The art of negotiating a raise. Five steps worth taking
Why do we decide to go to the boss for a pay rise? There are many reasons... Firstly, it is the natural process in a career. Secondly, our financial needs increase, especially when we think about stability, family enlargement, further development and education, or social advancement, which is always associated with higher living costs. And lastly, a raise is not only a financial issue, but also a tangible acknowledgement of the value of our work for the development of the company.
The second important question is "How do you negotiate a raise with your employer?". We have compiled some key steps for you to help you effectively prepare for a salary interview and increase your chances of success.
1. Invest in developing your competencies and skills
Continuous professional development is one of the most important elements of building employee value, and highly valued by employers.
"Invest time and resources in broadening or deepening your competencies and skills. This could include taking courses, online training or gaining prestigious international certifications such as ACCA, CGMA or CFA." - says Kamila Izdebska, Head of BPP Professional Education - "The more trained and competent you are, the more value you bring to the company, which increases your chances of a raise and career."
2. Present your achievements and results
One of the most important ways to get a raise is to prove your worth by demonstrating tangible achievements and results that translate positively to the business. Carefully review your past assignments and projects, identify those that have benefited your employer the most and highlight your successes and their impact on the company's growth.
3. Prepare carefully for your interview with your boss
Prepare yourself very carefully before your raise interview. Develop a list of your achievements, skills and additional responsibilities you have taken on. Show how they have translated into the performance of your team or the organisation as a whole. Also prepare an argument as to why you deserve a raise, preferably with specific examples and data.
4. Be proactive
Don't wait for your manager to offer a raise. If you think you are ready for it, ask for a meeting to discuss your career path and salary. Be confident and firm in expressing your expectations, but also remember to be tactful and professional.
5. Demonstrate that you are ready for bigger challenges
Express your willingness to grow and take on more challenges - more responsibility or new projects. Your superior will certainly also be open to your innovative ideas that can improve your work. Show that you are flexible, creative and ready to bring additional value to your company. Show your commitment to the well-being of the company, which may be an additional argument for a raise.
We wish you the best of luck! Remember "Fortune favors the bold"!
Article also published on focusonbusiness.eu/en/.