Would you like an increase in your salary? Let’s say a 20 percent increase and a big bonus. Sounds good doesn’t it?
Who doesn’t want to make more money? Before you march into your boss’s office demanding an increase in pay you need to first take a step back and develop a game plan to approaching your boss. There is a right way and a wrong way to ask for more money and when approached correctly you give yourself the greatest opportunity of receiving your pay rise. When done incorrectly you can greatly diminish your own reputation.
Rule 1: Pick your timing
Timing is crucial and it is important that you pick the exact right time to speak with your boss about receiving a pay rise. Let your boss know that you wish to speak to him or her at a time that is convenient for them.
Rule 2: Preparation
When asking for more money it is so important that you are adequately prepared and know exactly what you want to say. You need to be able to provide examples of why you deserve more money and how you have provided value to the business. Remember no one is going to give you money just because you feel that you deserve it. Just like a lawyer presents the case to the jury, it is as necessary to present your case to your boss for a pay rise.
Remember – the best examples you can provide are backed up by examples. If you helped make or save the company money – back this up with an example. You’re the lawyer and you need to prove to your boss beyond any reasonable doubt that you deserve a pay rise.
Rule 3: Execution
By following rule 2 and being prepared with what you want to say, you also need to be able to execute your plan. If you are asking for more money you need to have a figure in mind. By researching what other people in your field are making is a good way to begin to work out how much of a salary increase you are going to ask for. (There are also many free internet sites that provide salary surveys). The worst possible thing to do is not have an amount in mind that you require. You need to be direct and provide examples as to why you have chosen this amount so your boss understands that you are not just trying to get more money but that you actually deserve more money.
Rule 4: Confidence:
Don’t be scared or intimidated about asking for more money if you believe you deserve it. Have confidence in yourself and the value that you bring to the business. Before you begin your discussion have a think about potential questions or possible objections you may encounter and prepare yourself to be ready to answer these questions.
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