5 strategies to ask for a salary increase

Access to fair compensation that is appropriate to the employee's role and skills is a full right. Furthermore, you need to understand that when an employee receives fair compensation for their work, it generates a sense of appreciation. Feeling recognised for their efforts is fundamental to generating motivation and job satisfaction. A worker who feels valued is more likely to be dedicated, productive and perform better. It is therefore vital for any company to always keep the door open to negotiating its employees' working conditions. 

THE BEST STRATEGIES FOR ASKING FOR A PAY RISE

Asking for a salary increase requires strategy and preparation. Here are the 5 strategies you need to adopt to succeed in this important step in your professional development.

Show your value

Before you approach your boss to ask for that much-desired salary increase, it's important to show your value as an employee. After all, your employer will be more likely to consider a raise if you can demonstrate good performance and significant contributions to the company. To prepare for salary negotiations, it's crucial to make an honest assessment of your performance. Analyse your recent achievements, goals reached and successful projects. You can, for example, gather feedback from colleagues and superiors to get some more concrete data on your work or bring figures to the table that directly reflect your good performance.

Choose the right moment

As well as showing your value and carrying out a performance self-assessment, it's essential to choose the right time to broach the subject. Wait for a time when the company is in a favourable situation. This could be after some significant achievement or during a period of performance appraisals.

Prepare your argument

Prepare well so that you don't run out of words and arguments when you must defend your raise. List your contributions to the company and the team and the results you have achieved. You can also research salary statistics for similar positions in companies in the same sector. This will provide some support for your request.

Anticipate the employer's responses

During salary negotiations, be prepared for questions about your performance, experience, the company's financial situation and even alternative options to a salary increase. This will help keep you confident and build a solid argumentative strategy.

Be open to negotiation

When asking for a pay rise, be prepared to negotiate. Be flexible and willing to find a compromise if the first offer isn't exactly what you expected. Remember that the aim is to reach an agreement that is beneficial to both parties. 

AND WHEN THE ANSWER IS NO?

Unfortunately, even with all the strategies and arguments, there may be times when the answer is negative. In this case, it's important not to get discouraged. Also consider looking for internal or even external development opportunities so that you can continue to grow professionally. If you are a professional in Corporate Finance, Accounting or Payroll, Fed Finance can help you find new career paths. Just send us your application. 

Also, remember alternatives to a direct salary increase and try to negotiate other benefits. For example, you could offer more holiday days, flexible working hours, participation in additional training, other opportunities for growth within the company or access to other perks. These alternatives may be less expensive for the company and still bring you tangible benefits.

Finally, asking for detailed feedback on the reasons for the refusal and asking what can be done to improve your chances of a raise soon will only make you more aware of your role in the company and better self-knowledge as a professional.