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8 Ways of Getting a Bigger Pay Rise – Salary Raise Negotiation Tips · Enhance.training

• 0:00
  SPEAKER_00: Getting a bigger pay rise is an ordeal that most people hate going through.
• 0:05
  SPEAKER_00: Yet if you don't ask for a salary increase, at least in line with what other companies are paying, chances are you'll get paid less than you deserve.
• 0:13
  SPEAKER_00: And unfortunately, if you are good at your job and create a lot of value, chances are you're being paid way below what you could be.
• 0:20
  SPEAKER_00: Learn how to negotiate a salary increase and you'll be a lot better off.
• 0:25
  SPEAKER_00: I'm sharing eight ways of getting a bigger pay rise.
• 0:28
  SPEAKER_00: Firstly, work out why you deserve a pay rise.
• 0:31
  SPEAKER_00: Secondly, know your worth.
• 0:32
  SPEAKER_00: Third, be realistic.
• 0:34
  SPEAKER_00: Fourth, build your case, fifth, picking the right time to ask.
• 0:39
  SPEAKER_00: Sixth, be ready to negotiate.
• 0:41
  SPEAKER_00: And then seventh, have a plan B.
• 0:43
  SPEAKER_00: And lastly, eight, help your boss get sign-off.
• 0:47
  SPEAKER_00: And when asking to get a bigger salary, you have to overcome the reluctance of companies to increase their costs.
• 0:54
  SPEAKER_00: The eight steps take you through a logical and tested approach to build a compelling case for a pay rise.
• 1:00
  SPEAKER_00: Taking these steps will build your confidence and massively increase your chances of success.
• 1:07
  SPEAKER_00: My name is Jess Coles, and if you're new here, Enhanced.training shares people management expertise, resources and courses to speed up your journey to become a great manager.
• 1:17
  SPEAKER_00: And do visit us at Enhance.training and take a look at the courses and resources for you to improve your management skills and the outcome your team delivers.
• 1:27
  SPEAKER_00: The first way for getting a bigger pay rise is to work out why you deserve a pay rise.
• 1:33
  SPEAKER_00: This is a really important step that many people actually don't do properly.
• 1:38
  SPEAKER_00: You can't think in terms of yourself.
• 1:40
  SPEAKER_00: For instance, you know I've been working another year, therefore I deserve a pay rise.
• 1:45
  SPEAKER_00: Or you know, inflation is at X%, and therefore I'm getting paid X% less than last year, and therefore I should get paid more.
• 1:54
  SPEAKER_00: These thoughts may all be true, and yet these arguments don't really work.
• 1:59
  SPEAKER_00: You have to think in terms of the value you have created for the company.
• 2:03
  SPEAKER_00: For instance, firstly, where have you saved the company time and costs?
• 2:07
  SPEAKER_00: And pretty much everyone can achieve cost or time savings in their job.
• 2:11
  SPEAKER_00: Secondly, where have you increased revenues, either directly or indirectly?
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  SPEAKER_00: Third, where have you beaten targets that you've been set?
• 2:20
  SPEAKER_00: Fourth, how have you increased visibility and understanding which has led to lower costs or higher revenues?
• 2:27
  SPEAKER_00: And fifth, how have you specifically helped the company be successful?
• 2:31
  SPEAKER_00: These are all framed in terms of how you've helped the company.
• 2:35
  SPEAKER_00: Get specific and include numbers in how you frame the value you've created.
• 2:40
  SPEAKER_00: Really think about your role and how you create value for your company.
• 2:44
  SPEAKER_00: And as soon as you are clearly creating more value than your salary, you're in a great negotiating position to get a bigger payrise.
• 2:52
  SPEAKER_00: The second way to get a bigger pay rise is to know your worth.
• 2:56
  SPEAKER_00: Having worked out all the internal measures of your worth, i.e.
• 2:59
  SPEAKER_00: your achievements for the company, work out how the jobs market values your role.
• 3:05
  SPEAKER_00: Go to read.co.uk or a similar jobs website and find job adverts for what you do.
• 3:12
  SPEAKER_00: Be as specific as you can.
• 3:14
  SPEAKER_00: Look past the job title at.
• 3:16
  SPEAKER_00: Firstly things like the responsibilities and accountabilities of the role.
• 3:20
  SPEAKER_00: Secondly, the tasks, activities, problems and projects the role needs to deliver against.
• 3:25
  SPEAKER_00: Third, who the role reports to, and fourth, the dynamics of the company and where exactly the role is based.
• 3:32
  SPEAKER_00: Match up your role as closely as possible to a range of jobs being offered by other companies.
• 3:38
  SPEAKER_00: Compare their salaries and take note of the average and the range of salaries.
• 3:43
  SPEAKER_00: Keep copies of all the job adverts you use so you can provide these to your manager later.
• 3:48
  SPEAKER_00: A complimentary option is to speak to a friendly recruitment consultant that you already have a relationship with and then ask them to provide you with their views on what salary you're worth on an email.
• 4:01
  SPEAKER_00: Use third-party market data to demonstrate your worth.
• 4:06
  SPEAKER_00: The third way for getting a bigger pay rise is to be realistic.
• 4:10
  SPEAKER_00: Keeping realistic adds to your credibility when asking for a pay rise.
• 4:14
  SPEAKER_00: Your request is hard to ignore or dismiss.
• 4:18
  SPEAKER_00: The company situation, the economic situation and the state of the jobs market all impact pay rises, and I think it is sensible to consider each.
• 4:27
  SPEAKER_00: If the company is doing very well, the company can afford to make larger payrises.
• 4:32
  SPEAKER_00: If the company has little profit or cash, then pay rises full stop may be in doubt.
• 4:38
  SPEAKER_00: And externally, if there are many jobs being offered and few people to fill them, getting a bigger salary is a lot easier than if there are many people looking for jobs and few job opportunities.
• 4:49
  SPEAKER_00: Your ability to go elsewhere to get a bigger salary is a key factor from the company's point of view when considering pay.
• 4:56
  SPEAKER_00: Show that you're being realistic and have considered these factors when asking for a pay rise, and you should be taken more seriously.
• 5:03
  SPEAKER_00: The fourth way of getting a bigger pay rise is to build your case.
• 5:08
  SPEAKER_00: Use the information that you've gathered so far to build your case for a pay rise and put it into writing in a document.
• 5:14
  SPEAKER_00: Your boss will need this document to get sign off for your pay increase, and we'll cover this more in detail later.
• 5:21
  SPEAKER_00: Create a one or two page document setting out, firstly, all the reasons why you should get a pay rise.
• 5:28
  SPEAKER_00: Secondly, the actual figure that you're asking for.
• 5:30
  SPEAKER_00: Don't provide a range and set it higher than your minimum.
• 5:34
  SPEAKER_00: And third, all the market evidence that you're worth the figure that you're asking for.
• 5:39
  SPEAKER_00: Get a friend outside of work to look at the documents to make sure that it makes sense and it is well structured.
• 5:46
  SPEAKER_00: Keep the document focused on how you've created value for the company.
• 5:50
  SPEAKER_00: And don't forget to think about all the elements of your pay, you know, salary, bonuses, benefits, share options, etc.
• 5:57
  SPEAKER_00: The hardest area to get an increase in is your salary in my experience, because from the company's point of view, if you do a rubbish job you still get paid.
• 6:07
  SPEAKER_00: Once you have your document finalised, you are ready to speak to your manager.
• 6:12
  SPEAKER_00: The fifth way for getting a bigger pay rise is picking the right time to ask.
• 6:18
  SPEAKER_00: Don't ambush your manager with pay rise requests.
• 6:21
  SPEAKER_00: Always signal that you want to talk about pay before actually asking.
• 6:25
  SPEAKER_00: And a good way to do this is to send your pay rise document to your manager and ask for a one-on-one meeting so you can discuss your pay with them.
• 6:33
  SPEAKER_00: Always ask your manager for a bigger salary in private.
• 6:37
  SPEAKER_00: Never do this in public.
• 6:39
  SPEAKER_00: And don't send your requests for a meeting over on Monday morning or a Friday afternoon.
• 6:44
  SPEAKER_00: No manager likes to get additional problems to deal with during these times.
• 6:48
  SPEAKER_00: And after you've requested to speak to your manager about your pay, you should then follow up to arrange a specific meeting or bring up pay in your next regular one-on-one meeting.
• 6:59
  SPEAKER_00: Always give your manager time to think through your pay rise and to do a bit of research for themselves.
• 7:07
  SPEAKER_00: The sixth way to get a bigger pay rise is to be ready to negotiate.
• 7:13
  SPEAKER_00: If your manager just says yes, you'd probably have asked for two smaller pay rise.
• 7:18
  SPEAKER_00: Expect to negotiate on things like the amount of the pay rise, in what form it takes, i.e.
• 7:23
  SPEAKER_00: annual salary or bonus or other things, and thirdly when it's effective from.
• 7:28
  SPEAKER_00: Your minimum amount should be the figure that you'd be happy earning and feel is a fair exchange for the value that you've delivered for the business.
• 7:36
  SPEAKER_00: Always ask more than your minimum so that you have room to negotiate and come away happy with the outcome.
• 7:43
  SPEAKER_00: Don't provide an excessively high figure to try and anchor the negotiations in unrealistic territory.
• 7:50
  SPEAKER_00: For more advice on negotiating, take a look at 7 actions to negotiate effectively at work.
• 7:56
  SPEAKER_00: The seventh way of getting a bigger pay rise is to have a plan B.
• 8:01
  SPEAKER_00: If you get a no after asking for a pay rise or a selling increase that you feel is below your worth, you have three main options.
• 8:10
  SPEAKER_00: Firstly, accept the situation.
• 8:13
  SPEAKER_00: Secondly, keep fighting for higher remuneration, and third, get a job offer paying more from another company.
• 8:20
  SPEAKER_00: Consider switching your pay rise requests to increases in your bonuses, holiday, health cover, pension, or other benefits such as training and development.
• 8:29
  SPEAKER_00: In my experience, getting a salary increase is much harder than getting increases in performance-related pay, such as bonuses.
• 8:37
  SPEAKER_00: There can be many rational and irrational reasons why managers or HR block increases in salary.
• 8:43
  SPEAKER_00: Focus on other elements of your pay and see what increases you can negotiate.
• 8:48
  SPEAKER_00: Another option is that you get a job offer paying significantly more from another company.
• 8:53
  SPEAKER_00: You can then use this to force a higher salary and stay with your company, or you can move companies.
• 8:59
  SPEAKER_00: The cost of recruiting, training, and betting in a new employee will nearly always be a lot higher than the salary increase that you're asking for.
• 9:07
  SPEAKER_00: Just bear in mind that if you have to fight hard to get a salary increase that you deserve, you may be at the wrong company.
• 9:15
  SPEAKER_00: The eighth way of getting a bigger pay rise is to help your manager get sign off.
• 9:21
  SPEAKER_00: A common situation is that your manager supports your pay rise request but struggles to get this signed off by their managers.
• 9:29
  SPEAKER_00: By providing a document with the reasons you deserve a pay rise, written in terms of how the company benefits, you are arming your manager with hopefully a compelling case.
• 9:40
  SPEAKER_00: Support your manager in getting the pay rise request through.
• 9:43
  SPEAKER_00: Find out what the objections are, blocking the sign-off, and who is doing the blocking.
• 9:49
  SPEAKER_00: Work with your manager to address the objections and speak to the individuals that are blocking the rise.
• 9:55
  SPEAKER_00: If you are a good performer, there is nearly always an acceptable compromise to be reached.
• 10:01
  SPEAKER_00: Negotiate and be flexible to a point.
• 10:04
  SPEAKER_00: If building a compelling case and negotiating fails, then get a job offer from another company paying more.
• 10:10
  SPEAKER_00: The company's willingness to compromise and reach a solution is a very strong indicator for how much you are valued.
• 10:17
  SPEAKER_00: If you're not valued enough, find a company that values you a lot more.
• 10:22
  SPEAKER_00: You and your career will be better off in the long run.
• 10:26
  SPEAKER_00: We've gone through eight ways of getting a bigger salary at work.
• 10:30
  SPEAKER_00: The better the job you are doing, the more likely you'll be able to successfully ask for and get a bigger salary and or other benefits.
• 10:38
  SPEAKER_00: And if you don't ask, you don't get.
• 10:41
  SPEAKER_00: Companies will usually try to get away with paying their staff as little as possible while still retaining their employees.
• 10:48
  SPEAKER_00: Ask for what you deserve.
• 10:50
  SPEAKER_00: To recap, the eight ways of getting a bigger pay rise are firstly work out why you deserve a pay rise.
• 10:56
  SPEAKER_00: Secondly, know your worth.
• 10:58
  SPEAKER_00: Third, be realistic, fourth, build your case, fifth, picking the right time to ask.
• 11:04
  SPEAKER_00: Sixth, be ready to negotiate, seventh, have a plan B, and eighth, help your boss get sign off.
• 11:11
  SPEAKER_00: And if you have any questions, please drop me an email at support at enhance.training and I'll get back to you.
• 11:17
  SPEAKER_00: Thanks for listening, and I look forward to speaking to you again soon.