Knowing how to negotiate a pay rise is an important career skill that will help you throughout your working life. Believe it or not there’s actually an art and science to it and below we’ve shared some of our top tips for you to put into action.
Get your timing right
A huge part of being successful in negotiating a pay rise will involve getting your time right. If it’s a particularly busy time for your company then it’s probably best to wait until your manager has time to sit down and discuss it with you properly. Catch them at a time when they’re stressed and you’re unlikely to achieve your desired outcome.
Negotiating a pay rise at your performance development review is a good option. Providing your review highlights many positives, you will be able to use them to your advantage. If you’re a strong member of the team that your boss can’t afford to lose, you stand a much better chance at negotiating the pay rise you want.
Work out your value
Before going into a meeting with your manager to discuss a potential pay rise, you need to get a good idea of your value. Research how much other people in the same job as you are getting paid. Check salary surveys and speak to recruiters.
Once you’ve worked out your value, it’s a good idea to determine the figure you want (the highest figure) and the lowest you’re prepared to take. You won’t necessarily secure your highest figure but if you go in high, your employer may be willing to meet you in the middle. Don’t sell yourself short.
Be clear about what you’re asking for
You need to be clear and confident about the amount of money you are asking for and the reasons you believe you deserve a pay rise. Take the time to learn about your company’s process for pay rises and who is involved in making the decision. Go in prepared and you’ll stand a much better chance of negotiating the pay rise you deserve.
Build a case
It’s not enough to go into a pay negotiation with a figure and list of reasons why you deserve a raise. In order to be successful, you need to build yourself a case featuring evidence of your skills and value to the company. Make sure you record specific actions you have taken at work, as well as your achievements, so you have something to back up the points you are making.
Don’t rush your decision
Once your manager has provided you with an offer give yourself time to consider it properly. Don’t let your emotions or nerves take over. Your manager will expect you to need a little time to think about what’s been said.
Of course if they give you the amount you are looking for, you will be more inclined to agree there and then. Whilst this is fine, some people would recommend that you still take time to consider it, as it will help you remain in control of the situation.
If your manager asks you how long you need to consider their offer, say you will let them know later in the day or after you’ve slept on it. Don’t keep them waiting too long or you could end up losing out.
Conclusion
When it comes to negotiating a pay rise it’s all about preparation. Doing your research, collecting evidence of your skills and coming up with a great way to present your case will stand you in good stead for securing a pay rise.
Are you in the process of negotiating a pay rise? There are a number of recruitment agencies Dublin workers can contact to find out information such as how much other people in similar jobs are being paid and how to further their careers.