Is this a good time to ask your boss for a pay rise and/or better perks? To a backdrop of the Great Resignation, the debate about how much leverage we really have raged on. Many argue that with employers struggling to fill vacancies, this is the optimal time to negotiate. Others point to leaner times necessitating cutbacks. Either way, if you decide to broach the matter, it’s always best to be prepared.
- Know your market value
Research the likely salary of the position you’re applying for, and what your skills and experience are worth on the open market. Salary calculators like those found on LinkedIn will reveal if you’re punching above or below your weight, as will a chat with a good recruiter.
- Make a compelling case for why you deserve a salary rise
This is the time to be your own best cheerleader. Give concrete, measurable examples of the benefits you bring to your company, such as the value of your new client wins. Mention any awards you’ve won and reference your soft skills. Outline what you plan to achieve going forwards to position your request as an investment in both your growth and the company’s future.
- Choose the right time
Timing is key. Wait too late and there may be no budget left in the salary pot. Find out when your company reviews everyone’s salary and initiate the conversation a few months in advance of that. Don’t ask about salary at the start or end of a new financial year when budgets are tight.
Another good time to raise the matter is right after you’ve achieved a major accomplishment or taken on new responsibilities. Finally, never broach the subject when your manager is having a bad hair day or has just lost a big client.
- Consider non-monetary perks
Think about the bigger picture. Maybe a small pay rise won’t make much difference to your quality of life. Perhaps perks such as flexible working, more holiday days or continuous learning and development will make a more positive impact. Plus your employer may be more comfortable approving a flexible working arrangement than a big salary hike.
- When the answer is not immediately yes…
If your boss says he or she needs to think about it, find out when you can expect feedback. And if the answer is no, make sure you understand what goals you need to reach to secure a yes. Evasive or unclear answers could mean there’s no prospect of your request being granted, and it may be time to start planning your next career move.
In conclusion, with planning and preparation, asking for a pay rise or improved benefits doesn’t need to be nerve-racking. If you’d like to explore opportunities beyond your current company by way of preparation, please get in touch. With over 30 years’ recruitment experience and long-standing relationships with 400+ leading companies worldwide, ABL is in the very strongest of positions to help.