Dreaming of a trip to The Maldives? You better ask for a pay rise! Source: ThinkStock
IT MIGHT be one of the most frightening conversations that we ever have — approaching our manager for a raise. It can be so intimidating in fact that many of us never do it. We would rather avoid what we feel is a scary or awkward 15 minute conversation rather than see a boost in our bank account.
As a Career Coach I have coached hundreds of people — from return to work mums to investment bankers to graphic designers receive better compensation for their daily professional contribution.
My company conducted a survey on this topic and the results were startling. It found 71% of people feel due for a pay-increase but 82% of people don't know how to ask or feel confident in having the discussion. In fact, 27% of people would rather clean their oven (!) than ask for the pay increase they believe they deserve.
It's understandable that this can be a daunting topic to approach but it's essential to master the skill of asking for more money when you strongly feel that you are in a position to command it. In fact there is evidence that those of us who consistently negotiate their salary earn a million dollars or more over the course of their lifetime. Yes — a million dollars or more. Our annual increases (or sometimes even more frequently than annual in cases of promotions and increased responsibility) significantly add up year over year.
Most bosses don't just hand out pay rises willy nilly. You have to ask for it. Source: News Corp Australia
If the pay rise request is not something that you feel you have mastered yet, here are my top tips for asking for what you are worth:
Do your research
Use your network to find out what other people in your position earn. It's always useful to know people in your field (outside of your organisation) and initiate candid, confidential talk to share competitive insight. Also, use online job sites and recruiters to understand your financial worth in the current market — they will tell you. And the information can often surprise you.
Time it well
Timing is critical when it comes to asking for more money. You want to ask for more when your company is doing well financially and/or when you have just received some excellent feedback on your work. Even though it is unfair, there is a lot of emotion-based decision-making in business. So take advantage of a good window of opportunity to get the results that you want.
Be confident
Write yourself a mini pep talk. Consider all of the things (however small) that you have contributed to your team since your last increase. Remember — a pay increase is a simple value exchange — over time you become more effective and skilled and therefore are worthy of higher compensation. Don't over-think it — just write.
Remember — positivity wins
So many people screw this important conversation up by coming at it from a hostile angle. Come from a place of optimism and loyalty. You want to stay in your role, you love your company, you would just like to discuss salary as it has come to your attention that the market rate for your role is higher than what you are receiving and you are proud of your performance in your role. You are just sharing information. Ask if it is something that you can bring up for discussion, kindly state what it is that you want and don't over-speak. Nerves can make us talk too much. So don't. Keep your request short and simple. If you are a top performer, your boss will really, really want to retain you and ensure that you are happy.
If the outcome is not exactly what you want remember that you can consider alternatives too. You can create an action plan with your boss that will get you where you need to be in order to receive the compensation you want. Or you can ask for working from home flexibility or to attend a work-related course that interests you. There are a lot of opportunities that can be uncovered once you master the art of asking for more.
Remember this, if you don't ask, you don't get. Of all the managers who participated in my survey, a whopping 91% of them want their team to speak up if they are not happy with what they are earning. Don't assume that your boss knows what you want until you communicate it to him or her. Good employees are hard and time-consuming to find and expensive to replace. Like any relationship, when both parties are satisfied it's a win-win situation. So leave your oven alone and get busy asking preparing for your ask.
Life coach Susie Moore knows how to get more pay in your packet. Source: Supplied
Susie Moore is a writer and life coach. She is releasing a free video series on "How To Ask For A Salary Increase" on her website.
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