As Jordan Belfort said in The Wolf of Wall Street, “there’s no nobility in poverty”. And, no matter how much you make, a gentleman will always find ways to spend that little bit more. So, for those times when you believe you could do with something extra from your employers, here’s our guide to help you achieve a raise.
Ask for it
The first and most direct approach is often the best and look as smart as your interview day (which you always naturally are). Pick the best time, maybe at a time away from your personal review, but when assuming extra or changing responsibilities perhaps.
Don’t rely on sob stories or even the fact you can’t afford to charter a superyacht for your third holiday of the year. Be assertive, calm and confident, not arrogant. Find out how much other companies would pay for a role similar to yours. Glassdoor and other recruitment agencies will be able to help you get a well rounded view of this.
Build your case
Keep it short and succinct. Stress that you enjoy your work and find it fulfilling, but that your pay is leading you to resent the position. Show how your input has benefited the business, prove to your boss that an increase in your wages will help the company perform bettering the future and in turn make them more money. Testimonial and positive reports will be useful here. By the same token, don’t overreach yourself or make promises you can’t keep.
Network around the office
There’s nothing like a little casual conversation (ie networking) at the most innocuous of times to break down the walls of hierarchy. Of course, you may chat idly to the boss about the merits of Wentworth Golf Club or Le Caprice, and they may even like you, but that doesn’t necessarily mean you’re automatically going to receive a pay rise.
However, it does help oil the wheels of of any future requests should you ask. Also, think about sidling up to those in the human resources or payroll department. You never know where a couple of drinks might lead as a) the former might be involved in your boss’s decision-making process and b) the latter might even loquaciously let slip you what you colleagues earn.
Get another job
It’s a tactic akin to blackmail, and a card you have to play very carefully as it can lead to a variety of outcomes. The first scenario is that you announce this to your boss and they show you the door, and you don’t complete your probationary period in your new position, then you have certainly won the battle but lost the war.
However, the SAS have employed the motto “He who dares” for a reason. Simply arrange a conversation and inform your boss that you’ve been offered another job. Explain your position rationally, don’t put your boss on the defensive. Say you enjoy your work and can see more potential in your career where you currently are, but the money is too tempting. Inform your boss you have told the potential new employers that you are exploring your options… and let silence do the rest.
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