Whilst a great way to get a higher salary is by getting a new job, what do you do if you love your current job but want more money? Here are some tips. Good luck.
1. Share your long term aspirations and seek support.
Have a conversation with your manager to let them know that, whilst your first priority is to excel in your current role, your long-term goal is to advance and that you want to make sure you’re doing everything that you can to set yourself up for success. Ask for their recommendations on how you can improve in your current role and what you can do to position yourself well for the next role. Then implement the feedback so when you ask for a salary increase they can see that you have done what was required of you and more.
2. Use your initiative, take on more and proactively communicate wins.
Consistently exceed expectations in terms of your current role and job responsibilities. Deliver more than is expected. Share your accomplishments with your manager, so they know what you have achieved. This way when you ask for a promotion or more money you are viewed as deserving.
3. Focus on why you deserve it (not why you need it).
No one is going to give you a salary increase because you have increased expenses. Before you can convince your manager you deserve an increase, you need to believe that you’ve earned it. Too often, people argue that a raise is important because of very real costs in their lives, like rent increases however, an employer is looking to give increases to people based on performance. Stick to discussing your performance and the value you can and have added.
4. Practice your pitch and anticipate questions.
Conversations in which you are asking for something almost always go better if you’ve rehearsed in advance and have considered the possible responses that you’ll get, and how you’ll address these responses. After role-playing the part of a resistant manager, having the actual conversation will be infinitely easier. Watch your tone and speed, often when we feel a little anxious we speed up or get more forceful. Practice using your more natural tone.
5. Do your research.
Conduct background research to determine your market value. It’s essential your request is realistic. Some researchers found that people who gave a precise number were more likely to get conciliatory counteroffers. Instead of saying you want $90,000 or $95,000 ask for $94,000. Don’t suggest a number that is completely unrealistic.
6. Talk about the future.
Show you’re invested in the company. Every manager values loyalty. Start the conversation on a positive note, and explain how much you like working for your manager and the company. Then explain what you want to do in the future, and how you plan to contribute to grow the business. Volunteer for a project or create one by being a proactive problem-solver. When leveraging a project to get a salary increase, explain the new responsibilities you’d like to take on and how it will help the company grow and generate more money.
7. Be prepared to hear no.
Don’t be discouraged if your manager says No. If you don’t get the pay increase or new position you requested, it doesn’t have to be the end of your negotiation. Request an interim performance appraisal with clearly defined goals and salary adjustment before your next annual review. This puts you in line for a possible increase sooner and also communicates how seriously you take your career. If an increase or promotion isn’t going to happen right now, you could consider asking for things beyond salary such as bonus, incentives or professional development opportunities.
If you are confident, perform well in your role and ask for what you want in a positive manner, the worst that can happen is that your manager says no. Even if they do, you have demonstrated that you are thinking about the future! Never use threats to leave the company and get another job as a salary negotiation, if your company feels your worth it, and they have the budget, they are likely to give you a rise,– good people are hard to find.
If you don’t get the increase you want and you feel you are worth it….. there is always us, Selection Partners we place good people in great jobs in engineering, construction, rail, supply chain and retail.