MIKE COADY

Financial Expert | Business Excellence | Growth Expert
Mike is an award-winning financial expert and a well-known leader in the financial industry.Having taken two of his previous firms to Chartered Status in the UK and also achieved the prestigious National IFA of the Year Award – Highly Commended.In addition, Mike is a well known Independent Financial Adviser and Money Coach. Qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Founding Fellow of the Institute of Sales Professionals (FF.ISP), a Fellow of the Institute of Directors (FIoD) and featured as a highly qualified Financial Adviser in Which Financial Adviser.
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Employee Pay Increase: How to Ask

Mike CoadyBusiness Advice Employee Pay Increase: How to Ask
employee pay increase

Employee Pay Increase: How to Ask

Asking for a pay rise can be a difficult and challenging thing to do for many employees, but it’s important to remember that you deserve to be rewarded for the value you bring to your company. Before you request a rise, it’s important to be prepared and to understand how you can demonstrate your value to your employer. Employee pay increases are something that should be taken seriously!

First and foremost, it’s important to do your research. Look at industry standards for pay and compensation and compare them to your current salary. This will give you a good idea of where you compare to the market. Additionally, it’s important to understand the company’s financials and how your role fits into the overall success of the business.

Next, look at your performance and accomplishments over the past year. What have you achieved that has made a positive impact on the company? Have you exceeded your goals or taken on additional responsibilities? These are all factors that can demonstrate your value to your employer, and make the “employee pay increase” conversation that bit easier for you.

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Being a Team Player:

One important aspect of demonstrating your value to your employer is being a team player. This means being willing to help your colleagues and working collaboratively to achieve the goals of the business. Being a team player also means being a positive influence on the team and being willing to go the extra mile to ensure that the team is successful.

Delivering Results:

Another important factor in demonstrating your value to your employer is delivering results. This means meeting or exceeding your goals and making a positive impact on the company. Be sure to have specific examples of your accomplishments and how they have benefited the company. It’s also important to have a clear understanding of the company’s goals and how your role contributes to achieving them.

Bringing New Skills to the Company:

Another way to demonstrate your value to your employer is by bringing new skills to the company. This can include learning new technologies or industry best practices, attending professional development courses or learning new skills and certifications. Having new skills and knowledge can help you take on new responsibilities and make a greater impact on the company.

Being Missed if You Left:

Lastly, it’s important to demonstrate to your employer that you would be missed if you were to leave. This can be done by building relationships with colleagues, being a positive influence on the team, and consistently delivering results. Additionally, it’s important to have a clear understanding of the company’s goals and how your role contributes to achieving them.

When it comes time to ask for a raise, be prepared to present a clear and compelling case for why you deserve one. Be specific about your accomplishments and how they have benefited the company. Additionally, be sure to express your long-term commitment to the business and how you plan to continue making a positive impact.

It’s also important to choose the right time to ask for a raise. Timing is key, so try to schedule a meeting with your boss at a time when they are less likely to be busy or stressed. Additionally, be mindful of the company’s financial situation and avoid asking for a raise during a period of financial challenges.

Another important factor to consider is your relationship with your boss. It’s important to have a good working relationship with your supervisor, and to have open and honest communication throughout the year. This will make it easier for you to have a conversation about your pay and will also increase the likelihood of a positive outcome.

I recommend that you also to consider the following when approaching the “employee pay increase” conversation:

    • Tailor your approach to your specific company culture
    • Be prepared to negotiate, but also continue be willing to compromise. It’s important to remember that salary negotiations can be a two-way conversation, and you should be prepared to listen to your employer’s perspective and come to a mutually beneficial agreement.
    • Practice your pitch before the meeting. You want to be confident and articulate when making your case, so it’s important to rehearse what you want to say and anticipate any questions or objections that may come up.
    • Be professional and respectful. Even if you feel strongly about your case for a raise, it’s important to remember to be respectful and professional in your approach. Avoid being confrontational or making demands, and instead focus on having a constructive conversation.
    • Be open to feedback and constructive criticism. Your employer may have concerns or suggestions for how you can improve your performance, and it’s important to be open to that feedback and take it into consideration as you work towards your goal of a raise.

In conclusion, asking for a pay raise requires preparation, research, and a clear and compelling case for why you deserve one. By understanding your value to the company, choosing the right time to ask, building a strong relationship with your boss, and being valuable to your team, you can increase your chances of getting a raise. Remember to be professional, respectful, and open to feedback, and you will be on your way to getting the compensation you deserve.

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About Mike Coady

Mike Coady is an expat expert based in Dubai and is on hand to help with all of the above and more.

Mike is an award-winning money coach and industry leader in the financial sector.

Qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Founding Fellow of the Institute of Sales Professionals (FF.ISP), and a Fellow of the Institute of Directors (FIoD) and featured as a highly qualified Financial Adviser in Which Financial Adviser.

To learn how to choose a great financial adviser, download our free guide.

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Blog published by Mike Coady.

Mike Coady
Mike Coady

Mike is recognised at the forefront of financial planning as a financial advice mentor who demands only the best outcomes for both individuals and businesses he works alongside.

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