Most of us have been in that point of our careers where we feel our hard work, dedication, expertise and loyalty deserve some recognition—in the form of a pay raise, especially if we haven’t been given a raise in a while or if we believe our performance merits a boost. It's totally normal, but admittedly, it can be a bit cringy or awkward to broach the topic.
However, fret not! Here are six tips to help you navigate this conversation effectively:
Timing is key. If your company is going through a tough period such as financial difficulties, budget constraints, staff reductions, or if your manager is dealing with personal matters, it's wise to hold off on your request. Look out for a more opportune moment to raise it.
Next up, it's time to gather your data. Take a moment to jot down all your biggest contributions to the organisation.
Facts speak volumes, so quantify your accomplishments with concrete metrics and facts. These can include;
To simply put it, show them why you deserve the raise!
Don't forget to do some research work on salary trends for your position. It's essential to know your market value before you make your case. If you find out you're underpaid for the work you do, that's a compelling argument right there! Curious about how your salary stacks up against others in similar roles within your industry? There's a treasure trove of resources out there ready to arm you with the latest and most accurate salary information. Websites like Seek, Payscale, Indeed, and Glassdoor are at your fingertips, offering a wealth of data on current salary trends.
Before you enter that meeting, make sure to practice, practice, practice! Remember, it's not just about what you say, but how you say it. Rehearsing your delivery will boost your confidence when approaching your manager. Concentrate on articulating your professional reasons for deserving the increase, rather than personal ones.
Sometimes the answer might not be an immediate "Yes" or you might be told that your manager will be needing more time to think. But don't get disheartened. In some cases, you would be offered an alternative compensation due to budget constraints, like bonuses, extra vacation days, or flexible working arrangements. Be open and flexible to any possible response.
After you communicate your request, make sure to follow-up with your manager without appearing too pushy or impatient. Politely ask for a timeline on their decision-making process. And if things don't go your way, seek feedback on how to improve and set expectations for future discussions about your compensation.
Asking for a raise can indeed be a nerve-wracking experience, but it's worth a shot! With the right approach and preparation, you increase your chances of success. And if things don't pan out the way you hoped, it might be a sign to explore other opportunities.
Check out our exciting roles in our careers site. And if you need a little guidance, feel free to connect with our consultants for a confidential chat.
Why Ensure Recruitment?
Ensure Recruitment is a premier agency specialising in Insurance and Wealth Management services across Australia and New Zealand, boasting a 15-year legacy and an expert team with an average of 20.5 years of recruitment experience. With a stellar 4.9/5 rating derived from 507 candidate and client reviews, we annually place over 500 candidates in diverse roles spanning Life Insurance, General Insurance & Broking, Workers Compensation, Risk & Compliance, Actuarial, and Executive positions. Our deep industry knowledge and extensive candidate network within each specialised domain ensure unparalleled service and successful matches, making Ensure Recruitment the top choice for candidates and clients alike.
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