How to Increase Your Chances of Getting a Pay Rise This Year

The new year can bring a lot of hope for people, and there’s no better symbol of that optimism than the resolution. 

Whilst some people want to get fit, spend more time with their loved ones, or have a more positive outlook on life, many individuals’ resolutions centre around their career and finances. 

The good news is that there’s no best time to ask for a raise. Whilst you’re free to try it whenever you’d like, there are a few things you may need to know before heading straight into a conversation with your boss.

 

Ask Yourself, How Ready Are You?

Requesting a pay rise may seem like a complicated thing. For all the advice out there about asking for what you’re worth, companies certainly don’t make it easy to broach this sensitive subject. 

But the truth is, if your superiors believe you’re worth it, they have to consider the cost of losing your loyalty if they say no. The good news is that 70% of workers do get some sort of pay rise when they ask for it (even if it’s not for the exact number they’re looking for). 

You need to begin by asking if you have the skills and up-to-date credentials to justify a raise. Whether you’re a nurse or a miner, you likely require special training and certifications to do your job. If any of your credentials have expired, you’ll need to renew them before having a conversation with your boss. And if all of your credentials are up-to-date, you may want to look into undertaking additional training or certifications. This shows that you take initiative and that you’re willing to put in the hard work.

 

Understand How Much You’re Worth 

Most companies are willing to work with their employees when it comes to annual raises. It’s not unusual to see a slight percentage raise every year, mainly as a nod to general inflation. 

If you’re asking for significantly more though, you’ll want to know and justify how much you deserve. You don’t want to ask for too much, but there’s also no reason to aim low either. Even if you don’t get what you ask for, you’re setting a benchmark in the minds of your employers. 

Once you’ve learned the standards for your company’s salary review process, you’ll want to approach your boss armed with as much information as possible. Let them know that you understand how performance reviews work, but that you deserve to be considered for a raise without having to wait an additional 6 to 12 months. 

From there, give statistics and facts that show how you’ve helped the company grow. Write down all your accomplishments on the job and organise your supporting evidence so you don’t miss a thing. 

Managers are on the lookout for employees who go above and beyond. When you talk about your achievements that go beyond your job description, highlight the results — whether it’s more sales, exceeding your KPIs, or implementing more efficient processes to the team. 

 

Think Outside the Box 

If you’re still not confident in asking for a raise, now is a good time to start taking on extra responsibility and thinking outside the box. This doesn’t necessarily have to mean being the first person in the office and the last person to leave. The goal is to work smarter, not harder. 

So try pitching a new project or helping other team members at your job. When it comes to the best tips to get a pay rise, this is one of the most important. You’re showing your dedication to the company and to the people around you, and this takes time. 

The more time and effort you put in, the more likely coworkers or managers are able to vouch for you and your skills. You can even reach out to colleagues in other departments to learn more about how other teams operate and make decisions. Just make sure that your efforts are visible to your boss when you step up your game.

 

Build Up Your Relationship with Your Boss

When you get to know your boss, you have a better chance of standing out in their mind on a daily basis. This can make them more likely to choose you for special projects or tasks. It’s also a great way to show your loyalty to your boss, your department, and the larger company. 

Before you ask for a salary increase, you want your superiors to have positive feelings toward you. So while you don’t need to be best friends with them, you should have a strong rapport and general openness around them. Make sure they know what you’re looking for in your career —  whether it’s your short- or long-term goals.

 

Prepare for the Conversation 

No matter how confident you feel about your value to the company and the state of your professional relationships, you’ll probably still have a few curveballs thrown your way during the official discussion. 

Instead of springing it on your boss, you may want to casually mention that your salary doesn’t reflect the work you’re doing for the company. 

The most natural place to have this discussion is likely during performance reviews, but you can also bring it up during more casual catch-up conversations. 

Timing is important when it comes to asking for a raise. Experts recommend bringing it up directly after a major success, so your worth is fresh in everyone’s mind by the time you ask. 

 

Taking Charge in 2020

Unfortunately, it’s not always easy to see the path forward if you’re not sure how to get from where you are now to where you want to be. 

If you want to make the new year your best one ever, consider how CredShare can help. Signing up is a strong step in the right direction if you hope to convince your boss that you’re ready for a pay rise.

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