Have you been waiting for the opportune time to have that daunting discussion of a Pay Rise? For most organisations that time is now, the new Financial Year.
This is not an easy conversation to have but here are FIVE steps to make it easier.
Build a Business Case
Be prepared, to get what you really deserve can be a battle. If you Build a Business Case, it will put you in a stronger position to win. Record important achievements and tasks you have done since your last review and compare them to your job description or assigned KPIs (Key Performance Indicators) if applicable. Show your employer that you have gone above and beyond.
Know your value
Before discussing a figure, make sure you have done your research and know your worth. There are many resources available to do this such as the internet, industry reports and blogs & recruitment agencies. At the end of the day, you are worth what someone is willing to pay, but be reasonable.
Following on from the point above, have a value in mind that you would like to earn, but also have a minimum point that you are willing to go down to. For instance you may have decided that you would like $80,000, but could settle for $75,000. Never start low, it not only gives your employer an easy out, but also shows a lack of confidence in yourself.
Shut up, Stop Talking
This is critical! Like in any meeting or negotiation, make sure you allow the other party to have their say. Be respectful and gracious, listen with an open mind and hear their points of view. Whether their response is positive or negative, take their points on board and ask for feedback to make your-self better.
Have a Plan B
Pay Rises don't just happen over night and their may be factors that contribute to you having to wait, not getting the figure you were looking for, or worst case scenario - not getting one at all. If this is the case, have a Plan B. Are there other incentives that you make your role more attractive than a Pay Rise? These may include a Bonus Scheme, Flexible Working Arrangements, Extra Holidays, Training and Development.
You may have waited patiently for the chance to have this discussion, make the most of your opportunity. By following these steps, you'll make the conversation easier for you and for your manager/employer.