If your attempts for more cash have so far fallen on deaf or uninterested ears, heed this advice.
CEO and founder, Adore Beauty
“When you ask for a raise, you’re asking the business for two things: a reward for your past performance, and an investment into your future performance. Keep the emotion out of it, and prepare your business case. Specifically, what have you done that’s over and above what you were hired to do? Just hitting your KPI targets isn’t really enough, you need to show how you’ve exceeded them. I recommend putting some numbers together that show the additional value you’ve brought to the business. Next, put forward your plan for how you’re going to provide return on the business’s investment (i.e. paying you more) into the future… so that the additional wage you’re asking for is more than covered by the additional revenue and/or cost savings that you are going to deliver.”
Co-founder and director, Koala
“Go straight to the top and stand your ground. Employers appreciate staff that understand their worth and have the confidence to know they should be valued for the attributes they bring to the business. You need to take stock of the bigger picture too. Look at where the business is, and what its plans are for the next six months or so. If you’re mature enough to ask for a raise then you should be able to comprehend whether it’s a good idea to be requesting an increase in pay at that time. You should acknowledge that you’ve considered this when you head into the meeting. I’d respect any staff that has taken the time, and had the foresight, to do this.”
CEO and medical director, HealthEngine
“I recommend being self-aware enough to understand and clearly articulate the value you bring to the business. At the end of the day, you’re asking for money, and you need to demonstrate a good reason for someone to make that investment. Don’t just ask for money. Before the meeting, ask yourself what else you value that could improve your package. Have a wishlist of alternative things you might want, such as more annual leave, a car park, gym membership or additional professional development opportunities. For example, a car space may save you hundreds of dollars a month in parking, which equates to more money in your wallet without a raise. Little extras like this can also go a long way in improving your overall work experience, not just your hip pocket.”