They say money can’t buy happiness, but it sure as hell helps to have some extra cash in the bag. Most people will obtain this through scoring a pay rise at work (IT professionals are lucky in this regard given their salary growth rate is higher than the national average). If you are angling for a pay increase, the following expert tips will help to boost your chances.
Woman with coins images from Shutterstock
Consider landing a promotion
A promotion and a salary bump come hand in hand. If you have a proven track record of success at work and you do feel as though you are in a good position to be promoted then ask for it. According to Google senior vice-president of people operations Laszlo Bock, women generally wait longer than men to raise their hands for promotion, which prompted the company to send out reminder emails to encourage female Google workers to nominate themselves.
Being vocal about wanting a promotion will benefit both male and female employees so don't be afraid to do so if you want to further your career and, by extension, get a healthy pay rise.
Know when to ask
Timing is crucial when it comes to requesting a pay increase. You'll want to speak to your manager when they're clear-headed and productive. A study has shown this is most likely going to be on a Tuesday.
"If you focus on meeting at a time where [they are] more likely to be in a better mood, [they] may also be more positive and proactive about helping you map out a goal for your raise," Career coach JT O'Donnell said. As expected, she advises against asking for a raise on Mondays (because, Mondays) or late in the week since it'll make it easy for your manager to defer the request.
As with promotions, don't feel bad for requesting a pay rise, according to Inkling Women CEO and career coach Dr Gemma Munroe.
"Don't apologise for asking for fair pay or a raise. Be polite, get straight to the point, then take time to pause and wait for an answer," she told Start Smart Magazine.
Know what you want when you start a new job
If you're seeking a new job in your quest for more money, it's good to know what you want when it comes to a suitable remuneration package. Dr Munroe notes that this serves a dual purpose: not only will you be able to show your potential employer that you're confident and prepared, it will ensure that you'll be happy with your terms of employment as well.
Do your research before beginning negotiations
A critical part of being able to negotiate your salary is to do your research first. There are a number of pay calculators online to find out what the average salary is for different professions so it'd be a good idea to look before meeting with your manager or potential boss.
Don't stop at finding out what the average pay for a particular role is either. Arrive at an interview or meeting with as much relevant information as possible.
"Go into any interview or negotiation setting knowing what you think you are worth and have at least three clear pieces of evidence up your sleeve to back up this assertion," Dr Munro told Start Smart Magazine. "If you're serious about a role, you'll do your research beforehand.
"It doesn't mean you need word-perfect answers - in fact, I think this can make candidates come across as a little stiff and overly formal. But you do need to understand the company, what it does and what it stands for."
Name your price, then zip it
Yes, having evidence to back up your worth is important but don't just rant on about them once you've named your price. Wait until your manager or potential employer responds to the price you name first then elaborate on why that amount is appropriate.
"One of the key mistakes people make during negotiations is to talk. Say what you want, then shut up. He who breaks the silence, loses. If you want $50,000, say 'I want $50,000…' Don't then start talking about why you deserve the money and things like that. They have to answer you. The other key point is to start high - you can always come down," Celebrity agent Max Markson told Encore Magazine.
So name your price, sit back and be patient. You'll get a chance to justify your worth.