The single biggest determinant of your wealth is your income. An increase in income will hide a multitude of sins. The easiest and quickest way to increase your income is getting a pay rise.
Why You Deserve More
A stark reality for many is the squeeze between stagnant wages and rising living costs. A UK study found that real wages have not grown since the financial crisis of 2008. This has left, average earnings around £11,000 per year lower than they would have been with continued ‘normal’ growth.
This is compounded by the fact that global prices rose by 7.4% in 2023, even as supply chains eased.
The uncomfortable truth is that most people never ask for a raise. They will wait patiently to see what is offered in the next annual pay round. If it keeps pace with inflation then that is a bonus; often it doesn’t. If you work in the public sector this is compounded by the fact that you will not be able to negotiate a pay rise. Your only options are to move up the pay grades, move jobs completely or accept what you are paid.
If you work in the private sector then at least there is something, in theory, you can do about it.
Employers have their own motivations. The main one being to maintain the profitability of the company so that a) it survives and b) hopefully it grows. Offering pay rises to the staff is seen as a necessary evil. Employers know that a mass exodus of their best workers would be bad for business, so some kind of pay rise will be offered.
The empowering shift
The corollary of this is that your employer will seek to reward excellent staff who bring value to the company. In short if you are valuable, they will want to keep you. Therefore, if you understand your value, you can build your courage to ask for more money.
1. Get Clear on Why You’re Asking for a Pay Rise
Reflect on your value: what have you contributed recently?
Has your role expanded? Have you taken on more responsibility?
Do you have any ideas on how you can bring more value to the business? Can you save it money or time. Can you improve quality or solve an important problem?
Market research: what’s the going rate for your role and experience?
Mindset tip: You’re not begging—you’re negotiating fair exchange of value. Think of yourself as a businessperson selling a service.
2. Timing is Everything
Be mindful of the current economic climate in your industry or at your company. Don’t attempt this during company downturns or in the middle of a stressful project.
Wait until after a win. Maybe the company has just won a new big order or client. That would be the perfect time. Or, how about during the performance review cycle. Have you just been given new responsibilities? Now would be a good time to ask.
This tip will really set you apart: Do you know when your company’s financial year end is? Why not tell your boss that you would be happy to start accepting the new higher salary in line with the company’s financial calendar.
3. Build Your Business Case
Start gathering the evidence. Does your company operate any metrics or KPI’s? Have you consistently outperformed your colleagues? What are your recent big wins? Have any customers given you testimonials? What extra duties have you been given?
Tip: Use “I” statements with outcomes, for example “I led X which resulted in Y.”
Keep it simple, factual, and focused on business impact.
4. Practice the Conversation
There is nothing worse than getting in your boss’s office and asking for a moment of her time and then stammering and stuttering through your request.
Rehearse out loud in front of the mirror, a friend or record yourself. Treat it like a performance. You are going on stage.
Anticipate objections, such as “There’s no budget,” “Let’s revisit in 6 months.” You can say ‘Yes, I appreciate what you’re saying, and due to [Your business case], I believe that [Your answer].
Just like any negotiation, always know what you want and what a minimum would be. Your boss might be caught cold so might ask you ‘How much were you thinking?’ Prepare your response in advance. ‘I was thinking £x would be fair’.
5. Have the Meeting
Request the meeting with confidence. Say something along the lines of “I’d like to discuss my compensation based on the impact I’ve had over the past 12 months. When would be good for you?”
Stay calm, positive, and solution-focused—don’t get emotional.
6. What If They Say No to the Pay Rise?
Ask for clear reasons and get a timeline to revisit the conversation. Ask them outright what would need to happen for you to get a raise. Then document the answer. If it is a list of things to do or targets to achieve, or extra duties, then go away and plan to action them. Once you have achieved the things, you can confidently revisit the meeting.
If you are still rebuffed or if it’s a dead-end, long-term, then consider leveraging your skills elsewhere.
7. Final Tips to Strengthen Your Position
Keep a “brag file” of wins all year long. When it comes to your appraisal or pay revue, then bring this dossier out as evidence. Regularly update your CV and LinkedIn profile. As your skills and achievements increase, you will start to get noticed by recruitment consultants. It is also a confidence booster and backup plan. Check out my LinkedIn profile for more ideas on how to boost your visibility.
Don’t shy away from investing your own time and money in learning. Don’t just rely on the company’s training programme. New skills increase your value. If you would like to read more about increasing your skills, read my post Skills and Mastery, where I breakdown how to pick a skill to learn and then improve it.
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