Asking for a raise at work is always an awkward task, no matter how much you deserve it.
And it is very normal for employees to start looking elsewhereif they ask and don’t receive.
However, Heather McGregor, managing director at business consultancy Taylor Bennett and the FT’s Mrs Moneypenny columnist, revealed some top tips in how you can get a raise and for what employers can offer to help retain staff if they cannot afford to grant one.
She gives the following tips at the FT Women at the Top event this week:
1. Go in with a number — McGregor says you have to do your homework and go into negotiations with a number in mind. She says that you should check what your market value is and give a figure that reflects where you skills are at and what you have achieved.
2. Do not just think of a raise as pure cash — She says that “you may not be qualified for the salary you want, so think of proposing training as part of a raise package that an employer can support you through.”
“It is cheaper for the employer to keep you employed and pay for training, than to hire someone in brand new. It will grow you, bring more skills to the company and will make you feel more appreciated.”
3. “Don’t leave the room without an answer” — McGregor says that you should always leave the negotiation table with an answer or at least an exact date of when they will get back to you with a decision.
4. Never leave a job for less than a 20% pay rise — If you do not get a raise or extra training that you have asked for, McGregor says that looking to move jobs is normal. However if you are going to move because you cannot get that raise, then do not move for less than 20% higher than what you got at your current job.
This is unless you are 100% certain that unless you will be effectively be able to do you job by hitting the ground running without having to worry about zero favours asked or training, because when you move, you have to start all over again getting used to a company, its nuances and processes and new teams.
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