Approaching your employer for a salary increase is enough to leave most people sweating. But it needn’t be. The key is to be prepared, so sit down and start putting your case together.
Here’s what you can do.
- Make a list of SPECIFIC accomplishments
If you want more money, be prepared to prove it. Point out instances where you’ve made significant contributions, saved the company money and time, displayed leadership qualities, or saved a project. Perhaps you’ve completed a part-time course, which has increased or cemented your skills. These are all sound reasons when it comes to asking for a raise. Remember, you’re negotiating because you believe you deserve it, so now’s your chance to make your employer feel the same way.
- Compare your salary
Before you ask for a raise, do your homework and see how your salary compares to the same or similar positions in the market place. Be careful not to compare apples and pears though. Look for a comparison in a company that is a similar size to the one you’re currently working for, and with the same amount of experience you have. This will give you an idea of what you’re aiming for. And who knows, you might find that you’re already earning a top-end salary for your position.
- Timing is key
Your annual performance review is of course the best time to re-negotiate your salary. However, if that’s still far off, then time it for when you’ve just finished an important project that went really well, or after you’ve taken on more responsibilities that you’re managing really well.
- Be prepared to compromise
While your aim is of course to increase your salary and take home more money at the end of the month, be prepared to compromise. Your employer might very well agree that you deserve more, but can’t afford to pay you more. In this case, they might offer you additional annual leave days, flexible or reduced working hours, or other company perks such as medical aid – all of which are often as favourable as money in the bank.