Increasing your income is an important way to boost your financial health. However, most people will not ask for a raise due to worries about job security. There are ways you can prepare to ask for a raise to make you feel a bit more confident about the process and this article will focus on these. It is likely you haven’t asked for a raise in a long time, if at all and therefore you could be missing out on important money which could help boost you towards your financial goals. So get set to ask for the money you deserve!
Know your worth
The starting point is to see how much you are worth to the business. If you were to leave the organisation today, would the projects struggle to continue? Do you have a lot of firm specific knowledge that makes you valuable to the organisation? Would you be costly to replace? Using analysis like this you can see how integral to the organisation you are and realise if you are able to request a higher pay. If you cannot answer the above questions with yes, you might need to focus on improving your importance within the organisation before asking for a pay rise.
Improve your worth
A big part of getting the pay rise you want is to improve yourself and your stance in the organisation. Increase your visibility by applying to help out with projects outside of your typical daily task and you will likely pick up a good reputation within the organisation and market yourself towards a pay rise. You can also take different courses online that relate to your job, these are often relatively cheap and provided through recruitment/job search websites. Increasing your skills will make you a more valuable employee who can offer more to the organisation and thus increase your bargaining power when it comes to asking for a pay increase.
Know the going rate
It is important to keep a check on job recruitment sites regardless as to whether you are looking for other jobs or not. See the rate of pay for your job at other firms. Whilst this isn’t an excellent yardstick to what you should be paid (pay also depends on the size of the organisation and other external factors), it should help to give you a rough idea. Although it is rather taboo, I also suggest discussing with your colleagues as to what you are all paid. This helps identify pay disparities within the organisation which is a better yardstick for what you should be paid. However you should of course account for things like different experience levels among your colleagues.
The biggest reason most people don’t get a raise is because of the unwillingness to actually ask. Many people expect an organisation to approach them if they are deserving of a pay rise. This just doesn’t happen. Organisations will be happy to keep paying you low amounts due to the fact that it will reduce the costs of the business. You need to be active in this discussion and lead the way. Approach the person in control of pay in an appropriate manner and ask for a raise. Don’t say that you need the raise but explain why you think you deserve it and what you bring to the organisation. Many people worry about the response from asking for a pay rise but in reality it is unlikely anything will happen as a result. The worst you will experience is the person saying no. To do this, ask for a performance meeting, have an ideal number in mind and discuss politely until you come to an agreement. If it isn’t going the way you want it to, step back and ask for a couple of days before re-approaching to avoid letting emotions getting in the way.