How to Negotiate a Pay Rise
In these straightened times, when ‘pay freezes’ have become the norm, many employees are fearful of asking for more when the prevailing environment is one of ‘you’re lucky to have a job.’
Monster comments: “Most companies realise that their people are their number one asset so that, even now, if it’s a case of making a modest incremental increase in salary over losing a valued employee they will chose the former. If your company really can’t give pay rises there are plenty of other things you can ask for.”
For employees looking for a raise, Monster has the following tips:
- Proving your ‘value’ should be the first step in negotiating a pay rise. You need to work out why you deserve an increase. What have you done to contribute to the overall success of the company? Working this out will help to justify you receiving a share of the spoils
- If your employer recognises your contribution to the company but cannot grant you a raise right now, make sure you get something in writing relating to a pay review in 6 months time (or whatever time frame seems reasonable)
- If the pay freeze is a strict one, think about what else would constitute a ‘reward’ for you. Think outside the box. There are a number of things your company might be able to offer that could make a significant difference to your working life, including flexible working hours, being able to work from home one day per week, your tuition fees being covered by the company or a sabbatical. Also, it is well worth considering whether taking on more responsibility may be a reward in itself. You may not get a raise for it now but it could position you well for a promotion when the economic picture improves.
How can I secure a pay rise?