Pay Rise or Promotion Negotiation – Boom or Bust
Stop! Before you barge into your manager’s office and demand a pay rise or a promotion, let us give you some important points that could tip the balance in your favour.
7 tips to negotiating a pay rise
- Benchmark yourself
Knowing where you stand in relation to the market is vital. Before you ask for a pay rise, find out how much you, your position, qualifications and level of experience are worth in the current market. Be prepared with that information in case you’re asked: “What do you think you’re worth and why?”
- Demonstrate your value
Provide concrete examples of your achievements that will illustrate your professional value to the organisation. Maybe your efforts helped build revenue or improve the organisation’s image, thereby increasing patronage. Or perhaps you implemented a new system that saved a significant amount of money. Speak up, and be sure to show proof.
- Show off external proof
Present testimonials that refer to you and how you’ve exceeded the expectations of your role.
- Timing is everything
One way to increase your chances of success is to pick your moment. Ask for a pay rise on or before your employment anniversary, at the end of a financial year or calendar year, or before the next company budget sign-off.
- Speak up about going above and beyond
Show your employer a report outlining the amount of overtime you’ve worked. Detail the ways in which you’ve worked uncomplainingly outside your job description.
- Always carry yourself with professionalism
At all times, be honest, candid and professional. Never beg or plead, don’t throw colleagues under the proverbial bus and never threaten to quit or you may not have the chance to do so!
- It’s all about smart negotiation
Making demands will likely have the opposite effect when requesting a pay rise. Be flexible and don’t issue your employer with a non-negotiable salary demand. No one likes to be backed into a corner. If you try to do it, it could seriously backfire!
3 tips to negotiating a promotion
- Prepare well in advance
Before you ask for a promotion, make sure your boss knows you’re interested in advancing your career. Ask what other projects you could undertake and what sort of skills and/or training are the pre-requisites to advancing to the next level. Showing this kind of initiative will alert your employer to keep an eye on your progress.
- Keep your résumé updated
You never know when that invitation may come to chat about a promotion. Make sure you regularly update your résumé by keeping track of additional responsibilities you take on. Document any new projects assigned to you, including their financial worth. This information will come in very handy when it comes time to review your candidacy for promotion.
- Choose your timing carefully
When you have all your evidence in hand, request a meeting with your employer or manager to discuss the opportunity to be promoted. For the best chance of success, avoid times of heavy workload, organisational restructuring or when that key person seems to be out of sorts.
Read and re-read these tips; we know what we’re talking about! Follow them and you’ll increase your chances of pay rise or promotion victory.