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Transcript

How To Ask For And Get A Raise - Increase Your Salary Today · Enhance.training

• 0:00
  SPEAKER_00: I know how to ask for and get a raise.
• 0:03
  SPEAKER_00: Yet I hate asking for a raise.
• 0:06
  SPEAKER_00: It feels awkward, confrontational, embarrassing even, and it risks rejection and not feeling appreciated.
• 0:12
  SPEAKER_00: Asking for a raise is an emotional big deal for most of us.
• 0:16
  SPEAKER_00: If we're going to put ourselves through the discomfort of asking for a raise, making sure the odds are firmly stacked in our favour of getting a raise makes a lot of sense.
• 0:26
  SPEAKER_00: A really important fact to appreciate.
• 0:29
  SPEAKER_00: Managers are used to being asked for a raise by their staff.
• 0:33
  SPEAKER_00: Asking for a raise is a totally normal part of having a job.
• 0:37
  SPEAKER_00: Your boss won't think badly of you for asking for a raise or make your life difficult, etc.
• 0:42
  SPEAKER_00: You know, unless maybe you're asking every single week.
• 0:45
  SPEAKER_00: You also have to know that it is 100% in the employer's interests to pay you as little as possible while still keeping you motivated and staying with the company.
• 0:55
  SPEAKER_00: This means the longer you stay in a business, the more likely you will become underpaid unless you regularly ask for a raise.
• 1:03
  SPEAKER_00: If you stay in the same business for years, your long-term pay increases are about half the level of someone who moves job every couple of years.
• 1:11
  SPEAKER_00: A lot of this difference comes from staff not asking for a raise often enough.
• 1:17
  SPEAKER_00: In this podcast, we are going through firstly meeting two fundamental conditions to get a raise.
• 1:23
  SPEAKER_00: Secondly, three vital bits of preparation to do before you ask for a raise.
• 1:28
  SPEAKER_00: Third, an example script of what to say when asking for a pay rise, and fourth, what responses to expect after asking for a salary increase.
• 1:36
  SPEAKER_00: To increase your salary today, you need to meet two fundamental conditions to get a raise.
• 1:43
  SPEAKER_00: Employers will want to give you a raise when.
• 1:46
  SPEAKER_00: Firstly, the value you are delivering for the company has noticeably increased, and secondly, you are a good employee who your boss does not want to lose, which would mean that they would have to go through the hassle, cost and risk of hiring a new person, which they won't want to do.
• 2:03
  SPEAKER_00: If one of these two fundamental reasons is missing, you are unlikely to get a raise.
• 2:08
  SPEAKER_00: If you are delivering the same value as last year, the company doesn't have any extra money if you like to share with you.
• 2:15
  SPEAKER_00: When you deliver more value, the company has extra money to potentially share.
• 2:20
  SPEAKER_00: More on how you demonstrate your value in a bit.
• 2:23
  SPEAKER_00: Replacing staff is a big cost to the company.
• 2:26
  SPEAKER_00: Most bosses will try to avoid losing good staff, and saying yes to a reasonable request for a raise is an easy way to keep those staff.
• 2:34
  SPEAKER_00: Make sure you are a good team player.
• 2:36
  SPEAKER_00: Make your boss's life easier, not harder.
• 2:39
  SPEAKER_00: And keep yourself at least average or above in the team in terms of what you deliver.
• 2:44
  SPEAKER_00: Do these things and you are much more likely to get a raise when you ask for a raise.
• 2:49
  SPEAKER_00: Here are three vital bits of preparation to do before you ask for a raise.
• 2:54
  SPEAKER_00: To successfully ask for a raise, the preparation I think you must do is firstly do your job market research.
• 3:01
  SPEAKER_00: Secondly, know how you are going to show your value in financial terms, and then third, demonstrate your performance relative to others.
• 3:08
  SPEAKER_00: Touching on each quickly.
• 3:10
  SPEAKER_00: So firstly, do your job market research.
• 3:13
  SPEAKER_00: Collect proof of what the market in your area is paying for a person doing your job in a similar company.
• 3:20
  SPEAKER_00: You need market research for two reasons.
• 3:23
  SPEAKER_00: Firstly, to provide proof of what the other companies are willing to pay you if you choose to move jobs.
• 3:28
  SPEAKER_00: And secondly, to subtly let your manager know that you could and would be willing to move.
• 3:34
  SPEAKER_00: Get a list of job adverts for your job offering higher salaries than you are currently being paid.
• 3:39
  SPEAKER_00: The closer the jobs being advertised are to your job, the more compelling your request for a raise.
• 3:46
  SPEAKER_00: Print these off so you can literally hand them to your boss.
• 3:50
  SPEAKER_00: Speak to recruitment consultants about the salaries being paid for your role in the market.
• 3:55
  SPEAKER_00: Get the recruiters' names and the agencies they work for plus the salary ranges they tell you.
• 4:01
  SPEAKER_00: Create a summary printout to give to your boss.
• 4:05
  SPEAKER_00: Secondly, know how you're going to show your value in financial terms.
• 4:10
  SPEAKER_00: Translate as many of your achievements over the last year into financial numbers.
• 4:15
  SPEAKER_00: You can do this for every one of your achievements, regardless of your role.
• 4:20
  SPEAKER_00: Translate your achievements into one or more of these.
• 4:23
  SPEAKER_00: Firstly, revenue or profit created.
• 4:26
  SPEAKER_00: Secondly, cost saved.
• 4:28
  SPEAKER_00: Third, time saved, which you can then translate into cost saved by using a day rate for the jobs in question.
• 4:34
  SPEAKER_00: And fourth, efficiency gained, which can usually be translated into time saved and then into cost saved.
• 4:41
  SPEAKER_00: An example might be implementing a new expenses system successfully, which saves 50 mandates a month across the business.
• 4:49
  SPEAKER_00: This translates as 50 people times a£150 day rate, resulting in a£7.50 saved per month or£90,000 per year.
• 5:00
  SPEAKER_00: Add up all the revenues and profits that you have created and the costs saved.
• 5:04
  SPEAKER_00: Ideally, you want the final total to be three or more multiples of your salary.
• 5:10
  SPEAKER_00: The higher the better.
• 5:12
  SPEAKER_00: Put your calculations on another printout that you can hand to your boss when asking for a raise.
• 5:18
  SPEAKER_00: Third, demonstrate your performance relative to others.
• 5:22
  SPEAKER_00: The last piece of preparation is about showing how the value you are creating compares to others in your team and company.
• 5:30
  SPEAKER_00: The company will only have so much budget allocated to increasing pay, so you want to get the proportional pay rise that you deserve.
• 5:37
  SPEAKER_00: Compare your output and results to those doing a similar job.
• 5:42
  SPEAKER_00: If you consistently answer more calls, or send more paperwork, or attain more customers, or save more time, etc., compared to others in your team or in the business, you have a good argument to get a bigger salary increase compared to them.
• 5:56
  SPEAKER_00: Do not put others down.
• 5:58
  SPEAKER_00: Prepare your case by focusing on showing how much more you deliver compared to the average person in this position.
• 6:06
  SPEAKER_00: The stronger your preparation and the more value you create for the business, the more compelling the case is for you to get a raise.
• 6:14
  SPEAKER_00: Your preparation will make it easier for your manager to give you a raise.
• 6:18
  SPEAKER_00: Always book a meeting room with your boss and discuss getting a raise in private.
• 6:23
  SPEAKER_00: Speaking in public might put your boss in a difficult position, which will make getting your raise a lot more difficult.
• 6:29
  SPEAKER_00: I will share some sample scripts for a conversation with your boss in a sec.
• 6:34
  SPEAKER_00: My name is Jess Coles, and if you're new to the podcast, Enhance.training shares people management expertise, resources, and courses teaching you the skills to build high performing teams.
• 6:45
  SPEAKER_00: I've included links to additional examples going through what to say when asking for a pay rise in the podcast description, so do take a look at these.
• 6:55
  SPEAKER_00: So here is an example script of what you might say when meeting with your boss to ask for a raise.
• 7:01
  SPEAKER_00: Thanks Debbie for meeting with me to discuss my salary.
• 7:04
  SPEAKER_00: Please would you consider increasing my salary by£5,000 to£43,000?
• 7:10
  SPEAKER_00: I appreciate that you'll have to talk to others about this raise.
• 7:13
  SPEAKER_00: I've prepared some useful comparisons and supporting data to help you understand the value I'm creating, which you will hopefully find useful in these conversations.
• 7:22
  SPEAKER_00: I've compared my salary to similar jobs in the marketplace, and as you can see from these job adverts, I'm currently being underpaid by at least£5,000.
• 7:32
  SPEAKER_00: I've also spoken to these three recruitment consultants, and they tell me if I were to move, I should be looking at a£5-7k salary increase as a minimum.
• 7:42
  SPEAKER_00: They've also told me it's very much a candidate's market and getting another job offer shouldn't take long.
• 7:56
  SPEAKER_00: I would also like to take you through my top 5 achievements delivered over the last year, which demonstrate that I'm adding in excess of£300,000 in value to this company as a minimum.
• 8:07
  SPEAKER_00: My best achievement to date is and then go on to describe each achievement briefly.
• 8:12
  SPEAKER_00: I would end the request by saying something like, I hope all this demonstrates that I deserve at least a£5,000 salary increase.
• 8:20
  SPEAKER_00: Do you have any initial thoughts on my salary request?
• 8:24
  SPEAKER_00: The request should take a minute or two to make.
• 8:27
  SPEAKER_00: Do not go into masses of detail or prepare a presentation, etc.
• 8:31
  SPEAKER_00: This is not needed.
• 8:33
  SPEAKER_00: When you've done your homework and you are a good employee doing a good job, getting at least a reasonable salary increase shouldn't be particularly hard.
• 8:42
  SPEAKER_00: If you'd like more examples of salary increase conversations, please take a look at the link in the description where you can get more free examples.
• 8:51
  SPEAKER_00: Next, let's quickly cover what responses to expect after asking for a salary increase.
• 8:57
  SPEAKER_00: It is very rare to get a yes on the spot after asking for a salary increase.
• 9:02
  SPEAKER_00: Your boss will have to speak to HR and their boss before saying yes to a raise that you have asked for.
• 9:07
  SPEAKER_00: Your boss might put forward a compromise offer, so keep your counter-arguments in mind if this happens.
• 9:14
  SPEAKER_00: Expect your boss to tell you that they will have to get back to you with an answer soon.
• 9:19
  SPEAKER_00: I would normally expect a couple of days at worst.
• 9:21
  SPEAKER_00: If they don't come back to you within a week or so, bring up asking for a raise again and ask what the decision is.
• 9:29
  SPEAKER_00: When you are a good employee delivering a lot of value and you are making a reasonable request for a raise and you have prepared well, I would expect 9 times out of 10 you'll get a raise.
• 9:41
  SPEAKER_00: So, in summary, asking for a raise is daunting for everyone.
• 9:46
  SPEAKER_00: Nobody wants to be told no, particularly when you're being underpaid versus the market or compared to what you're delivering for the company.
• 9:52
  SPEAKER_00: A no feels horrible.
• 9:55
  SPEAKER_00: To make getting a raise a lot more likely, you should keep increasing the value you are delivering for the company and be a good employee and team member.
• 10:04
  SPEAKER_00: So your boss won't want to risk losing you and having to go through the hassle, cost and risk of finding somebody new.
• 10:11
  SPEAKER_00: Always ask for a raise at least every year if you don't automatically get given a raise that you feel you deserve.
• 10:18
  SPEAKER_00: If you have any questions on how to ask for and get a raise, increase your salary today.
• 10:24
  SPEAKER_00: Please email me at support at enhanced.
• 10:29
  SPEAKER_00: Thanks very much for listening, and I look forward to speaking to you again soon.