Business

How to negotiate a pay rise from your boss – and get the salary you want

It’s one of the toughest conversations you can have — which one survey found more than half of us may never have done to ask your boss for a raise.

Even if you pluck up courage, should you? The Governor of the Bank of England recently asked us all not to ask for an increase as it could push inflation even higher.

But as the cost of living continues to rise, having that awkward conversation with your boss can become unavoidable. Then how do you persuade them to pay you more?

1. Brush up on your “raise story”.

Grace Lordan of the London School of Economics said: “People are underpaid because performance is difficult to measure and pay is often determined by unrelated things, such as extroversion, how a person dresses and the ability to succeed in office politics .”

“To secure a raise, write a simple, memorable story that represents your accomplishments over the past year.”

However, be careful how much detail you offer. “Avoid information overload when brushing up on your raise story,” Ms Lordan said. A plethora of reasons why you’re making more money can be less effective than a handful of well-crafted points.

She recommended what she called the “peak-end” rule: punctuate your pitch for a raise in the middle and end with blockbuster moments from your work life.

“I would recommend that you climax by capturing your greatest accomplishment over the past year and at the end of the story highlighting the value you will bring to your manager this year,” she said.

2. Look at the bottom line

It’s also worth thinking about how you present the information. You need to demonstrate your case in a way that makes sense for the business—and that means looking at the bottom line. Quantifying the income generation you were responsible for or the savings you helped achieve is often more compelling than warm words about company culture.

This method helped William Nimmo get a 13 percent pay rise just a few weeks ago. Mr Nimmo, 28, works for a Manchester based financial services company.

Every month, employees at his company, whose names he does not want to be named, have a face-to-face meeting with their manager. There is also an annual review to set goals. At the end of the annual meeting, Mr. Nimmo made a plea for a salary increase. He compiled the paperwork he had gathered for his monthly meetings with his boss over the past year, and then told his story.

“I said, ‘I think I do a lot more than what the job specification says,'” said Mr Nimmo. “I do a lot more than you committed me to.” He explained what goals the company had set for him for the past year and by what percentage he had exceeded them.

He highlighted the process changes he initiated and how much money they had saved the company. He compared himself to other departments in the industry and then asked for more money.

“I was absolutely shaking,” he admitted. But his boss said yes.

The company said it intends to give everyone a pay rise in line with the increased cost of living, but said it would consider its request for a further raise on an individual basis.

https://www.telegraph.co.uk/money/consumer-affairs/how-to-negotiate-pay-rise-uk-economy-inflation-2022/ How to negotiate a pay rise from your boss – and get the salary you want

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