6 Simple Steps to Securing a Raise in 2024

In 2024, the world’s economy is in crisis, with global inflation of around 3%. Subsequently, the cost of borrowing money is also high, causing financial stress for both individuals and businesses. When inflation outpaces income growth, the purchasing power of individuals decrease. This leaves many employees feeling that it is becoming difficult to keep up with rising cost of living, often resulting in what feels like a pay cut to their income based on the need to do more with less. Eventually, this leads employees to focus more on their financial priorities, ultimately creating financial stress that lends itself to decreased morale and productivity at work.

As such, to help you keep up with your financial demands while keeping you on track with your financial goals, we discuss the five simple steps to securing a raise this year (and any other).


1. Prepare to Ask Before Asking

Asking for a raise often triggers discomfort, sensitivity, or even anxiety due to a fear of your request being rejected. However, money plays an essential role in our lives, and sometimes it is necessary to speak up and advocate for yourself when it comes to salary expectations.

While some organisations offer annual salary increases or wage increases based on performance or inflation alone, this is not always the case. Often it is left up to the employee to approach their line manager to ask for a wage increase. With that said, in a healthy work environment, an employee should not be afraid to ask for fair compensation in the face of inflation, increased responsibilities, and the plethora of other reasons to ask for what is deserved.

Though it is important to prepare yourself before submitting an official business case towards your salary increase. First and foremost, consider asking yourself the following questions:

  • Do you deserve and/or are you entitled to a raise? Why?
  • Have you exceeded your employers’ expectations? How?
  • What specific achievements and contributions have you done?
  • What is the average salary for your position? Consider researching online to see if you are finding any major gaps.
  • Are you earning fair compensation for the work you are delivering? Why or why not?
  • Is the company experiencing growth or is it facing any financial challenges? Is it a good time to ask? Timing is important.
  • Is there an upcoming performance review to discuss your current progress?
  • Are there ready-made policies or guidelines for performance-based raises? If so, is it in your benefit to ask out with these guidelines?
  • Have you learned new skills or earned new qualifications? Explain and name.
  • What is the best way to communicate your request, considering your relationship with you supervisor and company culture? Should this be submitted to your line manager, HR?

It is equally important to consider what not to say when asking for a raise. It also important to prepare for both positive and negative outcomes and remain professional in delicate situations like these. In case of a rejection, try not to take things personally and instead try to think of any nonmonetary benefits or, worst case, what other job opportunities might benefit you if you are told you will need to wait for an increase.

2. Research Industry Norms

Researching industry trends in relation to your salary as it compares to those in your industry and location will help you to understand whether you are being paid fairly for your skills, experience, and contributions or not. Additionally, it shows that you have done your homework when you ask for your raise, providing actual data as leverage. It also helps you understand where you stand as a professional within your industry and whether you fall in line with the standard salary for your role.

Researching your average salary on platforms like Indeed and Glassdoor, help you set realistic expectations for the raise you are seeking while also prepping you to negotiate confidently and efficiently. This increases your chances of a successful outcome.
Moreover, some recruitment companies tend have an annual salary guide for reference, so you can seek those out or ask an agency directly to help you determine an amount based on your experience, industry and conditions. It is also worth mentioning that if you ended up without the increase you were looking for, you could utilise a recruitment agency to help you find new job opportunities and fight for a better salary on your behalf.


3. Document Your Achievements

Securing a promotion or raise is significantly easier when you have all your goals and achievements already documented. Documenting your accomplishments allows you to quantify your value, gain credibility and leverage but, most importantly, get the validation and career advancement that you desire. Use resources and ready-made formats like the ones suggested by LinkedIn to effectively measure and document your achievements. Compile a list of all your achievements, including specific numbers and statistics that demonstrate the outcome of your performance and its impact on the company. This list would become a ‘business case’ for a raise.

Moreover, showing initiative and doing more than your job requires is not enough for a raise in most cases, as everyone is often preoccupied by their own work, meaning managers or supervisors might not notice your daily efforts, especially if you are working remotely. Communicating frequently with your line manager as well as having focused sessions where you discuss tasks completed and progress made are effective to get you noticed. It allows you to:

  • Get recognized by your managers, colleagues, and stakeholders.
  • Create opportunities for feedback, mentorship, and advancement.
  • Be accountable for your progress and encourages transparency in your work.
  • Strengthen your trust and collaboration with your teammates.

4. Set a Meeting with the Right People

It is important to set up a meeting to discuss your potential salary increase with the right people in your organization, whether that be your HR representative or your direct line manager. Either way, keeping your communication direct and clear with the right people will build trust, set expectations, and give them time to think about how they can best support you with your request. Additionally, it demonstrates transparency between you and your employer and opens the door for feedback on your performance and contributions to the organisation.

To maximize your chances of getting a personalized promotion according to your circumstances, it is important to negotiate where applicable:

  • Wait for the right time

Timing is money and money is everything in a workplace. Choosing the correct time to discuss your salary will show your employer that you are not simply considering yourself, but the financial position of the organization as well. If you are not sure where to look to give you an understanding of when the “right” time is, we recommend simply using common sense. If, for example, your company just laid off a number of employees , it may not be the best time to ask. If, on the other hand, you have recently taken on more responsibility at work, consider how this comes into play and whether you have a case.

  • Communicate effectively

Your line manager knows how you work on a day-to-day basis and, as such, they will often be the best person to support and help you gain a pay rise. It is important to appreciate and remain considerate of their guidance as they have likely been with the company for longer and know how to approach senior  management with cases like these. During this initial conversation with your manager, however, it is important to lay out your request (preferably within a written document) and review the following:

  • Why you need and deserve the raise
  • Your sound arguments with practical examples of your achievements along with any data you researched and documented (i.e., salary trends, how you have contributed to the company and so on), and
  • How you have remained dedicated to high standards of growth in your role and the organisation

Salary discussions, just like job interview, are often a negotiation. In case the company cannot provide you with an instant raise, stay open to compromise in other ways, such as:

  • Bonuses based on performance
  • Flexible working hours
  • More remote days for added flexibility
  • Additional paid time off
  • Financial wellness benefits (e.g. better insurance, childcare assistance, etc.)
  • Appraisal agreements to help reach objectives that will assist with a future pay rise


5. Make Sure You Follow-Up

Following up post-meeting shows how serious you are about your request. It also keeps you informed about the status of your request and helps you avoid any frustration or decrease in productivity in the meantime. Moreover, following up gives you the opportunity to clarify any questions or concerns your manager may have and address them efficiently. Keeping the lines of communication open allows you to have a constructive dialogue about your performance, goals, and compensation. Additionally, it helps you to plan your next steps depending on the outcome, you may need to:

  • Ask for a follow-up meeting for negotiations
  • Review and edit your request
  • Apply for a different position, internally or externally
  • Explore other career opportunities
  • Look into a professional qualification to refresh your knowledge and upskill


Master the Art of Salary Negotiation in 2024

Securing a raise may be challenging, however, utilizing these five steps will empower you to negotiate confidently and increase your chances of success despite economical challenges and evolving workplace environments.

Secure your raise by enrolling on a professional qualification with DPG today.