Women are historically bad at asking for promotions and pay increases, but with the cost of living going up people are needing more money than ever just to get by. Here a professional explains exactly how to go about asking for a raise.
The cost of living crisis means that many of us are feeling the pinch, so a pay rise could go a long way at the moment. But often putting ourselves forward for more recognition feels unnatural and boastful so plenty of us stay quiet, accepting what we’re offered, when we’re offered it.
There’s no reason we can’t put ourselves forward for an increase in pay, particularly if we’re performing well and haven’t had a raise in a while. Roman Peskin, CEO of the career-enhancing learning platform ELVTR, shared his top tips for broaching the tricky subject.
Do the research
The first thing you need to figure out is that your current salary meets the market benchmark. This defines your negotiation strategy. Go to websites such as Indeed or Glassdoor, or google search average salary for your job and seniority level. If your pay is below, appeal to market benchmarks to negotiate fair pay.
Timing also matters. Early-career employees should aim to get a promotion every 2-3 years while the pace slows down in later career stages.
Prepare the visuals and hard data
The average person responds far better to visual information than plain conversation, so prepare a short deck with clear indicators of your valuable input and progress. Show what you bring to the table and how the company has benefited with you on board. Show how your responsibilities have changed over time, and how the company closed more deals or saved money with your efforts. Be specific and include examples.
Master new skills and ask for more responsibility
Invest in improving your skills and expertise - it will get you a long way and fuel your career at any stage. See what skills are in high demand in your niche, research high-priority jobs on LinkedIn to see what kind of abilities they require and ask your manager for advice on what skills would be good for your career within the organization.
Find the best options you can afford to learn from – know who’ll be teaching you, check if their background and expertise are worth your time and resources. Please don’t settle for internet gurus with a fan following but zero on-the-ground experience in their fields, and always check course reviews on Trustpilot before investing your time and money in them. Lastly, make sure that the leadership is aware that you’re ready to apply these new skills and take on more responsibility.
What not to do
- Do not expect an immediate answer. Give your manager time to evaluate what they can offer.
- Do not present ultimatums to leave (unless you’re willing to execute them).
- Do not push and complain. Keep the conversation on a positive note.
If you hear no…
If you’re denied a promotion, ask about other perks that could also increase your career growth. Those can be a salary bump while keeping the same title, the opportunity to work in a different department or be trained in new skills. You can also negotiate a more flexible work schedule.