Economic climate, timing and your current salary rate certainly play key roles in whether or not you’ll get the pay rise you want. But in our experience, the biggest mistake professionals make is not proving that their value surpasses their current pay packet.
An important element of job satisfaction is being paid what you’re worth – but when it comes to negotiating a pay rise, people are often plagued by a fear of rocking the boat. This is an obstacle you’ll need to shake if you want to assume full control of your career.
Successfully nabbing a pay rise depends on two essential factors – clearly quantifying your contribution to the company, and building a bulletproof case. Here are five ways to prove you deserve a pay rise:
1. Go above and beyond
Meeting your targets is great – but that’s what your current salary rewards you for. To prove you deserve more, you need to regularly surpass your KPIs – and keep a track of it. You have to pay attention to the metrics – gather revenue figures, customer feedback and growth statistics to prove how your performance is reaping dividends for the business.
2. Business benefits
Did touching base with an old contact bring the business a hefty account? Or maybe your campaign idea worked to multiply your customer base? If you’re proactive when it comes to accelerating the business, you should detail these initiatives to your employer and show them the tangible results.
3. Skill up to get ahead
If you’ve completed a new qualification, finished a training programme or are undertaking a new career development program, make sure your boss knows it. You don’t get any prizes for being shy. Spell out how you plan to translate your new knowledge and skills into benefits for the business so they can clearly see the value you are adding.
4. Team effort
Are you regarded by your colleagues as a leader? Do they often come to you for advice or guidance about their work? If you’re a junior staff member who has demonstrated leadership capabilities, use this position. Go to your boss with concrete examples of scenarios where you’ve led your team. Show how your effective leadership approach turned a project into a success.
5. A case for improvement
Some professionals are relentless innovators who design processes that can mean big cost savings for business. If you belong in this category, we recommend flagging it with your employer. Outline and quantify the improvements you’ve made to inspire them to reward your new approach.
There are many ways to work towards a pay rise. Whether it’s upskilling, going above and beyond your targets or bringing in new clients for the business, your best chance of reaping the monetary benefits is making your employer aware of your true value to the business.
This article was originally published on Michael page Greater China Blog