Asking for more money is tough. According to job board data and our own research almost half of the working population of Australia will not ask for a pay increase this year. Cost of living has increased dramatically over the last 4+ years and with the current strong job market, especially for lawyers and those in the financial services sector, you should feel secure enough in your prospects to ask for the salary increase you want.
Things to remember:
- Why not!?
Why not ask for an increase? What is it that you fear will happen? Think through the conversation and if the worst case is that your manager gets angry, then it might be time for you to start looking for a new job anyway.
- You’re amazing. Prove it!
How have you performed? If the salary negotiation happens after a positive review all the better (its hard for your boss not to give you a good increase if they have just spent the last hour outlining how amazing you have been in your job). List your successes and capability.
- Be first, be bold (but realistic)
It is best to be the first person in a negotiation to put a number on the table. This sets the scope for a discussion. However, you also need to be realistic. Know your market ‘value’. Speak with a recruiter or request a salary survey.
- DON’T play games
Its tempting to say that you have offers from competitors and use that against your current employer. This is not the best solution as you risk ruining your current goodwill with your boss. It opens up questions about your commitment to the current firm, your loyalty etc.
- Don’t worry about a ‘No’ and don’t be afraid to counter
If the answer to a raise is ‘No’ and there is a good explanation then accept it. You have lost nothing so far. If the answer is a counter offer, then you are in a negotiation and it is completely acceptable to put your own next best figure on the table. If it’s a ‘No’ is there anything else you can ask for? (more leave, better work, more exposure to pro-bono etc).
If you want market information about salary ranges or bonus information please get in contact. We are happy to discuss negotiation strategies and help with this process if needed. Also, if your manager really will not budge then there are other options that you can consider. Tom@egconsulting.com.au; Alex@egconsulting.com.au: 0290438734.