Asking For A Pay Rise In Challenging Times

I was doing a client webinar recently.  After the formal presentation there was a Q&A session.

One of the participants asked a question about asking for a pay rise in these challenging times.

It’s a great question.  Equally not necessarily an easy one to answer.

If you are working in somewhere like Finance you are likely to be aware of how well or how much of a struggle things are at the moment.

Maybe you don’t want to come across as overly demanding or greedy.

You might worry about what others will think of you asking for a pay rise.

Does that mean you shouldn’t ask for a pay rise?

In my view it doesn’t.

However, if you are going to ask, you are going to have to put together a business case.

The business case you write must be compelling.

It has to demonstrate past contributions and future contributions you will make.

It has to demonstrate that you have done some research into the market rate.

It has to show where your role has changed or evolved.  Maybe two previous roles have been combined significantly changing your role.

This is going to require some thinking on your part.

It’s going to require you to step into the shoes of your boss, anticipate objections and be able to handle them.

Like any pitch or negotiation, your preparation is key.

Going in and asking for a pay rise without a robust business case is likely to:

  • Result in rejection.
  • Damage your credibility.
  • Damage your relationship with your boss.
 So my tip to you is this.  If you are going to ask for a pay rise during challenging times, make sure you have a rock solid business case.