According to HR Magazine, the average employee considers a pay rise of 9% in 2023 to be fair.
With inflation running at much more than that right now, that seems like a fair expectation.
The challenge for everyone is helping your employer make that extra 9% so it can afford to pay staff the extra. But that’s a post for another day!
If your employer hasn’t mentioned pay rises or you need some extra income to pay the bills, you’re going to have to be proactive.
Brits aren’t the best at talking about money and aren’t particularly good at asking for a raise. But needs must and the current cost of living crisis means most people are feeling the squeeze.
That, combined with a skills shortage in many sectors means you could be in a stronger bargaining position than you might think.
So how do you ask for a raise?
Timing is everything
If you have the luxury of time, wait until you have completed a project or finished a piece of work that has earned the company money.
Make sure the business is doing well and that there are no rumours of redundancies or downsizing.
Then, set up a meeting with your manager telling them in advance it’s to discuss pay.
This gives them time to prepare and to research in advance what they can do for you. It also gives them time to come up with excuses to not give you anything, but on the whole, most managers are more receptive when they are prepared and not ambushed.
Prove your worth
Even though you may be the most productive member of staff on the payroll, never assume people know that. Be prepared to prove it.
Just like at a job interview, arrive at the meeting with evidence of why you deserve a raise.
Don’t depend on the cost of living but use that as a partial justification.
Also mention what you have achieved, how you have helped the business, how you provide value in your current role and any positive feedback you have received.
If you can quantify any of that, do so. For example, ‘the last project I managed earned the business £3m’ or ‘I helped increase sales by 3% last quarter by doing X, Y and Z.’
Be calm confident
The days of going cap in hand to a manager to ask for what you’re owed are long gone but you still need to show respect.
Be respectful, make your case, keep calm and be confident in your worth to the company.
You have a right to ask for a pay rise. You don’t have a right to get one, but you can definitely ask for one!
Practice at home, stand in front of a mirror, role play with a friend or family member and prepare yourself as much as possible for the conversation.
Have a number in mind
Even the most confidence staff member can stumble in pay negotiations when it comes to having a number.
As soon as a manager says something like ‘how much do you think you’re worth?’ or ‘how much are you looking for?’, many people falter.
Prepare a number in advance. Look at current vacancies in your area and how much they pay. Look at national trends for your role. Look at what others are paid within your organisation and use that.
Glassdoor lists vacancies and their average salaries. Add that to your own research to help make your case.
Be realistic. Make sure to compare roles like-for-like and appreciate that a small business cannot always compete with a multinational when it comes to pay.
Then use that number in your negotiation.
Assert your request
Some managers will try to avoid paying more while others simply cannot afford it.
But if you’re struggling to make ends meet or your company is making big profits, stick with your request.
It may take a couple of meetings, it may take a few days. It may require you overcoming objections from your boss but stick with it.
Remain calm, remain confident and remain quietly assertive.
If your manager truly values you, they know they will have to do something for you.
They won’t be blind to the cost of living or to the fact there’s still a skills shortage in some industries.
If they value your contribution, they will want to keep you.
Your raise may not be money though. It may be more holiday, flexible working hours, the ability to work from home or something else.
It will then be up to you to judge the offer on its merits and decide whether to accept it or not.
Negotiating a pay rise doesn’t come naturally to most of us. But, with the current cost of living crisis and inflation showing no signs of slowing, it’s something you may have to do.
Good luck out there!
