Politicians are warning us of tough times ahead. Here’s some red flags if you feel tempted to go cap in hand to your employer.
You’ll need a better strategy than pointing out that things have got expensive, so you’d like more money please. Your request shouldn’t be about you and your issues. Build a far more compelling case by flipping your focus outwards – on to the value you add and the problems you, uniquely, solve for others. Why are you better and different than everyone else?
Here’s a reality check to work through:
- Are you underpaid compared to your peers? Have you got evidence for that? If so, why didn’t you mention the discrepancy before? Talented people have confidence in their ability and don’t swerve difficult conversations. Be careful not to come across as a blackmailer: claiming that a head-hunter has offered you a higher package can backfire unpleasantly.
- What do you do better than everyone else? Are you contributing over and above your job description? If there is a salary band for your role, then show how you perform at the top level and even higher. Never imply that you’ll step up your performance when you get more money. You should be giving 100% now.
- Is your case based on past performance? If so, think again. I’m afraid you’ve already been paid for that. Show how your current work will impact the organisation’s future. Are you solving important problems? How will you make your team/organisation/customers more profitable, productive, successful?
- Can they afford it? If the business is strapped for cash, then you need an iron-clad case for how you will create potential opportunities to save the day. If not, you’ll come across as greedy and uncommercial. (The root of the problem even, in a small business). If you really feel hard done by, could you negotiate extra benefits, rather than a short-term salary increase?
- How much should you ask for? Don’t start negotiating until you have first made a compelling case for how valuable you are. You’ll know what’s a reasonable increase in your organisation – ten to twenty per cent maybe. The elephant in the room is the cost of replacing you: perhaps a higher salary for the new person, the lost productivity while they onboard, and a recruitment fee on top. Of course you don’t want to leave, you want to build trust, so hinting you could walk can smell a bit like black mail again. Maybe, having done your research and built your case studies, you now realise just how good you are. Do you deserve more than a standard increase? Ask yourself this question:
If I knew I was a high performer, at the top of my game, what should I aspire to?
The moral of the story is to get better at reminding influential people of how valuable you are throughout the year, rather than waiting until pay-rise time. Maybe you need a coach?