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The issue that many of us moan about but few of us feel comfortable talking about with our bosses is our pay. Yet research shows that unhappiness with our pay is a significant — though by no means the only — cause of job dissatisfaction. So how do you find out what youre really worth and then make sure your company pays you accordingly? Here are our top tips to help you make sure that youre being properly rewarded.
Research your worth
First of all, get your facts straight. While you may not know what your colleagues are earning, you can get a good idea of your basic market worth in a number of ways. Check out job advertisements for roles similar to your own. Speak to recruitment consultants.
Build your case
Once youve got an idea of what the industry norms are, the next step is to put together your case for being paid at the same rate or higher. This is where you need to have concrete examples of the contribution youve made. Where possible, quantify this in terms of what youve actually added to the companys bottom line. Its also useful to be able to demonstrate that youve thought about your future within the company and are prepared to make an extra effort to progress.
Speaking to your boss
Now you need to have a good tactical plan for handling the pay negotiation. Arrange an appointment with your boss at a time when they arent likely to be too stressed or distracted. Think about how your boss likes to handle situations: if theyre the kind who like to have a written briefing note in advance of a meeting, send them an e-mail setting out your case. And if theyre the kind who prefer an informal conversation, then handle it that way.
If things dont go your way
If your boss doesnt agree to your request straightaway, dont get stroppy or aggressive. And definitely dont threaten to resign if you dont get a rise — theres always the risk that theyll take you at your word.
Be flexible
Be prepared to think flexibly about your overall benefits package. For example, if your boss agrees that you are doing a good job and deserve to be rewarded but the budget is under pressure, consider options such as more holidays or working from home one day a week.
What more can you do
If your boss is reluctant to agree to your request for a rise because they think you are earning what you are worth, make sure that you find out from them exactly what they would expect from you before you merit a pay rise or promotion.
When its time to move on
If the worst comes to the worst, and you feel that your boss does not acknowledge your contribution, you may feel that it is time to move on. But dont do anything rash. Make a comprehensive list of the pros and cons of your job, so that you can make a measured decision. And double-check your research to make sure that youve estimated your worth accurately. If, ultimately, you do decide to move on, make sure you leave on good terms — in any case, youre likely to need a reference, so dont burn your bridges.
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