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RTO No; 1918
How to ask for a pay increase your boss will actually consider.
Posted by Kathy Rogers | Learning & Development Consultant on 11 July 2019.
So, we are already half way through the year. How quickly time has flown. With the end of the financial year, you may have found yourself taking stock of the work you’ve completed. Now is the time to focus on the future. New projects, new demands and new budgets.
So, in an economy that seems to be struggling, how can we possibly ask our boss for a pay rise?
Did you know one of the biggest costs to any business is staff turnover? It costs approximately 80% of the annual salary to recruit and train a position. So, it makes good financial sense to keep you on, rather than lose you to a competitor.
Here are 3 steps to take when asking for a pay increase:
Ask your manager for a mid-year review.
Many organisations conduct their performance reviews at the end and beginning of a calendar year. Why wait 12 months to have a conversation about how you are doing and your achievements? It doesn’t have to be a formal process. This mid-year meeting is more like a conversation. Be open to feedback and ask questions about what your manager thought you did well.
Highlight the achievements you’ve accomplished in the last 6-12 months.
Don’t be afraid to remind your manager of all the wins you’ve had. Working in a fast-paced environment means we can find ourselves only recalling the here and now. Reflecting on past work is a good reminder of how great you are. If there were not major events to talk about, consider using the ripple effect to demonstrate your talents. The ripple effect allows you to talk about all the little tasks you completed that had an impact on your organisation as a whole. For example it could be introducing a new welcome message when phones are answered in the call centre, which led to an increase in reported customer satisfaction over the last 3 months.
Detail how you will achieve your goals in the coming 6-12 months.
Don’t expect a pay increase to be given to you based on work you’ve already completed. You want to use your past work behaviours to demonstrate the hard work you are about to achieve in the months ahead of you. Explain how you will spend your time, what tasks are going to stretch you and how your manager is going to get value for money from the work you will produce for them.
In order for your manager to consider giving you a pay increase, market yourself like a product. What benefits do they stand to gain from the work you do? How will your talents provide added value to the team and organisation?
Marketing yourself in a way that demonstrates your talents while value adding to the business, is a great way to ask for a pay increase your manager will actually consider.