Pay raise tips to negotiate a higher salary increase in 2023. Asking for a pay raise can be rewarding, if done correctly.
- Can I ask for a pay raise during COVID-19?
- Should I write an email asking for a pay rise?
Successfully negotiating your pay raise can result in more than $350,000 over the course of your career.
There is no standard method for securing a pay raise. To follow are tips on how to negotiate and how to ask for a salary increase.
Pay raise tips to successfully negotiate a pay raise
- Always evaluate all the different risk factors.
- You can ask for a pay raise at any time of the year. But the best times to ask are;
- after the company announces very good financial results
- before next year’s budget
- after you have secured a job offer with a competitor
- or after you have successfully completed a major project
- Sometimes, if you don’t ask for a pay rise, you won’t get one.
- Evaluate what you are worth in the marketplace through job ads and associations. Use this as a guide for how much to ask. Also take in consideration the cost of living at your location. So, you can justify a higher pay rise if you live at a more expensive city. Most multinational organisations have different pay scales for different locations.
- Make weekly notes throughout the year. Also, note the added value of what you have done. This is one of the best justifications for negotiating a pay rise.
- If you haven’t received a salary increase recently, your boss is probably expecting you to ask for one.
- A pay raise can be in the form of salary packaging. It can be a company car, car allowance, laptop, insurance, cell phone … etc. Discuss all salary options that appeal to you with your employer.
- Through the hidden job market, if you approach a company and they find that you are the right candidate, they would most likely hire you. As you would be the only candidate, you can negotiate a higher starting salary.
More pay raise tips
- If you are not successful in getting a pay raise, don’t make emotional moves.
- If your salary increase request is not successful, ask your boss what will qualify you for a raise. Also, ask your boss what the specific time frame would be.
- Follow up within the time frame. If he or she delays indefinitely, ask for a new specific time frame. Then follow up within the time frame.
- Whatever approach you choose to secure your next salary increase, negotiate in person. If it is not possible to meet in person, then negotiate on the phone.
- If you are expecting a 10% pay raise, it is best to ask for 19%. And then negotiate with your employer.
- If it will be hard to replace you, you can negotiate a much higher pay rise.
- Many companies review everyone’s salary on a yearly basis. So, ask for more than the standard pay rise, if you deserve it.
- If you deserve a salary increase, ask for it, even if your boss says the economy is bad. Don’t give up, even if they are not giving anyone else a pay rise.
- If you are confident that you deserve a salary increase, be persistent. But be reasonable and professional. Do not push your boss into making a quick decision about your salary increase.
- When you are successful in getting a pay raise, thank your boss in person or via email.
What to avoid when you negotiate a pay raise
- Avoid writing an email asking for a salary increase, unless you have to. Also see salary increase letter or email.
- A face to face discussion or a phone discussion is the best method to discuss a pay raise.
- Avoid discussing your salary increase request with other managers, supervisors, employees or with anyone at the organisation. This is applicable regardless of the result of your salary increase request.
- While some write an email asking for a salary increase request, I recommend you ask for a meeting with your boss.
- Sometimes, to justify why you deserve the pay raise, you may be asked to write a salary increase letter or email. Also see counter offer letter.
- Even if your boss is at a different location, it is better to wait until he or she comes back. So, you can discuss in person. instead of writing a salary increase request letter. Even if you have to call your boss, it is better than writing a salary increase request email or letter.
- If your performance is weak, delay asking for a pay rise. And don’t be persistent, until your performance factors improve.
Salary negotiation coaching
Let me work with you before your next performance review to negotiate your next salary negotiation. Call me on. I assist clients worldwide, including in Australia, USA, Germany, Singapore, UAE and NZ.
- I will be adding online salary negotiation coaching and sample salary increase email and letter. In addition to accepting a new job offer and salary packaging negotiation.
- Please share the above tips and the best ways to negotiate a salary increase.
- Ask me if you have questions about the above pay raise tips. Also, call me if you need assistance to negotiate your next salary increase.
KMD-Solutions is based in Sydney, NSW, Australia
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