finance

Pitching for a pay rise

By Phillip Tarrant

A few extra dollars in the pocket every month can make the world of difference to the size of your deposit.

 

Most people balk at the idea of asking for a pay rise, but as the old adage goes: if you don’t ask you don’t get.

While negotiating a larger salary can be daunting there are ways to help increase your chances of success with your boss.

Show your worth: To have a good shot at earning more money you need to demonstrate to your boss what you are worth to the company. Write a list or report on how you contribute to the business’ bottom line.

Review your role: Chances are your work description will have changed dramatically since you first started working in your current role. Make a list of any new roles or tasks that you perform and highlight to your boss how this adds to the success of the business.

Do your homework: What are people in similar roles paid in other organisations? A quick search on the internet should help reveal what your going rate may be. If your company is falling short let them know that they are undervaluing you.

The pitch: It’s important to remember that you are going in to negotiate – not to make demands. Prepare a written document outlining the above items and include what you would like as your salary and what you would be prepared to accept as a minimum. Submitting a written document will help to show that you are serious about your request and will help your boss to think of your pay rise as a proper business negotiation.

Consider your timing: Timing can be crucial when asking for a pay rise so try and pick a moment when your boss isn’t rushed off their feet. Friday afternoons are often a good time as your boss can has time to consider your proposal over the weekend.

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Pitching for a pay rise
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