I find it difficult to discuss money with my boss but feel that I am entitled to a pay rise. What is the best way to negotiate an increase in salary?
Many people find the subject of money difficult to talk about and it is important that before you enter into discussions with your manager about your salary, you do your research and are well prepared.
The key areas of preparation are an understanding of the current market value of somebody in your role, a knowledge of the current position of your company, being able to illustrate the contribution that you are making to the organisation and an idea of what it is that you hope to achieve from the discussion.
Salary surveys and benchmarking reports can be valuable tools, however it is worth baring in mind that these often present salary ranges and should be viewed as a guide with consideration given to a number of factors such as your level of experience and the region in which you are based which can account for fluctuations.
Consider the bigger picture. The current position of your company or industry will also have a bearing; if the sector that you are working in is struggling or the business has recently lost an important contract then there may be little room for negotiation. Try to time your request for a meeting to give yourself the best chance of success and put an appointment in your manager’s calendar to specifically discuss the matter – don’t just try to catch them off-guard!
Build up a case as to why you feel you deserve an increase in pay – have you taken on additional responsibilities, have you made a significant contribution to a particular project or introduced systems which have benefited the business, have you undertaken any training or gained further qualifications? Also look at your skills and identify if you possess any which are in particular demand (and possibly short supply) and enhance your value to your employer.
Have a figure in mind and be able to discuss why you feel that figure is appropriate and how you have arrived at it. Don’t be tempted to inflate this number in order to be negotiated down, if you pitch yourself too high your employer may feel that your expectations are unrealistic and end the discussion there and then. Also be prepared to outline what further contribution you can make.
If your request for an increase is not successful, you will no doubt be feeling disappointed – and could potentially decide to look for a new role – but do not attempt to give your employer ultimatums. Instead, ask your manager to outline a series of actions that you can work towards in order to secure a raise in the future and request a follow up meeting to discuss further.
Sharp Consultancy specialises in the recruitment of temporary, interim and permanent finance and accountancy professionals. With offices in Leeds and Sheffield our highly experienced team of consultants recruit for positions throughout Yorkshire and beyond. CONTACT US today for expert advice on your next career move.