Asking for a pay rise can feel reaaaaallly uncomfortable. Many people believe that if they are doing a great job, they will get one and sadly, that’s leaving thousands, if not tens of thousands of dollars, potentially on the table. So, you need to be proactive and make sure you are advocating for yourself!

The cost of everything is going up and if you haven’t got a pay rise of the same amount, we know average wage growth in the first quarter of 2023 was about 3.7% against inflation of 7% for Q1 of this year, your purchasing power has decreased. This can have a big knock-on effect on your financial goals!

A mistake I see people make is asking for a pay rise because they ‘need it’, e.g. My child starts high school next year and the school fees are really high. They think about what their personal needs are and don’t make the business case. You also can’t just ask for a pay rise because of the length of time you have worked at a company.

I also see people get really emotionally charged (fair enough, it's your livelihood) but doing this can be dangerous and probably won’t see you getting the outcome you are looking for!

Here are some top tips:

✍🏻Do your homework! Research your commercial value in the market & how your work is contributing to your business’ success (I think the more you can quantify that the better!).

✍🏻Guru’s in this space suggest asking for what you are willing to settle for, as very rarely do they say yes to the full amount you initially ask for (obviously this still needs to factor in market rates for your role and expertise).

✍🏻Book a discussion specifically on this topic with your Manager and make sure they know why you have called the meeting. Don’t just throw it in as a one-liner as you are finishing another meeting. Give it the time and attention it deserves.

✍🏻Normally if they say no to more cash, you could ask for more benefits (additional leave/flexibility/paid education...etc) but I note you are casual so I don’t think that would be possible here?

✍🏻Practice your pitch – Most people are nervous having these conversations. You don’t want to fumble or give up if they say no straight away. You want to have considered responses that support your case. Find someone to practice with who will give you kind constructive criticism.

I wish I knew all these years ago, as I never did this and left lots of money on the table.

Good luck and we would love to hear how it goes!

Jess 

Have a money dilemma?

Money dilemmas can be a nightmare! They can leave you up all night ruminating about what to do, have you feeling alone and isolated or just plain ol' stuck. So, we are here to help. I am going to tackle one a week and give you my unbiased, no BS general thoughts on how to tackle your conundrum. We would love for you to send yours (or someone you know) in. 

Obvs all of this is general advice only... especially important to note any and all of the comments above do not take into account your objectives, financial situation or needs. Before acting on any information, you should consider the appropriateness of the information provided and the nature of the relevant financial product having regard to your objectives, financial situation and needs.