When negotiating a pay rise it is critical you don’t approach your employer unprepared. A lack of knowledge and research will lower your confidence and will likely result in a negative outcome.
Knowing the market-value of your role, quantifying your contribution to the company, and having a clear idea of what you want is essential for confident negotiation.
Firstly, find out what your role is currently worth and benchmark your existing rate of pay with average market rates.
Research your industry and its conditions. If the industry is declining or financially struggling then your chances won’t be very high.
To negotiate a pay rise from a strong position you must clearly quantify the value you add to the company. Note down any recent training or qualifications you have completed, as well as your key achievements and the measurable ways they have benefited the business.
Rehearsing a strong, convincing rationale for your request will increase your chances of success. If you have researched the market this introduction will be oozing confidence.
- When negotiating a pay rise you will need a figure. Use your research as a starting point and work your way up from there. Emphasise that you do not want an answer on the spot; you appreciate they need time to think it over.