Ask for feedback from your manager and peers
If you are unsure, ask for feedback from your manager and peers. Get the insights you need to better understand how your manager sees your potential and therefore, your future worth to the business.
The aim is to get the experience you need to demonstrate your ability to add greater value over time.
If you have reached the ceiling of your earning potential in the current job, talk to your manager about what skills or experience you need to take on more senior positions.
Having clarity and confidence about the difference you make for the business is the key to your ability to put forward a compelling argument for a pay increase.
Be willing to accept regular criticism and feedback
Be confident in yourself and be willing to accept criticism.
You should be asking regularly for it as a positive feedback loop.
If you request an honest assessment of your performance, it will show to your manager that you are serious about your role on the team.
An employee who’s willing to take feedback to heart and make changes and improvements is worth the weight in gold.
Constantly grow your capabilities
Lifelong learning is now a requirement for staying on in a job. It is a future of work skill that is required by workers in order to transform or up-skill themselves due to the rising impact of technology and automation.
How do your capabilities compare with those of your co-workers and peers outside of your organisation?
Constantly reflect on the depth of knowledge, skill, and experience you bring to the job compared to other people your manager could hire.
Learn a new skill
When you take the initiative to learn new skills or just upgrading yourself, you will bring added value to your role.
This could be anything from a new project you have taken on. Not only does this add another string to your bow, but it also demonstrates a positive attitude, flexibility, and ambition to your manager.
When opportunities for development do arise within your workplace, be proactive and put yourself forward. All learning opportunities are good.
When we stop learning, we can become obsolete quickly.
Always go that extra mile
Do everything you can to stand out from the crowd in your workplace. Give your best in all circumstances, even if you hate the task.
You need to show your manager that you are exceeding targets or expectations to warrant the extra expense (in the form of a salary increase to your employer). It is not just enough to do what is expected of you.
You need to go beyond normal expectations.
Tie up loose ends
Always tie up any loose ends that could count against you, like unfinished projects.
Think about those things that you have not done or not done well. Create positive impressions of your work.
Remember that people are often quick to point out faults rather than giving praises.
Create a plan of what you aim to achieve
Along with listing your accomplishments, you should tell your manager what you are aiming for in the future. This sets the context for you to aspire to where you and your manager is on the same page.
While a pay increase is usually based on what you have achieved over the past year, you must have a tangible plan to deliver more value over the coming months.
As the saying goes, we don’t plan to fail, but we fail to plan accordingly.
Having a plan will help your manager justify the salary increase to their superiors.
Keep file notes
Keep notes about your accomplishments throughout the year.
As we tend to forget, jot down praises that you have received, successful projects that you have completed, and new tasks that you have voluntarily taken on.
Examples include:
“This year, I’ve brought in five new customers. This has increased our revenue by [10%].”
“In the last six months, I’ve reorganised the department and streamlined our order processing. This has resulted in savings of 10%.”
“I’ve consistently exceeded all my sales targets this year and made a profit of over 15%.”
“These last few months I’ve taken on extra responsibilities to reduce our overheads. This has resulted in savings of over $500 every month.”
Ask for endorsements
Proactively ask other people in the organisation to endorse the work you have done and how you have helped them.
I usually do this through an e-mail so that I can use their exact words.
The more your manager hears about how your work has contributed to the organisation, the stronger you will be positioned as someone valuable who deserves consideration for a salary increase or at least some form of recognition if salary increases are not possible.
Focus on why you deserve a salary increase
Build up your case over time.
You need to be focused on the big picture, that is, to get that salary increase.
Don’t get distracted with things that don’t contribute to your long-term success.
Don’t compare yourself to your co-worker
God has uniquely created each one of us. We all have different experiences, education, and influences.
Don’t compare yourself to others. Never mention any salary shortfall in relation to others.
Even if you know that someone else is earning more money than you and you think that you deserve a salary that’s equal, or even higher, than that person, it is best not to mention it.
It is just not professional.
You never know if what you have heard, or overheard, is true in the first place. The information you have may only be the tip of the iceberg!
So, don’t be fooled.
Instead, focus on your individual experience and accomplishments. Focus on why you should get a raise. It should be based on your own merits and not based on what other people are getting paid.
The reality may be that they are more productive than you, have higher capability and capacity than you. They may be working longer hours than you, working weekends and weeknights.
Factor in your organisation’s salary increase and budget cycles
If you work for an organisation that generally gives salary increases once a year, pay attention to when that normally happens.
Once you know when that happens, plan to initiate the conversation with your manager at least a month or two before that formal process begins.
Don’t wait until decisions on raises have already been made. It might be too late for your manager to get any changes made.
Take calculated risks
You must be willing to take calculated risks to ask for what you want.
Your fearless and courageous attitude may help you take the necessary risks to get the upper hand.
Weigh things up and consider other factors that may hold you back from asking for a salary increase.
Do note that discussions may turn sour. It may force you to leave the organisation. This is a potential risk you must take.
Be confident in yourself and your self-worth
Having said that, generally, people under-earn because they tend to undervalue themselves.
Be confident in yourself and your work.
Believe that you deserve the amount of money you are asking for if you are confident in yourself and the work you are producing for your employer.
Overcome any imposter syndrome. This occurs when you doubt your accomplishments and has unfortunately internalised the fear of being exposed as a ‘fraud’.