Asking for a pay rise can be daunting as there are many factors to consider from your perspective, and your employer’s. Here are some tips to help you prepare and be confident in how to ask for a pay rise.
Research and preparation
Look at market research and industry averages for salaries in your area of expertise and experience. We’ve done some of that work for you in the 2024 PACE Report which outlines the most common reasons for employers giving salary increases in 2023, plus current salary averages for over 360 roles.
Assess your own performance and accomplishments. Document specific achievements, additional responsibilities, and any positive impact you've made on the company. Be prepared to discuss specific examples and provide measurable results wherever possible.
Choose the right timing
Plan to have the conversation during a performance review, at the end of a successful project, or when you have completed a significant milestone.
Consider the financial health and performance of the company. Asking for a pay rise when the company is facing difficulties may not be in your favour. Consider both perspectives – while the cost of living in 2023 is increasing for individuals, so are the costs of running a business.
Be confident and professional
Clearly and respectfully articulate your case, focusing on facts and your value to the company, rather than personal needs. Perhaps even do a run through with a friend to practice what you’ll say. This may prevent you stumbling on your words.
It can be easy to let emotions get the better of us when discussing topics such as money, so remember to stay calm and take some deep breaths. Here are some additional dos and don'ts of negotiating a salary increase to help you remain confident and professional.
Be open to negotiation
Be prepared for a counter offer or a discussion about other forms of compensation, such as bonuses, benefits, or professional development opportunities.
If a full pay rise is not possible at the moment, consider asking for a performance review after a specific period, where you can revisit the conversation.
Follow up
Regardless of the outcome, express gratitude for the opportunity to discuss the matter. If a pay rise is agreed upon, make sure to confirm the details in writing.
The best conversations about pay rises are collaborative, not combative. It's important to not only highlight how you have increased your performance and how you’re adding more value in your role, but to talk enthusiastically about how you can continue to grow your role and impact in the months and years to come. Good luck!
