How to Negotiate a Pay Rise

Have you been working at the same company for a while and still haven’t received a pay rise? Where this may be disheartening, you’re not the only one. Many people across the UK currently feel they deserve a salary increase but find it difficult asking for a pay rise.

We have put together 7 tips to help negotiate a pay rise in 2021.

How to Negotiate a Pay Rise

Here are 7 tips to help you negotiate a pay rise in 2021:

1) Know your value

Before going into a pay rise negotiation, it’s better to know your worth. Look at the pay rate, compare yourself with others working in the same industry and learn how to position yourself in the market. You will be able to understand the pay gap between your current salary and the average amongst the sector. With this, you can put a value on yourself and ask for an amount you genuinely deserve.

2) List your achievements

With every pay rise request, you will need to give your employer valid reasoning as to why you deserve one. Employers want to ensure there is clear evidence behind your request. Create a list of your recent achievements and outline any other successes. Your employer will see why you should receive a pay grade that reflects the work you are doing.

3) Be prepared for extra work

If you’ve come to the point where you have to ask for a pay rise, your employer most probably doesn’t want to give you one. However, most companies are always open to negotiate with their employees in terms of work and salary. For them to consider giving you a pay rise, your employer may ask for some extra service in return. Some employers may offer a promotion without a pay rise but make sure your pay will reflect any new responsibilities.

4) Plan your meeting

Plan and organise the structure of your meeting. Creating a structure will keep you in control and help you stay focused on the objectives. The timing is also crucial. Understand the mood of your employer and use it to your advantage. Ask them about a pay rise when they are more likely to agree as this can play a significant role.

5) Negotiate

Learn the art of negotiation. Most of the time your employer will offer you a pay rise significantly lower than what you expect. The trick to this is to ask them for an amount higher than what you are aiming for. If you’re struggling to understand how much of a pay rise to ask for, research the industry average. Remember to keep negotiation realistic and to manage your expectations.

6) Consider bonuses

Sometimes your employer won’t give you the pay rise you deserve. Alternatively, they may offer you some other benefits in the form of bonuses. You have to consider accepting this in the short term as it may be your only way of adding value to your pay.

7) Learn to accept no

The majority of the time, your pay rise dreams will get shattered. It doesn’t mean you should settle. Learn to accept no and continue to improve your skills. The next time you ask for a pay rise, you will have a better chance of getting one.

Negotiating a pay rise is not as simple as it looks and people often go into negotiations unprepared. Structure the meeting and go into negotiations as prepared as possible, as this will give you the best chance at being successful.

Try these tips out and secure a pay raise this year. Good Luck!

How to Negotiate a Pay Rise

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MRK Associates is a recruitment and career advisory company specialising in finance and revenue management jobs.

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