The best way to see more money in your account every month is to make more money doing what you already do. It doesn’t require you to work any extra hours, and it is guaranteed extra money every month. If you think that you are eligible for a pay rise, and have been going above and beyond what is expected of you at work, this is the perfect time to make that enquiry. Whether you have been at your current place of work for a while, or you are starting a new job- there is money to be made by asking for a salary increase. There is nothing to be feared when asking for more money, and with these tips, you’ll be in the best position to make that enquiry.
When you’re starting a new job
When you are starting a new job, always remember that the salary they offer you is not going to be their highest offer. Always make a counter-offer, as most companies will expect you to negotiate. If you’ve applied directly with a company, read the job listing and push for the upper pay threshold that is listed- and tell them why you’re worth the extra money. If you are going through a recruitment agency, they will do all the negotiation for you. If you tell them that you want a higher salary than is being offered, they will go back to the company and see what they can do. If you find that you’re not getting anywhere, see if you can have a clause in your contract that says after your probationary period has come to an end, your salary will increase by £X amount.
When you’re in an existing job
Research, and research again.
When you’re asking your boss for a pay rise, research is so valuable. Take a look at sites such as Glassdoor where you can compare your salary to others with the same job title in your area- see what the average salary is and see how yours matches up. This first step will help you gauge your salary to show you whether you are currently being underpaid or whether you are getting paid the average salary for your job title. That said, jobs with the same title can be vastly different, so your next port of call is checking out job listings.
Print out job listings
You can check out job listings on sites like Linkedin, Indeed, Reed and also on Glassdoor. Or just simply search Google for your job title plus location to find the best results. Search through the job listings to find roles (where the salary is also listed) that describe the same role as yours with similar responsibilities- where the salary is greater than yours. Once you’ve found these, print them off to take with you when you have that all important chat with your manager. Keep checking the job listings over the course of a few weeks, and keep printing out the most relevant ones. The more listings you have, the more it shows that you are not being paid the industry standard.
Write down your achievements
When you’re asking for a pay rise, you need to bring to the table a nice long list of achievements that prove that you are going above and beyond what is expected of you in your role. You need to be able to show your employer exactly why they should be paying you more- and that means reminding them of everything you have achieved whilst in your current role.
What if they say no?
If your employer still says no after being shown why you are such a valuable member of the company, ask them what you can do to reach a point where they would be willing to increase your salary. See if you can come to a compromise whereby you agree to discuss the salary increase again in six months’ time- and mutually set some goals for you to reach before then. If it’s still not happening and you are unhappy and know you are being underpaid, it might well be time to get back to those job listings again and apply to some yourself.