Knowing how to ask for a pay rise can help you increase your earning potential and prove your value as an employee.
If you’ve been in the same role for a while, or you’ve taken on more responsibilities, then you might feel as though this isn’t reflected in your current salary.
Knowing how much people in your industry earn is also a great benchmark, as this tells you how you compare to other professionals.
We’ve covered this and more in our salary survey so make sure you check it out to see if you’re being underpaid by your employer. If you’re performing the same job role as others in your industry, but not being paid fairly, then that’s even more reason to ask for a pay rise.
However, knowing how to ask and preparing your case beforehand can help ensure your request is successful.
And that’s exactly what this post is all about. As recruitment experts, we understand the perspective of both employees and employers which gives us insight into what both parties want and expect.
So, let’s get started.
Why Is it Important to Know How to Ask for a Pay Rise?
Knowing how to ask for a pay rise is important for two reasons:
- It makes you feel more confident when making the request
- It increases the likelihood of you actually getting the pay rise
Lots of professionals want to earn more money but don’t know how to approach it.
Asking for a pay rise can feel a little awkward, but it’s important that your salary reflects your current position.
There are many reasons why you should ask for a pay rise, including:
- You are consistently exceeding expectations
- Your role has expanded
- You have completed extra training/ gained further accreditation
- You have more experience than when you received your last pay increase
- You believe your salary does not meet industry standards
There might be other reasons why you think you deserve a raise such as being with the company a long time, or feeling that you go above and beyond your job description.
Whatever the reason, knowing how to make your case is crucial which leads us onto our next section: how to ask for a pay rise.
How to Ask for a Pay Rise Step-by-Step Guide
We’re taking you through the process of how to ask for a pay rise so you know what steps to follow before making the request.
And it all starts with timing.
Choose the right time
Knowing when to ask is key as you want your manager to be receptive and to take your request seriously.
There are several things to consider when it comes to choosing your timing, such as:
- The financial state of the company – If your company is going through a period of expansion by hiring new employees and winning new clients, then now is probably a good time to ask. These are all indicators that your company is doing well and is profitable.
- The time of year – if you have a quarterly performance review, or a monthly 1-to-1, then these are great opportunities to discuss your salary and to ask for your pay rise.
- Completed work/ achievements – if you’ve recently worked on an important project that had positive results, then this is the perfect time to reinforce your value and ask for a raise.
Whilst you can’t always control these factors, being more selective about when you ask can increase your chances of being successful.
Research the market
As mentioned in the intro, knowing how much other professionals in your industry are earning is a good benchmark.
This lets you see whether what you’re earning is competitive or if you’re being undervalued.
Whilst there might be some geographic differences (for example, between the same job roles in different locations) doing your research gives you a solid idea of your earning potential.
Once you have this information, you can present it to your boss and show them the difference between your salary and the industry average.
If you’re curious about different salaries and want to find out if what you’re earning is competitive, then check out our salary survey. This comprehensive report lets you see how your salary measures up compared to others in the industry to make sure you’re receiving a fair and accurate wage.