A money expert has explained how to approach and ask your boss for a pay rise.
As the cost of living crisis remains to be at the forefront of many families minds, many households are being left out of pocket.
While average wages have been increasing, they haven’t been rising as fast as the cost of living - meaning many households may be struggling to get by.
Following this, an expert has shared his tips for asking for a pay rise from your boss, saying it is important to be confident, state your facts and approach your manager at the best time.
Connor Campbell, business finance expert at NerdWallet has shared some tips on how to confidently ask for a pay rise to give you the best chance.
While asking for a pay rise can be scary - and there is no guarantee you will get one - following his advice will give you the confidence you need.
How to ask your boss for a pay rise
Time it right: While there is never going to be a "perfect time" you should take into consideration how well the business is doing and also plan the conversation in advance.
Mr Campbell said: “The key thing about successfully receiving a pay rise is ensuring that you request one at the right time. While there’s no time like the present for struggling employees, your chances of success will increase drastically if you wait for the perfect opportunity.
“First, you should ensure that the business you work for is doing well financially, meaning you’ll have the best chance of negotiating more pay.
“You should also plan the conversation in advance. You should be upfront and warn your line manager that you want to have a conversation about pay.
“This gives you and your manager time to prepare for the conversation which is likely to lead to a productive conversation.”
Be confident: It is important that you believe in yourself and "know your worth" when you enter the room.
Having that confidence in yourself will mean that the conversation will go a lot smoother, you will not be as nervous.
Mr Campbell explained: “Know your worth when asking for a pay rise, and be confident with the belief that you’re worth the pay rise.
“Despite the fact that it’s an intimidating situation, this will show employers that you have self-worth regarding the tireless effort you put in.
“Be prepared for some pushback and know that the answer could be no, but this shouldn’t mean you lose confidence. There is a stigma around talking about pay, but it’s the most crucial part of working.”
Bring evidence: Bringing evidence with you to the meeting will show your boss that you know what you are talking about.
By having evidence to back up why you want a pay rise is "another key to increasing your chances of successfully getting one".
Mr Campbell added: “Keep in mind the things that you’ve achieved in your role and look back at how you’ve developed in your role, as well as how you’ve assisted your colleagues and your managers.
“Essentially, you should list all the positives in your role and the pros that point towards why you deserve a pay rise.
“When speaking to your manager, having reasons why you deserve a pay rise helps the manager rationalise why you deserve one..”
What’s in it for the employers? You need to consider why having a pay rise approved is the right move for the business.
The reason as to why you personally might need one "isn’t always enough to persuade your managers to give you one".
Mr Campbell explained: "The managers want to be persuaded by what’s in it for them rather than just for you personally.
“If they’re convinced your pay rise will be beneficial to them too, the likelihood increases.
“Think about how you will benefit the business and how you can make your manager’s work easier by being a productive and motivated employee that won’t let them down.”
Don’t be disheartened: If the answer is no, don't let this knock you down. There may be a multitude of reasons as to why your boss gave you this answer.
Mr Campbell said: “It might take months to convince your employers to give you a pay rise, but just because the answer is a no at first it doesn’t mean you’re not worth one.
“There could be many factors as to why a company can not offer you a pay rise at the time of asking. It could be a difficult time for the business, money might be tight, or maybe you're just not at the right stage in your career development.
“Be sure to ask why if the answer is no."
