Even if our income covers our bills and a few small treats, most of us could find something to spend a little extra money on. If you’re lucky enough to work in a company that gives annual pay increases, that’s great. If not, and you think you are worth more than you currently receive, here are a few tips for how to negotiate a pay rise.
Do some research
Search recruitment sites for similar roles to yours and look at the salaries being offered. If other companies are paying more, you might find it easier to persuade your employer to increase your salary.
Pick your timing
If you’ve recently taken on extra work, have dramatically improved your performance or are outperforming other employees, it could be the perfect time to ask for a higher wage.
Ask for a pay review
Rather than casually dropping a pay rise request into a conversation, ask your manager for a pay review. Ask them if they can schedule in some time for a meeting to discuss your salary.
Show how you add value
When you sit down with your employer, you need to show them why they should increase your salary. You’re more likely to get a pay rise if you present a clear case for why you deserve one. What extra responsibilities have you taken on? Have you exceeded expectations? How do you add value to the company?
Have an idea of what you want
If you’re asking for a pay increase, it’s a good idea to have a figure in mind of what you want. There’s no guarantee you’ll get what you ask for, and you might even get offered more than you expected. However, if you get asked what increase you would be happy with, and you can’t give an answer, you might not get what you want.
Be prepared to accept a compromise
Your employer might not currently be in a position to offer you more money, no matter how much they value you. Be prepared to accept that you might not get what you want straight away. Perhaps you can come up with a compromise such as extra holiday allowance, increased pension payments, another review in six months or subsidised travel costs. Maybe you can get your employer to agree to a pay rise if you hit specific targets in the next few months or if you take on extra responsibilities. Perhaps you can ask for extra training to help you progress into a higher paid role.
If you are unsuccessful in negotiating a pay rise, don’t rush into any decisions. You don’t want to quit your job in a blaze of glory and burn your bridges, only to find yourself in a worse position. Instead, start thinking about how you can improve your chances of getting a pay increase, whether that’s with your current employer or with a new company.
Making a bit of extra money can really help you save for those unexpected emergencies, but it isn’t always possible to plan for every expense. At Morses Club, we provide cash loans to help take care of those surprise costs. Cash loans aren’t right for everyone, so if you are considering it as an option, it is important you understand how it works before you apply.