Asking an employer for a salary raise isn't the most comfortable of tasks. Whether you're the type of person who walks straight into the review knowing exactly what they want and how to get it, or you're someone who finds it difficult to talk selfishly about their achievements, pay reviews can end up more drawn out than they need to be, and become a long and complicated ordeal. Employers with a good grasp of HR issues give raises to aid staff retention, allowing key people to grow within the company framework.
Dedication
Pay rises are usually based on achievement of company and personal objectives, usually set at performance appraisals and previous salary reviews, and some managers may value an employee's personal goals in relation to the company objectives more than others. However, you have the means to prove your competence, honesty and passion without looking greedy, headstrong and frivolous!
Show exactly how valuable you are by displaying your passion for your work:
- Aim to be first in the know about new trends and innovations in your industry
- Volunteer for extra responsibility, put in the extra hours if required
- Respond to special requests and urgent tasks quickly
- Dress aspirationally - investing in smarter clothes and looking the part shows your boss you're ready to progress up the salary chain
Keep the hard work up all the time. If you suddenly burst with ideas during the weeks leading up to your review, your motives may be suspected. If you've been slacking off during the year, your manager will certainly have made a note of it. And it's important to keep on the ball at all times, not just while your manager is around.
Desire
Do more than just show your commitment. Say what you want. Express your desire to do well within the company, at performance appraisals, tell your boss what you want to achieve.
About 4-6 weeks prior to your review, review your progress. Work out what you would like to discuss with your manager at the review. Focus on areas for improvement and take steps to rectify weaknesses they are brought up at the review.
Determine the raise you would like, but be mindful of your market value. If you demand an increase that's much higher than the going rate, your manager might just call your bluff. Research salary surveys, check the appointments pages or ask your recruitment consultant for advice. Quote the salary you deserve, not what you think they want to pay.
Mark Townley, an FD for a design company, recently had an experience where it was more profitable to hire and retrain someone else than meet the high expectations with his staff.
'Our management accountant asked for a raise that took him into the range of senior management, claiming it was the market rate. It wasn't. If he'd come to me with reasons we could benefit from, such as doing extra work or saving us money, I might have considered it. He was a good worker - but so are other members of staff.' Mark gave his employee a week to revise his request or come up with some justification. When they next met, 'he simply restated that he was worth the rise he'd asked for, no reasons, no justification. I turned the raise down.' Mark's accountant had cornered himself and shortly afterwards left. I was unhappy that he thought we were being irrationally tight, says Mark, but although we had to hire a new recruit and bring them up to scratch, that worked out more cost-effective than meeting his unreasonable demands.'
Demonstrate
Prepare a written document saying why you deserve the raise you're asking for. Leave it with your boss for his or her consideration or take it into the review. Even if you don't feel it's appropriate to submit to your manager, it's worthwhile to help clarify in your own mind, why you think you're worth what you're asking for. Include:
- Special projects that were noted as being expertly handled by you
- Tasks assigned especially to you due to your unique skill or to a uniform trust in your abilities
- Activities you've taken on that don't sit within your original job specification
- Implementations or activities that have saved the company money or contributed to goodwill
- The market value for someone with your experience and skills (a recruitment consultant is usually more than willing to help you assess this)
- Awards or achievements earned that have increased not only your experience but also skill and recognition
- The salary you are on and what you would like it to be
Discuss
In the review meeting, focus on your reasons, past and future. Even if you are making a good case for yourself, you will still be subject to your manager's watchful eye. He or she will want to see the benefits that an increase should reap. Some managers will set goals and objectives to ensure you don't slacken off, but also so that you will continue to improve yourself, to meet the company's future requirements. If possible, look for fresh projects to show your mind will keep buzzing with new ideas. Confirm your commitment by listing what you can contribute over the coming year and how you plan to earn your higher salary.
Conclude your case on a positive note. Make a point of saying that you are satisfied with your employer, job and colleagues. Otherwise, you wouldn't be going to such lengths to justify a decent raise.
Direction
However focused and positive you thought you were, you just may be unsuccessful. If you didn't receive the raise you were after, you can either stay on and hope the situation will change, or seek your worth elsewhere.
Consider factors such as company culture, benefits, colleagues, promotion prospects, growth rate and location. Your manager should be able to indicate whether your aspirations will be met. There's no point staying in a company you feel does not appreciate you or sitting in a job you feel is going nowhere. Find out.
Don't be afraid to ask for non-financial benefits such as a mobile phone or an increase in vacation allowance. If you are still unhappy with the outcome, ask if it can be re-evaluated at a date sooner than the next scheduled review.
Deserve
Don't become disheartened. A negative pay review does not necessarily reflect your standard of work. Continue to work hard. A raise should result from achieving not only your career goals in an agreed timeframe, but also meeting the needs of your employer. These may be simply incompatible and that's not your fault.
You should hopefully get what you deserve. Outstanding work never goes unnoticed by rational management, especially those who work closely with you. If you have the drive and your work has exceeded your employer's requirements, your value as an employee should increase. Striving to reach your career goals and realising your potential makes the uncomfortable task of requesting a salary review worth your while. Remember the feeling when you got your first job? A pay rise feels ten times better (and the extra money isn't bad either).
Established since 1958, Hays Accountancy & Finance is the leading Financial Recruitment Consultancy in Ireland. For further information please contact Andrew Bloom at andrew.bloom@hays.com : View Hays jobs on Accountingnet.ie