The key to negotiating a pay increase is to be prepared and approach the situation from a position of strength. Before asking for a salary review meeting it’s worthwhile considering the following:
- Find out what your role is currently worth and benchmark this against average market values for similar positions. Your Recruitment Consultant at Deanston Cooper will advise you on this.
- Research current industry conditions. If the industry is in decline or financially struggling, it is unlikely that you will be successful.
- Consider why you deserve a pay rise and try to quantify the value that you offer the company. Take note of any recent training courses you have been on and qualifications that you have obtained, as well as any increases in responsibility or key achievements.
- Put together a strong and convincing argument and rehearse it. Confidence is the key to successful negotiations.
- Be realistic about the figure you expect to achieve and have some degree of flexibility. If you were the employer, would you think your demands are fair?
- Do not expect a decision there and then. Appreciate that they will need time to think it over.
Remember that even if you are not successful this time, using this approach is likely to increase your chances of having a favourable result in the future.
If you require any further guidance on negotiating a pay rise, please do not hesitate to contact us.