Some companies are running a performance feedback/performance review at this time of the year. Often enough I have found cases that employees are quite reluctant to discuss about getting a pay rise despite that they have given their best to their organization. Expecting their managers have already understood on what they want.
The conversation around asking for a raise is going to feel awkward and uncomfortable, but push through that momentary discomfort to get the potential reward of a raise.
The fact is, you need to state what you want.
Here are some tips which I hope can be useful for you to negotiate on your pay rise:
- Start with researching what the market is paying for existing roles. Then collect evidence on your successes and achievements, what you have delivered against your KPI’s and also what you have achieved beyond your role expectations. Research means that you can go check to your friends/network with similar role as you are. It’s important to check with people who are in the same industry as you are because every industries have different standard. Networking with a recruitment consultant can also be useful for you because they can give you the insight on the latest market trends.
- I acknowledge that in established companies, the performance review system is already set up. However, if you don’t have a performance review system in your company, drive your own. Book a time with your manager to discuss thoroughly about this topic. Know what you want before you start the discussion with your manager. Back up with arguments on your achievements and prepare with challenging questions from your manager. You need to be ready to answer every possibility of scenario during the discussion. Don’t argue to have a pay rise because you think you have stayed long enough with the company. An employer will give you a pay rise because they know you are contributing to the bottom line.
- If staying in the current role cannot justify for you to get a pay rise, get an alternative job offer with a higher pay. Present it to your manager. State that you want to stay in the company however the additional money from the other company will have a big impact on your personal life. i.e. help pay the bills, putting your kids into good schools etc. If they really want to keep you, they’ll come back with a counter offer. If they don’t, you know that it’s time to move on to a company that will value you more.
However, even with the most eloquent and persuasive presentation of facts, be prepared for a ‘no’ if company performance and your performance means pay increases are on hold for the year.
If you can accept the ‘No’ answer
Stay in the company, accept the situation and be happy with it. Engage with your job and keep doing your best. You need to be able to see the overall situation. Yes, the job cannot give you the pay rise as what you expect, but think about the intangible things that the company can give to you now and in a long run. Personal development, great challenges that can stretch your capability, managerial skill, interesting role that you love, the working environment that you love. And the list will keep going. Be positive. You just need to know what are the things that you value and what suit you. Don’t stay in a company while holding your grudge. It’s not good for your soul and others.
If you cannot accept the ‘No’ answer
Go find another job that you think will suit your expectation and needs. However, please ensure that you do your research well before moving to a new company because every companies have its pros and cons. Be ready with the new challenges in the company. By the end of the way, it really depends on what you are looking for in your career. What make you happy and what make you committed to do the best to the company and to others.
Be happy, overcome challenges and bring impact.
Managing Partner – APG Consult