It doesn’t matter what industry you work in, asking your boss for a pay rise is never easy. For most people, this is true no matter how long they’ve worked for the company. In property management, pay rises go to those who ask and prove their worth daily. This article reveals some best practice tips that will help you broach the topic of a pay rise with your boss and boost your chances of achieving a successful outcome.
Is there an ideal time to ask for a pay rise?
Any time is a good time to ask for a pay rise. However there are certain times of the year that can make broaching the subject a little easier. These include the end of financial year, which is a time when many business owners re-assess their business and staffing arrangements, and performance review time, which may coincide with the end of financial year. Performance reviews provide an ideal forum to discuss your achievements and highlight your worth.
Do your research
Knowledge is power. Have an understanding of the standard pay rates for your role by looking up pay rates on the Australian Government’s Fair Work website. The site offers an online calculator to help you find your base pay rate. Click here to access the Pay Calculator. You could also head to employment sites like SEEK and look up property management roles to gain a sense of the going rate in the industry.
It’s also a good idea to be up to speed with your company’s overall performance. If the company is struggling to meet targets, it may not be the best time to broach the subject of a pay rise to avoid disappointment. Find out if your company has any policies in place relating to pay rises and, if so, familiarise yourself with them.
Demonstrate that you’re worth it
The aim when asking for a pay rise is to convince your boss that you’re worthy of a higher salary. If you are the type of property manager who goes above and beyond on a regular basis, chances are your boss won’t need much convincing as he/she will already be aware of your worth to the company.
It’s always best to come to the meeting prepared, armed with clear examples that demonstrate your value to the company and team. The more examples you can show, the easier it will be to build a strong case in your favour. For instance:
- How often have you taken the initiative to do more than was expected of you?
- How many new managements have you brought into the business in the past year?
- Have you engaged in professional development and have you used your new knowledge and skills to educate the team and enhance productivity, service and results?
- What do you plan to do in future to add further value to the team and revenue to the company?
Those who work with Maintenance Manager can use the cloud-based software’s KPI tracking capability to visually highlight just how much they achieve on a daily, weekly, monthly and quarterly basis, saving the company time and money. Even just showing your boss the dashboard will instantly reveal how many maintenance requests have been actioned or are in the pipeline.
With the new and improved Maintenance Manager coming soon, if you haven’t used the system before, now is the perfect time to get on board. Contact us if you would like a demonstration of the new and improved system.
Know your value, be confident (but not cocky) and listen
While you should approach your meeting with your boss with confidence, you should never be cocky or over-assertive. Starting the conversation with, “I feel I am underpaid for what I do,” may not go down well. It’s far better to begin with something like, “I’ve been reflecting on my performance over the past twelve months and how that could be reflected in my salary”. Always choose your words wisely, pause and leave room for your boss to speak, listening intently and with an open mind when he/she does.
Have an alternative up your sleeve
It’s always wise to enter a conversation like this with a plan B. If your boss doesn’t agree to the pay rise for whatever reason, you could consider proposing an alternative like flexible working hours or study support.
The number one rule is to ask. After all, those who don’t ask don’t usually receive.