5 most important questions about pay raise answered

Inflation is rising fast, life is getting more expensive, and it would be nice if you didn’t notice too much of this in your wallet. Maybe you just got a new job (congratulations!), or you’re looking for a pay raise at your current job. Asking for a pay raise can be pretty exciting, which is why in this article we answer the 5 most frequently asked questions about pay raises.

#1 – How much pay raise can you ask for?

A common question when considering a pay raise is how much you should actually ask for. While there are no strict rules, it is important to remain realistic and make a well-reasoned request. On average, a pay raise is around 5%, but this can vary depending on various factors.

When determining the amount you want to ask for, it is essential to understand the company’s financial situation and look at the state of the job market. Also, research what the average salary is for your position in similar companies. This will give you a solid foundation on which to build your arguments and increase your chances of a successful salary increase. Remember, a well-thought-out and reasonable request is more likely to be honoured.

 

#2 – When is a good time to ask for a pay raise?

The best time to ask for a salary increase is when you get a new job, or when you take on a different role. For example, you may have been given more responsibilities within your position or you may be doing more work in the same amount of time. This is a great time for a pay raise.

Our recommendation is to give your employer almost six months’ notice of a pay increase. Then immediately ask for the actions, results or achievements you would need to achieve to get the pay raise. This way, you can spend six months working on exactly the things you need! Clarity for you, and for your employer!

Be tactical in your timing, though. If people have just been laid off, that’s obviously not the best time to ask for more salary. Have you just been invited for a job interview at a company? Read all our tips to be optimally prepared!

 

#3 – How can I get the interview?

To engage in a successful conversation to ask for a pay raise, it is best to follow the following 5 steps:

• Demonstrate your value: Highlight your accomplishments and impact on the company.
• Be confident and positive: Go into the conversation with confidence and a positive attitude.
• Listen to the employer: Also understand their views and look for solutions together.
• Negotiate and look for alternatives: Suggest flexible options if immediate raise is not possible.
• Stay professional and respectful: Keep it businesslike and show respect regardless of the outcome.

After the conversation ends, remember to follow up. You can do this by thanking for the time and the outcome, or by asking for feedback for future opportunities.

 

#4 – How can I negotiate for a pay raise?

This is the hardest part of asking for a pay raise: the negotiation. But, don’t worry, it’s not as intimidating as you might think. Negotiating to get a pay raise takes preparation and tact. Start by gathering evidence of your accomplishments and contributions to the company. List your successes, projects and additional responsibilities. It is important to know your worth, but it can be difficult to know. The easiest way is to show the impact of your accomplishments on the company. For example, you might say “In the past year I have ensured a 20% increase in sales of our product, this led to €50,000 additional revenue.” If you cite specific figures, it is harder to turn down the request. The more arguments you have, the better.

During the interview, emphasize value to the company and give specific examples of how you contributed to growth, efficiency or cost savings. It is most effective to immediately propose a concrete pay increase amount. If direct pay raise is not possible, consider other options such as bonuses, additional vacation days or more flexible working hours.

 

#5 – What is the key to success?

The key to success in asking for a pay raise is self-confidence. Be confident in your accomplishments and what you have contributed to the company. Prepare well and don’t be afraid to go for it. Keep in mind that the answer may also be negative, but you have nothing to lose by trying.

If you’re open to a new challenge, check out our job postings! Maybe the perfect job for you is among them. Looking for a crash course in pay raises? Read our insights here.

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