How should you go about getting the pay rise?
You have put in the hours and have been performing well in your role – perhaps it is time for your salary to be reviewed. Salary might not be the most important aspect of a job, but it can definitely make a difference in your overall satisfaction and engagement.
Asking for a pay rise can be nerve-wrecking , but the keys to managing this process of negotiating are preparation and a keen understanding of your company’s performance, culture and market conditions.
In our recent workplace survey which involves over 5000 participants, it is revealed that 55% of business hold annual salary reviews for their staff. That being said, the remaining 45% either don’t have them at all or only certain staff members are offered.
It is true that performance is a vital factor, but before you approach the subject of salary increase, it is also important to understand that a salary increase is not guaranteed based on performance alone.
Individual performance vs Business performance
During a salary review, our survey shows that individual performance was an important factor (32%). However, the overall performance of the organisation was also highly considered in the reviewing process.
Many businesses may wish to reward their staff for their hard work, but when an organisation is not hitting the targets financially, it can be hard to then offer pay increases to staff.
There is no “I” in Team
Besides that, employers also take in huge consideration of the performance of a team/department/office during the process of salary increase. In other words, if the team doesn’t perform well then no one wins. This indicates the importance of collaboration and communication in a team environment as well as working to your potential and being a part of a high performing team.
At the present time, skills such as problem solving, team work, communication and time management are all highly sought after soft skills as these could positively impact not only your individual performance, but also your team performance.
More money or you’re gone!
Never threaten or posture with a take-it-or-leave-it stance as our research tells us that this will have very little impact on being successful with your request (2% success rate).
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