What do you do if you’re looking for a salary increase, but changing jobs just isn’t an option? Perhaps you’re one of the lucky ones and actually love your role, or the thought of saying goodbye to your team leaves you cold. Maybe you’ve browsed around to see what else is out there, but aren’t in a position to make a big move.
Despite your situation, it’s perfectly normal to wish to have just that little bit more in your pocket each week without making any drastic changes. We know that requesting a raise isn’t an easy task, so consider this your 5-step plan to earning a well-deserved salary increase while staying put.
Gain more qualifications
The more skills you can bring to the table, the more valuable an employee you become. Having additional qualifications and is one of the best ways to be able to put forward a strong case for an increase in salary. It’s also a great way to put yourself in a more advantageous position to negotiate a title change or promotion in the future.
Deirdre Rice, a People and Culture Manager at technology company SiteMinder, says having additional skills is important in being able to negotiate a raise. “Generally, people that are formally trained can offer more than just their experience. They’ve got the theory side of the study as well, which is beneficial,” she says. Being able to have practical experience backed up by theoretical understanding can help make you more of a well-rounded employee.
Take on additional responsibility
If you feel you’re ready, consider putting your hand up to take on more responsibility. It’s an ideal way to signal to senior management that you’re ready to expand your role but also, by taking on more responsibilities, you can build a solid reason for a salary increase in the future. You could also ask your team leader if it is possible to learn more about the processes surrounding some of their managerial duties and if you’re able to assist with some of these tasks.
Seek feedback regularly
Make a point of seeking regular feedback from your manager about your performance. Rice suggests you use the feedback given to not only improve your performance, but also take note of any areas your manager feels that you are excelling in. When you are discussing a salary increase, use the fact that your manager has acknowledged you’ve excelled in certain facets of your role as a way to strengthen your request for a raise.
Get a great performance review
Receiving an outstanding performance review puts you in a greater position to be able to negotiate a salary increase as it demonstrates that you’re a valuable employee.
While the performance review is not necessarily the time to discuss salary, Rice says that once your performance review is signed off then that can be used as the leading event into your next discussion.
Keep your performance consistent
Don’t make the mistake of sitting back after getting a raise or promotion and doing the bare minimum to get by. “It is important that when people do get an increase that they actually take it on board that they are getting a higher rate of pay based on outstanding performance or stepping up and going above and beyond expectations,” says Rice.
Being able to demonstrate consistently good performance will be key to retaining your responsibilities and boosted salary. Also if you do decide to chase a promotion further down the line, the way you conduct yourself in the lead-up will help strengthen your professional reputation and could determine whether or not you get a great reference from your manager.