How To Go For That Payrise in 2024

One of the most nerve-wracking aspects of any job is asking for a pay rise — but it doesn’t have to be that way!

By taking the right steps and preparing in advance, you can start off 2024 with a nice bump in your salary (and maybe other useful perks!).

In this post, we’ll go over the exact steps you should take when asking for a payrise, including where to research salaries, how to present your achievements (and use them in a basic CV), and when to ask your boss for that raise.

Research Salaries in Your Niche

One of the first steps in the process of getting a raise is research, research, and more research!

It’s important to familiarise yourself with the current salary trends and expectations in your industry, area, and even job responsibilities. Looking at the average wage will give you a better idea of how your current salary compares to market standards and how much room you have to negotiate.

From there, it’s time to choose your strategy. If your findings show that your salary is below the industry average, this can act as a strong argument when you go to your boss to request that raise.

However, if your pay is already around the average wage, you can shift your plan of action and show how much you contributed to the company and why you should be compensated fairly.


Make Sure It’s the Right Time

Before asking for a salary increase, make sure the timing is right. If you just started working at a new company, it’s best to wait at least six months before having that conversation. Likewise, the standard rule of thumb is to usually ask about once a year — whether that’s on your own volition or during a performance review.

If you’ve been working at a company for multiple years, it’s also worth taking a closer look at what changed during your time there. Have you acquired new skills? Did your company have a rough period and you needed to take on the workload of three employees? Perhaps you’ve gone above and beyond when dealing with tricky clients?

To confidently ask for a raise, show how valuable of an employee you really are!

Calculate Your Worth

Deciding on how much to actually ask for is often the most difficult part of requesting a pay risepayrise. It’s a fine balance between finding a figure that aligns with the company’s budget yet is also a number that you’d be happy with.

To get started, visit job search sites and research tools like Glassdoor or Indeed to see how much employees are paid in similar industries and companies. If you have good friends who work in the same field, you can also ask them about their salaries.

After you calculate the average salary for your position, think about your experience in the company, your skills, and any additional tasks that you’re responsible for.

Once you’ve researched these factors and decided on a suitable pay rise amount, there’s one final step…

Make a List of Achievements

Although bragging is generally frowned upon, it’s a necessity when it comes to negotiating a pay rise.

The last step before asking for a raise is to sit down and make a list of all the achievements and results you’ve produced for the company. Even better, be sure to add numbers and figures so that your boss can see how quantifiable your contributions were.

For example, perhaps you’ve saved the company more than £20,000 a year with a new program, or created a viral social media post that brought in more than 1,300 new leads. Maybe you’ve taken an intensive course (with a certificate to prove it!) and upgraded your skills twofold, or even optimised the department’s document management with a new strategy.

Management needs to see the value that you bring, and why you should be rewarded with a pay increaseraise. Showcase the skills you’ve used and highlight their impact on the company.

Choose the Right Moment

Besides building your case for a raise, choosing the right moment to bring it up or try to discuss ita salary increase also plays an important role.

If timing allows, it’s best to ask for a raise right after you’ve successfully completed a project or achieved favourable results. That way, your success is still fresh in your boss’ mind. Avoid busy periods so that your boss can devote adequate time to your request and not be preoccupied with their own distractions.

Likewise, it’s best to craft a well-written email to request a meeting with your boss so that they don’t feel rushed to make a decision on the spot.

Discuss Your Future Role

If you got that pay rise, congratulations — it’s time to celebrate!

If not, no worries. Even if a salary raise isn’t in the company’s budget, it may be viable to ask for other benefits. For example, you can ask for a title promotion (i.e. an upgrade from Junior Data Scientist to Data Scientists or even Lead Data Scientist), more vacation time, stock options, and so on. A popular request is the option to work remotely, especially after the pandemic.

Now that you’ve gone over these tips, it’s time to ask for that pay raise!


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