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Money makes the world go round and it almost definitely makes your world go round.
There are so many different reasons that you may be seeking a pay rise. Regardless of your circumstances it is never easy to ask for more money. But it is necessary, both for your wellbeing in regards to the value of your labour and for your quality of life.
You work hard, get paid for what you do and deserve to be paid accordingly.
Here are some essential things to consider when asking for a pay rise:
1/ Research
You can use platforms like Glassdoor or look at recent postings on LinkedIn to try and gage roughly how much your peers are being paid in your field. If you are from a marginalised community like being a woman, it may also be helpful to know how much men and women in your field are getting paid relative to your own pay.
2/ Separate Yourself
There is a lot of discussion about ‘your worth’ in the workplace, on social media and in this blog post. It’s important you are able to separate this entity that we call ‘worth’ before going into negotiations. Otherwise, you can be left emotionally harmed by rejections. Go into conversations about the value of your contributions without conflating it with your actual value as a human being. You’re amazing!
3/ Comfortable
Talking about money can be really uncomfortable, so one of the best things you can do for yourself is to ask in a way that’s most comfortable for you. This can mean setting an intentional meeting with your boss or waiting for your weekly catch-up -- whichever will help you be most comfortable in the situation.
If you’re particularly anxious you could try sending an email prior to your meeting to clarify what it will be about, this may allow you to feel out the tone of the response. Send an email summarising what you would like to talk about and indicate in which meeting you would like to discuss.
4/ Refresh Your Memory
Remind yourself of all of your contributions since starting at the company, as well as your individual and team wins, and your plans for your role in the future. Remember, a pay rise is also an investment in you. You want to leave no doubt in your boss's mind that you are worth what you’re getting paid and more. Refresh your memory on all of those wins.
5/ Think About Your Boss
No one likes sucking up, but you don’t have to sell your soul to know who your boss is and what will work for them. Think about your bosses schedule, about their current projects and use these to your advantage. For example, if you know that a big project has crashed and burned, that’s probably not the best time to ask for a raise.
6/ But Don’t Wait Too Long
But if you know that your annual review is coming up, you should definitely mention it to your boss before then -- that way they already have this in mind when analysing your overall performance.
7/ Get A Work Coach!
And lucky number seven is, of course, our biggest secret. Working with a work coach allows you to discuss how you really feel about work and your career with someone who only cares about you succeeding. Getting a work coach can boost your confidence, industry insights and provide you with long-term career planning.
Find out more about coaching with Sancti now.