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5 factors to help justify your pay rise
An important element of job satisfaction is being paid what you’re worth. But when it comes to negotiating a pay rise, people are often plagued by fear, self-doubt, and feelings of unworthiness – sometimes all three. Yet many of us are at the stage where KPIs and responsibilities have been met, and project outcomes have been successful. You can assume full control of your career by overcoming this obstacle, particularly when it’s your formal review or appraisal time.
We know that the economic climate, business circumstances, timing and your current salary rate play key roles in whether or not you’ll get the pay rise you want. In our experience, the biggest mistake professionals make is not clearly proving or demonstrating how their value and results surpass their current pay packet.
Successfully securing a pay rise depends on two key factors: clearly quantifying your contribution to the company and building a bulletproof case.
Here are five ways to validate a pay rise:
1. Skill up to get ahead
If you’ve completed a new qualification, finished some training or are undertaking a new career development program, make sure your boss knows about it. You don’t get any prizes for being modest. Spell out how you plan to translate your new knowledge and skills into benefits for the business so they can clearly see the value you are adding.
2. Go above and beyond
Meeting your targets is great but that’s what your current salary rewards you for. To prove you deserve more, you need to regularly surpass your KPIs – and keep a record of it. The key word here is metrics – gather revenue figures, customer feedback and growth statistics to show how your performance is reaping dividends for the business.
If your role is less numbers-based, ensure you clearly define your KPIs at the beginning of your role or the start of the year. For example, if a key KPI is to strengthen business relationships in your industry, perhaps you can say your efforts here resulted in 2 crucial partnerships and 5 events off the back of establishing these connections.
3. Team leadership
Do your colleagues regard you as a leader? Do they often come to you for advice or guidance about their work? If you’re a junior staff member who has demonstrated leadership capabilities, use this position. Go to your boss with proven examples of scenarios where and when you’ve led your team. Show how your effective leadership approach turned a project into a success.
4. Business benefits
Did touching base with an old contact bring your business a lucrative new account? Or maybe your campaign idea worked to multiply your customer base? If you’re proactive when it comes to accelerating the business, you should detail these initiatives to your employer and show them the tangible results.
5. A case for innovation
Some professionals are relentless innovators who design processes that can mean big cost savings for their business. If you belong in this category, we recommend flagging it with your employer. Outline the improvements you’ve made – in monetary terms – to inspire them to reward your new approach.
There are many ways to work towards a pay rise.
Your best chance of reaping monetary benefits is making your employer aware of your true value to the business. That could be upskilling, going above and beyond your targets or bringing in new clients for the business.
Already tried these techniques with no luck? If it's time to move on, contact our specialist recruitment consultants to find your next great role.