Your case for a pay rise
ONE of the most asked questions in my 30 years in recruitment is "how do I ask my boss for a pay rise?"
I think there are two key components to achieving a rise. First, you must understand the value your manager puts on the position you hold and on you as an individual. The second component is researching and discussing a case for your salary increase with your manager.
How do you understand the value your manager puts on the job that you do? This will be affected by market rates (which you should research - especially jobs in similar companies, sectors and locations), how well the company is doing financially, and the importance of the role to the company.
It's important to understand how your manager is thinking here and so ideally you want to have had a performance review in the recent past. If you haven't had one you should arrange such a review as it will help your preparation.
Next, you need to prepare a thorough business case on what you think the job is worth and the premium you should be paid for the additional value you bring to the role and the organisation.
Once prepared, you need to have the conversation with your manager where you ask him/her to explain the rationale for the salary you are being paid. You also want to present your case for a pay rise based on the market rate for the job and the premium you should be paid.
Whatever the result, it will be a useful conversation. You will know to what extent your manager values you and have some outcomes that could include a pay rise, guidance in areas for self-improvement, or an indication that you should look for a more appreciative employer.