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Saving money can give a boost to your saving or debt repayment, but the real boost will come from your increase in income. Whether it is by doing some extra work on the side or by working towards salary increase at your current job. But, a silent worker will never get the hike unless you ask for it, unless you are exceptionally valuable or extreme lucky.
Even if you are satisfied with your current job, at some point in your career there will be moments when you have to step up to the plate and ask for more money. There may only be a few times when you need to take this action but definitely the moment will come. Whether you have a HR job , technology job or you work in sales, the moment will present itself and you need to be prepared.
It can be terrifying and many people put this moment off as long as they can. Remember that your boss will have had lots of people asking for a pay rise, you will not be the first one, so don’t be afraid its your duty to earn more and provide better comfort to your family.
There are a few things that you need to prepare before you pitch for your pay rise. You should create a list of the achievements you have made in your current role, show that you are working above and beyond your current job role, that you are prepared to take on more responsibility and that you have suggestions on how to improve the current system. All the achievements you have made within your current role will support your application for either a pay rise or a promotion.
You should also do some research into the company’s finance, it is unwise to ask for a pay rise when the company are making people redundant. If they are not in a position to offer you a pay rise then it is advisable not to ask for one.
You should also find out which person you need to talk to get a pay rise, is it the HR department or your boss/manager. Make sure you pitch to the right person. When you have found out who to talk to, you should set up a meeting at a convenient time with them. Don’t bother when they are incredibly busy. Remember that they are busy people and that you should justify the time that they have given to you, else you are just wasting their time.
Once you have the meeting set up there are a few other things that you need to remember. You should not talk about other job offers or prospective employers when negotiating; this may sour the current relationship with management. Lastly, if management agrees to give you a pay rise you should follow it up in writing by an email or letter.
The best thing to remember when pitching for a pay rise is to be prepared; the management will not be impressed if you swan in asking for money failing to justify the reason or asking for raise too frequently.
Often the situation might not go your way during or after the negotiation, be prepared to look out for alternative and quit the current job. This is another article I wrote about steps to be taken before quitting current job.
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Hunter @ Financially Consumed says
August 26, 2011 at 9:58 AMI agree with your argument, it’s important to ask for more money. Too many cube dwellers suffer in silence and then get all bent out of shape when they don’t get the annual pay raise they believe they are entitled to. Don’t hide your light behind a bushel, as they say.
Financial Success for Young Adults says
August 26, 2011 at 12:01 PMNegotiating has always been something that I have not been very good at. But I will be sure to keep these tips when it is that time. I’ve only been at my job for a few months now so I will wait until at least 18 months to ask if nothing has been given yet.
SB says
August 28, 2011 at 10:24 AMYou can start looking for your worth at other places at one year mark.
Marie at FamilyMoneyValues says
August 26, 2011 at 1:47 PMIt’s always worked better for me to try for new responsibilities (that of course offer greater rewards), than to present a list of past achievements. A company always wants to know what more you are going to do for them, not what you have done in the past.
Of course it certainly doesn’t hurt to weave your achievements (as long as the person you are talking to recognizes them as such) into your conversations.
Another avenue (mainly pursued with HR in larger companies) is to know your relative worth in the industry – research what other companies pay for your job and make sure HR is aware. I was lucky to be employed by a company whose HR department did this (and adjusted salaries as a result)! One year I got a 25% bump up because of it.
SB says
August 28, 2011 at 10:22 AMMarie, it’s so true to know your worth at other places. When I negotiated, I had a job offer, that gave me courage to ask for a steep raise.
Melissa says
August 26, 2011 at 3:40 PMThis is a great post! I feel that it’s so important to make sure to ask for what you want, if you think you deserve it. You might not get the raise, but you’ll earn nothing if you suffer in silence, and at the very least, it’ll plant a seed in your boss’s head that you’re not satisfied with your pay level, so even if they can’t do it then, they might consider it for the future.
SB says
August 28, 2011 at 10:20 AMGood arguments, in addition, we should not ask for a raise too often.
Buck Inspire says
August 27, 2011 at 2:31 AMGreat advice. Will keep this in my back pocket. What is that phrase, “The squeaky wheel gets the grease!” I think money is a tricky subject, but if you deal with it objectively and part of the business, it may make the whole process more comfortable.
Yan says
September 1, 2011 at 5:12 PMNice! Google brought me here, I am going in for a negotiation with boss next week, doing some preparation for what I should talk on. I read both of your articles on pay rise, nice tips.
SB says
September 1, 2011 at 8:14 PMAll the best Yan, let me know what happened afterwards. Thanks for your time glad I could be of help