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As the cost of living rises across the world, many of us are exploring how to make more money. Increasing your income can help to meet rising costs and allow you to continue working towards your financial goals. While there are endless ways to earn extra money from a side hustle, the first place to consider making more money is increasing what you’re paid at your existing job. Now, let’s get you a raise.
The idiom ‘timing is everything’ is extremely important when negotiating salary. Striking at the wrong time can have lasting consequences for your income, but striking at the right time can open the door to future potential.
Career experts recommend timing your salary discussions a couple of months ahead of a new financial year or calendar year. This is because budgets may be being organized for the year ahead, making it a prime time to discuss increasing your remuneration. It’s also recommended to schedule salary discussion meetings separately from any performance reviews.
When asking for a raise, it can help to be prepared with knowledge of the job market and the salary for similar roles to yours. You can research salaries in a few different ways.
Having open salary conversations with friends, family and, if permitted, coworkers, can help you collect current and relevant information on the going rate for your role. However, it’s not about going into the negotiation and saying, “Tim gets paid $80,000, I want that too!” It’s about gathering information to help you make your case for your value.
Explore salaries shown on job sites, and if necessary, reach out to recruiters or hiring managers to request the salary range for advertised roles. This can help you benchmark what’s out there, and also help you prepare to move on to another company if you’re unable to secure the raise you want.
Depending on your industry, career coaches and mentors can help you negotiate your salary and be strategic with your career advancement. Networking within your industry or investing in the services of paid mentors can be extremely worthwhile in this instance.
The way you approach salary discussions can make or break the outcome. Here are some top tips from career experts on landing a raise.
The best way to be prepared for your salary negotiations is to have a really clear understanding of the value you bring to the company. It can help to keep a monthly log of your achievements, including more obvious successes like revenue data or sales numbers, as well as more covert achievements like problem-solving or team management.
If it’s appropriate for your role, you might consider collecting evidence of your work ethic, dedication and output by asking clients, colleagues or leaders to endorse your work.
If you’re looking to grow with the company and have ideas for ways you can contribute to future expansion, share these during your salary negotiations. It can help employers to see you’re dedicated to staying for the team long term and allows you the chance to show off your capabilities.
While it can be tempting to make your case for a raise by listing off all the things you need extra money for, it rarely makes for a compelling case for a substantial salary increase.
Sometimes salary increases just aren’t possible, particularly during tougher economic conditions. Instead, you can look to negotiate other benefits that could benefit your personal bottom line in forms other than a higher income. That might include additional time working from home to reduce commute costs, getting your employer to pay for development courses or training to increase your capabilities, or even other perks like lunches, memberships or time in lieu.
Emma Edwards is a finance copywriter and blogger, on a mission to humanize the financial services industry by creating meaningful content that’s accessible and empowering. You’ll find her penning money tips at her blog, The Broke Generation, sharing financial insights on Instagram, or injecting life into content for her business clients.
