• VINSIGHTS

    Negotiating Your Pay Rise

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    August 2018

    Negotiating your Salary is a key skill that will help you throughout your career. Timing is critical and asking for that raise can be disruptive for employers and can catch them unawares. Timing is critical.  Can you entwine your request with the pay round? This is usually done as part of the performance management process, annually or raising the subject of your salary during your performance development review (PDR) is an option. 

    Research your market value

    Negotiating a pay rise is primarily about your value. Get an idea of what you should be asking for by speaking to people doing similar roles to you within your company, in the same sector and in similar organisations. Talk to people you know well so that you're comfortable asking how much they currently get paid and how much they're planning to ask for at their next review. Speaking to recruiter to know a market value is always helpful..

    What do you want?

    Begin with the end in mind. Be clear about why is this is so important to you and your rationale behind it. Why does this have to be done now? Where does your salary fit into overall career trajectory? Understand the organisation's process for making pay awards.

    Discuss with your Line Manager

    Your line manager will need to be involved at some point. Even if they don't have the power or influence to make the final decision, it very important to include them in the process from the outset. It's useful to know that they will support you.

    What have your achievements been?

    Include examples of your work and projects you were on to illustrate what you have achieved, how you work with different teams and your relationships with key people. When presenting your business case to whoever you're negotiating with, highlight the successful projects you've been involved in and the impact you have had on the business. Draw attention to quantifiable data, such as figures and timeframes. Go over your track record in producing results and other stages of your work history that demonstrate your value and the input that you have had.

    Discuss and Negotiate

    Be prepared to discuss your pay at the negotiating table: understand what you deserve and be realistic. How much scope for flexibility are you going to allow? What are you willing to accept or not accept? Consider whether different elements of your pay package could be interchangeable or traded-off. Identify what these are so that you know what your options are. Think about setting KPI’s and targets that are relevant to your role and allow you and your line manager to place a tangible value on your activity.

    Silence, time and think

    Don't be tempted into speaking or committing yourself to an offer too early. Negotiation is about pacing. An appropriate response to the first offer might be, 'Thank you for the consideration, I'd like time to think about it before I get back to you'. Each situation is different and you may need more or less time to consider the offer depending on how close it is to what you want and what your other options may be. Even if you think that the offer is perfect, give yourself at a night to think it through and bounce it off other people.

    Sealing the offer

    Be honest and don’t shy away from your feelings – within reason! If you receive a raise that's not what you wanted be honest and say 'it isn't close to what I had in mind”. Whether you get what you want or not, you need to close the discussion. Be grateful and appreciate the gesture, invariably it may not always be in your contract and this discussion has developed out of goodwill, so you need to appreciate that and thank the line manager/business for considering your case – politically it may be in your interest to accept graciously any raise as any disappointment can lead to unnecessary future tension.

     

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    January 2018

    4 Reasons to Consider Wholesale

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