CM December 2023

WORKING LIFE
LET’S TALK
ABOUT PAY RISES
How and when to request a salary increase.
AUTHOR – Natascha Whitehead
ASKING for a pay rise
is something every
professional is likely to
do at some stage in their
career. However, many
people still feel a sense of
embarrassment or nervousness when it
comes to requesting a higher salary, and
apprehension around how to broach the
topic could be holding some people back
from earning what they’re worth.
Although it can be daunting, being
assertive about your needs and having the
ability to negotiate will significantly boost
your personal and professional growth.
Particularly with the current cost of living
crisis, it’s more important than ever for
professionals to feel empowered to put
their case forward for a pay rise. So, here
are the main things to consider:
Timing is key
One of the most crucial questions
to ask yourself is whether it’s a good
time to ask for a pay rise. Often, salary
rises come as a result of a promotion,
from an Accounts Assistant to a Credit
Controller for instance, so it’s important
to consider whether you feel ready to take
on additional responsibilities and more
complex tasks.
When reflecting on the timing of your
request, take into account how long
you’ve been at the organisation, if you’ve
had any big achievements in your role
recently and whether your organisation is
performing well. If, for example, you have
recently completed a training programme
or secured a qualification, hone in on this
to further articulate why you should be
next in line for a pay rise.
You may have reached a point in your
career where progression feels natural
and one way of measuring this is to
have clear objectives agreed with your
manager. With your goals in writing, you
can use these to determine where you are
on your career pathway, how exactly to go
about moving on to the next stage and,
crucially, to justify why a pay rise should
be on the cards.
Preparation is imperative
Once you have contemplated whether
it’s a suitable time to request a pay rise,
schedule a meeting with your manager
to discuss your salary and situation. This
is your opportunity to present a strong
business case as to why you deserve a
higher salary, so being well prepared is
vital.
Ensure you identify the reasons why
you believe a pay rise is in order and
emphasise how you add value to your
team and wider organisation. You could
start by putting together a list of your
accomplishments, including quantifiable
evidence, from projects completed
successfully to key things you’ve learnt
along the way. Reflect on times when you
may have gone above and beyond in your
role, received impressive feedback from
customers and clients or brought about
positive change within your organisation.
I recommend setting your sights on a
specific figure, or percentage increase,
before the meeting so that you clearly
communicate what you want and
can negotiate around this. In order to
establish a realistic figure and ensure
you back up your new salary expectation
with evidence, research the typical
salaries for your role through online job
adverts, bearing in mind the location
you work in as this can influence pay.
You could also utilise tools such as Hays’
Salary Calculator to see how your salary
compares to the current market.
Be ready to discuss what you’ve prepared
like you would for a job interview, whether
that’s by drafting and learning a script
or having bullet points to hand, to help
prompt you as you present your pitch.
Self-belief will get you far
Although asking for a pay rise can be
nerve-wracking, a strong business
case will allow you to approach the
conversation with confidence. It’s
important to alter your perception by
noticing any negative self-talk and making
a conscious effort to maintain a positive
mindset instead. For instance, rather than
being concerned that asking for a pay rise
will make you come across as too forward
or greedy, reassure yourself that it shows
you’re ambitious, tapped into the current
market, confident about your abilities and
committed to your career progression.
Last but not least, be ready for all
outcomes and consider your next steps.
Would you be willing to leave your
organisation if you’re not offered the salary
you want, or open to a plan to support
your professional development to work
towards a pay rise in the near future? Keep
the discussion polite and professional and
avoid putting pressure on your employer
to make a decision there and then as you
may need to arrange another meeting to
come to a final verdict.
If your request isw unsuccessful,
this could be for a number of reasons,
including the financial state of the
organisation at the time, and may not be
a direct reflection of your capabilities, so
keep your head held high and continue to
believe in yourself.
Natascha Whitehead is Business Director
at Hays specialising in Credit Management.
Be ready for all outcomes and consider your next steps. Would
you be willing to leave your organisation if you’re not offered the
salary you want, or open to a plan to support your professional
development to work towards a pay rise in the near future?
Brave | Curious | Resilient / www.cicm.com / December 2023 / PAGE 55