We came across an interesting article from James Caan on LinkedIn, which looks at the best way to approach requesting a pay increase at work. Below, we have summarised accordingly.
Money is always a difficult subject to approach your boss with but there is a sensitive and professional way in which to do this. An important first step is to look at whether you are being appropriately rewarded for your efforts at work and if your salary is reflective of the current market rates for your role?
It can be very easy for staff to be overlooked and undervalued by their employer and often pay rises should be negotiated when promotions or job role changes occur, but the employee sometimes misses these opportunities.
If you have been in the same job role for several years then ensuring that your pay rate is in line with your personal value to the company is important as often those who show great loyalty are the ones who are most often overlooked. Taking the time at least once a year to evaluate your career and really look at your work situation is an important part of your personal career development and something that everyone should do.
If you make this assessment and realise that your value is not being recognised properly then you should make your feelings and findings known. The best time for this would be as part of your personal appraisal in a formal setting so it can be officially recorded. If you know that an appraisal is due you might want to wait for this opportunity, as maintaining a professional level of conduct at work is important.
If your employer doesn’t organise annual reviews then requesting a meeting with management is the most professional way of bringing this up. Going into such a delicate conversation unprepared and all guns blazing will usually end badly.
Once you have organised the meeting with your superiors then preparing your questions is key, you should ask for some feedback from them and question whether you are valued and whether you are important to the organisation. If they say that you are then this is the point you should introduce the idea of a pay increase.
This strategy is not without certain risks though – you have to be very sure and confident of your place within the company and ensure you are valued before asking for a pay increase. When you ask for honest feedback then you should be prepared for the possibility of not hearing what you expect.
If there is a discrepancy between how you and your employer see your personal performance then this could be the point at which you look elsewhere for employment.
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