Money Talks: Asking for a payrise
In the first of our Money Talks series, Megan explores how to approach asking for a payrise in your existing role.
Talking about money and salaries is still a difficult topic, often shrouded in mystery. So it’s not really a surprise when we see some of the statistics in relation to pay inequalities. During our research for this article, we have uncovered some staggering statistics about pay rises too.
57% of women have never attempted to negotiate their salary, yet 54% of women are unhappy with their salary. Something needs to change for these statistics to change.
There are lots of reasons why women feel uncomfortable to ask their employer for a pay rise. These can include previous bad experiences, difficult working relationships, uncertainty around salary benchmarks.
However, there are some steps which you can take to help you approach this conversation:
Prepare for the conversation: Set the agenda with your employer and prepare for the conversation. Ensure that you consider who you need to have this conversation with. You could include this discussion in an appraisal or performance review.
Set the context: You will likely need to provide some context or rationale for your request. Prepare your notes in advance, this will make you feel more confident during the conversation. Capture information such as taking on additional responsibilities or external salary benchmarks.
Know your limits: The art of negotiation! This isn’t easy, but consider what your limits are. Be clear about the pay rise which you want, but also know your lower limit if you need to compromise. And whilst no one wishes to give an ultimatum, you may also need to consider what your red line is. Would you be happy to continue working for this employer if nothing changes? If not, are you going to share with them that you are going to seek alternative employment? This strategy could sour relationships, and make your working environment unpleasant until you find a new role.
Consider the alternatives: Consider if there are any other benefits they could offer you instead of a pay rise. For example, extra annual leave, flexible working conditions, external qualifications or extra training.
Revisit the conversation: Set some time to follow up with your employer. You can revisit the previous discussions, and understand if any circumstances have changed.