How to Prepare

Proper preparation is important for a successful salary negotiation. Before approaching your manager, you should understand your current market value and build a strong case for your request.

Begin with extensive market research. Market research is usually conducted in the marketing industry as a way of finding valuable insights into customers, competitors, and products or services (source). However, in this instance, you will be identifying the right pay increase with the help of various online salary resources such as Glassdoor, Indeed, or Emanate Technology to determine the market rate for professionals with experience and skills similar to you (and in your location). 

In addition to market research, carefully look at your past performance. Here are 5 tips, to get you started, on how to show value to your employer. Make note of your key achievements, results, and contributions to the company’s success. Try and get as much quantifiable data as possible- you should be able to back up why you deserve a pay rise. This could include exceeding sales targets, streamlining processes, improving customer satisfaction, or successfully launching new projects on time and within budget. 

It’s also important to assess and consider the company’s overall financial health to identify the right time to ask. According to Eleanor, an annual pay rise is reasonable so long as you are, “mindful of business conditions when you do have that conversation. No one wants to be that person who asks for a pay rise if the business is struggling. Look at the bigger picture, if you plan to stay long-term and always be realistic in what you expect.” Review company results, industry news, and the financial landscape to understand the company’s current standing; and its ability to give you a rise and have growth in the long term.

By conducting thorough research on your market value, documenting your achievements, and understanding the company’s financial position, you’re ready for the pay rise conversation.

The Conversation

So, how do you go about asking for a pay rise? Eleanor explains how to start the process, “book in some time with your management, make a clear list of accomplishments and how you have been successfully delivering and creating a positive impact for the business.”

Timing is crucial when it comes to this type of discussion with your manager. Choose a time when your manager is likely to be receptive and able to give your request the attention it deserves. Avoid bringing up the topic during a busy period or during a time of high stress within the company. Eleanor shares, “I tend to find there are a few really good times to ask for a pay rise. After the delivery of a successful project – this is the perfect opportunity as you have shown your capabilities and value to the business”.

Schedule this meeting at a time that is convenient for both you and your manager. Alternatively, you could wait until your next performance review. “You have the opportunity to discuss a potential increase in a timeframe where your manager can see your positive impact on the business and your achievements,” Eleanor suggests.

Careful preparation is essential for a successful meeting. Consider creating a concise presentation with key data points and quantifiable achievements that demonstrate your value to the company. This could include specific examples of your contributions, such as increased sales, improved efficiency, cost savings, or successful project completions. Support your claims with data, such as performance reviews, client feedback, and industry benchmarks. Also considering researching current salary data (learn more about current Australian technology salaries). In the meeting, Eleanor says to “ask the question, state your case and allow the business to take the time to think about this. Be mindful that you may not get what you ask for, be prepared that it may be rejected.” Be mindful that some salary increases may be beyond your employer’s control and if you’re unable to secure the pay rise you want, remember to stay professional and calm.

If you’re working with a Recruiter, you can always ask them for help. As Eleanor mentions, “As a recruiter, we can help you with your pay rise request by coaching and mentoring you through the process. We can give you an impartial ear on how you structure your conversation around your raise, and the confidence to act. We can also offer hints and tips to sway the negotiation to a win/win.”

After the Meeting

After the meeting, it is important to put verbal agreements into writing, if any, these should be regarding your pay raise, including the amount, effective date, and any other relevant terms and conditions. Documenting the agreed-upon terms in writing, such as through a follow-up email, provides a clear record and ensures no misunderstandings moving forward.

What Next?

Negotiating a pay raise may seem intimidating but if you do your homework, you can approach your salary negotiation confidently and ask for what you deserve. Remember that every case is different and to remain adaptable to whatever the outcome may be. 

If you have any questions about your career, reach out to our friendly team today.