How to get a fatter wage packet
We all believe we are worth more money than we are currently earning but there are good and bad ways to attempt to get a bigger pay packet.
You believe you are under-appreciated, overworked, worth your weight in gold, but your pay packet does not reflect this. It’s time to ask for a pay rise but how do you do this? Charging into your boss’s office and demanding a pay rise is not really the best approach, you need to convince your Manager to see things your way. Here are some tips:
Ask yourself why you should get a rise
You will not convince anyone you are worth more unless you have a concrete argument to back up your request. For instance, can you show you have gone beyond the call of duty by taking on extra work or responsibilities, have you introduced new working practices to assist with the running of the office. If you can show your boss you are making a positive contribution you stand a good chance of getting an increase.
Know how much you are worth
Do some research before you ask for a rise to establish your current market value. Check job sites for comparable positions and look at their rates of pay. We would advise you not to compare your salary with other employees in the Company, this may annoy your boss as it shows you have been gossiping with other staff members.
Prepare your case
Before meeting your boss it might be a good idea to provide a written summary of what you want and why you feel you deserve it in advance. A written summary will give your boss a clear idea of your arguments which they could then use to plead your case with senior management.
Don’t ambush your boss
No-one is going to take kindly to being put on the spot, so make sure your boss has a warning of your intentions. Request a performance review meeting and make it clear you would like to talk about pay.
Think about timing
Picking the right time to discuss a pay rise is crucial. First thing on a Monday morning or late on a Friday are definitely no-no’s. Wednesday is a good day, try to schedule a meeting when your boss will not be too busy and will have the time to listen to you. It is also important to bear in mind what’s happening in your Company, if your organisation has announced job cuts perhaps you ought to think twice.
Asking for your salary to be doubled is unlikely to get you anywhere other than out the door with your P45. If you want your request to be taken seriously you need to pitch it right. You will have researched similar jobs so you know the going rate, this is what you should aim to achieve if possible.
Be prepared to negotiate
The key to negotiating is confidence. Be sure you present your case for a salary increase clearly and most of all don’t be afraid of being told ‘no’. if you do get a big fat rejection try to negotiate a date when your salary will be reviewed.
Have a back up plan
Just because your boss has turned down your request for a pay rise doesn’t mean you can’t ask for non-financial benefits as an alternative. Think about what you might accept instead of money. Extra holidays, training and development opportunities or shorter hours for example.
If your boss turns down your request, don’t throw a tantrum. It’s also not a good idea to make threats or issue ultimatums as you might miss out subsequent opportunities. When you have had time to think clearly about your position, you may decide the only way to get more money is to move jobs, this will mean you will want a reference from your boss, so it is well worth keeping him or her on your side.
It may sound simple, but if after racking your brain the only good reason you can come up with for why you deserve a pay is that you’d really like one, then you should probably put the idea on hold. Instead, it may be time to knuckle down to some old-fashioned hard work, or take on more responsibility, that way in six months or so you can go to your boss with a more solid case.
Good luck with your request, remember to keep it simple, explain why you feel you are worth more money and be realistic about how much you could get, that way you don’t be disappointed.