Being constantly overdrawn is not a good enough reason to expect a pay rise but there are other, more professional, signs to look out for. In this blog, Bond Williams looks at the top 4 signs you deserve a pay rise and how to go about securing more money.
Those in the same role are paid more than you
It’s hard to know what peers within your company are being paid unless they tell you outright but if you have an inkling they are earning more than you for doing the same job, you may have a persuasive case. Ask Bond Williams for current salaries for comparable roles to help build your argument but this pay rise request does come with a caveat – each employee is unique, as will have been their hiring circumstances, so there may be a strong counter argument.
You’ve taken on more tasks and responsibilities
There are a number of scenarios when an employee is expected to take on more – when someone resigns and isn’t replaced, when they’ve acquired a new skill as a result of training or when a job role evolves as a result of new processes or software. It’s worth digging out your original job description so you can compare what was expected of you when you started against what you do now, and use this as a basis for a pay rise request. Don’t forget to highlight if you have been working extra hours for no extra pay.
You’re exceeding targets or saving the company money
Many sales jobs involve increasing income for a business and it’s only fair that those whose success contributes an increasing amount of revenue should receive a wage that’s reflective of their efforts. If you have continually hit targets or exceeded them, it’s not unreasonable to open a salary conversation. While an annual increase might not be feasible, performance-related pay or an improved commission structure may be viable. Likewise, if your job is budgeting, procurement or supplier-led, proving how much money you have saved the company will boost your chances of increasing your annual wage.
Recruiting a replacement would prove difficult
If you’re particularly experienced or qualified, have unique knowledge within your company or your sector has a skills shortage, your value naturally rises. Employers will be keen to keep hold of talent and therefore may accommodate a pay rise as opposed to receiving a resignation letter and entering into the recruitment process.
How to ask for a pay rise
Clarify with HR if it’s company policy to review salaries on an annual basis and make sure you capitalize if this initiative exists
If there is no formal wage review, use your work anniversary to bring up a possible salary increase
Request a performance review as opposed to an outright pay rise conversation but make it clear you’d like to talk about your salary during the meeting
Schedule a meeting with your boss rather than stop them unannounced – block out at least 30 minutes well in advance
Avoid meeting at pinch points during the week – Mondays are never good, nor is the run up to a deadline or presentation
Time your request for when the company has experienced success or good news – if they’ve announced they’ve made a loss, not a profit, it’s probably worth waiting
Compile a compelling case before you meet your boss. Outline your contributions, progression in the role and any new qualifications you may have gained, as well as having figures or examples that show exceptional performance – especially if it’s over and above your current job expectation
Be prepared to negotiate – your company might not be able to afford what you’re asking for but could meet you half way, add other benefits to your employment package or be open to negotiating working conditions, such as hours and flexi-working
If you’d like details about average salaries and remuneration in general, contact Bond Williams today. And it goes without saying that if your pay rise request is rejected but you think you’re worth more, ask us about current vacancies.
Claire has almost 25 years Recruitment experience. A specialist in the regional recruitment marketplace, Claire has extensive local knowledge and holds a reputation for quality, integrity, honesty and excellent matching. Heading up the HR and Office & Commercial Divisions of Bond Williams. Claire is responsible for the overall growth and …