10 Steps to Negotiating a Pay Rise

 

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10 steps in negotiating a pay rise are you waiting for your employer to offer you a pay rise you shouldn t be even if they do offer you one it s likely to lead to you making a compromise and agreeing to terms you re not happy with to get a rise that is in keeping with your value to the organisation concerned you should request a pay rise yourself so that you can negotiate on your own terms 1 get the timing right if you can wait until your company s next pay structure review to ask for a rise this is the time of year when money matters will be discussed anyway within the organisation alternatively other good times of the year to bring the matter up are when you re discussing current projects or reviewing performance with your boss in terms of what time of day to bring it up after lunch and in the early to mid-part of the afternoon is a great time to talk to your boss about it everyone s blood sugar levels are up making potentially tough conversations easier 2 build a business case building a business case is all about bringing firm hard evidence of your value to the negotiation table think about both what you re contributing to the organisation now and what you will contribute in the future prepare as evidence some examples of your contribution by thinking about the responsibilities that you have and the tasks you ve completed as pay negotiations are essentially about cold hard figures include some figures in your business case show how your actions and initiative have saved the business money and drawn in extra revenue 3 learn to understand your boss make sure you understand your immediate boss and where they ll fit in during the negotiation process the less control they have over the business purse strings the more they ll have to act as an advocate on your behalf to their superiors and the more evidence of your worth you ll have to give to your boss in order to both motivate them and equip them to plead your case follow us @posignition www.positionignition.com

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the kind of evidence the boss will need from you is the amount of goals you ve accomplished in the past year and what you ve been doing to make your performance more efficient 4 be ready to go on the day of the negotiations it s important to look the part and also feel as good as possible on the inside dress smartly but in something you feel comfortable in arrive at work early so you can go through your business case one more time drink plenty of water before the meeting it s important to be well hydrated so you don t get sluggish it s also important to eat something shortly beforehand not only will this keep your blood sugar levels up you also won t be distracted by your growling stomach 5 enter negotiations smartly begin negotiations with the end in mind when you enter that room make sure you already know what it is you deserve also be clear with yourself on what your boundaries are how much scope for flexibility are you allowing what are you willing to accept or not accept don t be greedy by asking for more than you know you re worth use as much rationale as possible to ask for an increase that reflects your value be sure to listen smartly as well as talk smartly if you need someone to repeat something simply ask them to repeat it 6 let the employer go first although you should be aware of what you re looking for let the employer name a price first if you show your hand too quickly you might inadvertently let on what the minimum you re willing to accept is once the organisation knows this that s what it ll offer you even if you re worth more if you can t get out of naming a figure first at least avoid picking a round number it s too easy for the negotiators to shave off say 5 grand in order to get to another round number instead choose a figure that doesn t end in 0 or 5 7 turn down the first offer the first offer the employer makes is unlikely to be what you re looking for just because it s the first offer doesn t mean you have to accept it when you hear the offer don t say anything if you ve named a top figure repeat this number and then don t say anything else silence is likely to lead to an improved offer even with subsequent offers don t say follow us @posignition www.positionignition.com

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anything right away this not only puts pressure on the negotiators to raise it again but also gives you time to consider the offer 8 sleep on it you re also within your rights not to give an answer there and then if you feel you need time and space away from the room to consider the offer say that you need a few days to think about it use these few days to consider whether the offer really reflects your worth to the company of course you also need to consider whether the money they re offering is enough for you to live on as presumably one of the reasons you ve requested a pay rise in the first place is simply because you need a greater income 9 be prepared to walk think about the implications of not getting what you want and be prepared to walk in a world where there s a war for talent if you re good there s somebody who ll buy you if you choose to stay somewhere where you genuinely believe you re being underpaid you ll become demotivated and resentful and your productivity levels will go down the drain taking the risk of finding a new employer who will recognize and reward your true worth is a better option also if the negotiators at your current company sense that you really will walk they re less likely to mess around 10 confirm the agreement if you do manage to reach an agreement summarize what you believe it to be before the meeting ends you don t want to be in a situation where you re assuming the agreement means one thing but the employer thinks it means something else altogether confirm what your new compensation package consists of the date from which it ll take effect and any other implications of this improved financial contract this checklist has been created by position ignition ltd one of the uk s leading career consulting companies and founders of the career ignition club please contact enquiries@positionignition.com for more information or to suggest additional resources follow us @posignition www.positionignition.com

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