Is there anything scarier than asking for a pay rise or negotiating a higher salary when you have been offered a new job? It can feel so difficult and that’s why so many people shy away from doing it and settle for a lower salary, even when they know they’re worth more.

It is possible to feel confident negotiating a salary increase! If you go into the meeting feeling mentally prepared, your likelihood of securing a salary increase is much higher.

So consider the following points to get yourself ready:

What is the reason you are asking for a salary increase?

Why do you want to negotiate a salary increase at this time?

Why do you want or need more money?

You may have had a shift in your role, maybe you’ve taken on more responsibility, have a wider scope or more team members to manage.

For some people, they focus on getting more money because they are unhappy in their current role. They’ll say things like ‘they are not paying me enough to deal with this stress’ or ‘I don’t get paid enough to do as much as they expect of me’.

It could be that you are not feeling like you are getting the recognition that you deserve or that you know that other people in the organisation are being paid more than you, despite being in the same role.

Next thing about, what do you want to do with the money?

Is it that you want to save more?

Do you want a bigger mortgage or finally buy a house?

Do you want a better lifestyle? More expensive holidays? Take up a new sport?

Knowing what your motivations are, will help you to make the decision to start this conversation with your manager earlier – rather than always delaying and waiting for next year or your next appraisal.

Unfortunately, it isn’t as easy as walking into your boss’ office and saying “I would like a pay rise because I am feeling undervalued at the moment”. You need to go into the conversation with evidence to make it easier for your employer to say ‘yes’.

Here’s some ways you can gather the relevant evidence:

➡️ Benchmarking salaries by using websites such as Glassdoor

➡️ Look at other job adverts to see what salaries are being offered for similar roles

➡️ Talking to people in your industry

➡️ Talk to HR contacts or your internal HR department about salary ranges

➡️ Look at competitors’ salary ranges

➡️ Gender pay reports

➡️ Using contacts in any memberships you may be a part of

Using all of this information you can review where you are currently, and how far away you are from what you want to be paid.

This is really important when asking for an internal pay rise, but also when you are asking for a pay rise at the offer stage. You can make a business case to explain, and justify why you feel like you deserve a higher salary.

Creating a business case helps also helps to take the emotion out of the conversation, which is important as this is very understandably an emotional conversation. When you have this converdation with your manager it is likely that you will feel vulnerable, so this practical approach is one way to stay cool under pressure.

Firstly, ask yourself ‘what is the salary you actually want?’. I would always recommend that you are bold when you get to this part as your Manager may negotiate you down; the last thing you want is to be negotiated down from your minimum salary expectations.

Secondly, think about any objections that they may have and come prepared to answer those questions in your business case. What solutions can you come up with to limit their fears or to dispel their potential queries.

Thirdly, talk about the value you bring to the organisation and demonstrate that in your business case. Think about what you have delivered in the last six months which has made an impact to your team and also the wider organisation. Remember, we are all individuals and we all have our own strengths which make us unique. Ask yourself, if I left the business today, what would they miss?

Finally, make sure you include your research and round off your business case succinctly. You don’t want a 12 page Business Case, it needs to be short and punchy.

If you are looking for help in negotiating a pay rise, with even more detail, then join my FREE Live Event How to Land your Dream Leadership Role and Get Paid What You’re Worth on 10th September 2024 at 7.30pm. You can register your interest here