company.
Don’t forget to highlight the key skills you possess that are in short supply, or otherwise entirely missing in your organisation. The more you can prove that you are indispensable to the business, the more likely you are to land that pay rise. Have you had any recent training or qualifications you have completed? Identified a new tool or process to drive efficiency? Been praised by clients or senior management for the quality of your work?
These are all major factors with building your business case, and most importantly be confident and prepared with data to back up your points.
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