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So you want a payrise?

So you want a payrise?

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Before you go into your managers office explaining that you've been working hard and would like a pay increase, you need to sit down and think a few things over. 

 

Here are four points you should think about: 

 

1) Do you deserve a pay rise? you need to seriously give this a lot of thought in order to justify asking for an increase. The fact that you have been in your current role for 6-12 months is not a good enough reason on its own. You need to be able to articulate what you've done / doing above and beyond your day to day role that makes you an invalueable asset to your company. 

2) Find out what the current market is paying – It’s a good idea to evaluate the market you’re in and a great way of doing this is to speak with recruiters who specialise in the specific area you work in. I hear candidates who speak with colleagues / friends in order to get an idea of salaries and they automatically think they should be earning the same, if not more than him / her. There is probably a reason your colleague is earning more or less than you.

3) Be realistic in your expectations – All too often I hear candidates tell me they are looking for a $20-$30k increase on their current salaries with no justified reasoning behind this. I understand salaries should be regularly reviewed and adjusted inline with inflation but going from $100k to $130k needs to be justified. ie) What will you bring to the table that warrants this increase? have your responsibilities increased? has your role changed from when you first started?

4) Don't complain or whine when trying to justify a potential raise. Chances are you're not the only one working hard in your company and you'll have a much better chance of success if you list your accomplishments and wins since you started.