How to ask for a pay rise in 2017

Employees should do their research before asking for pay rise. Photo / 123rf

The best time to ask for a pay rise is during a performance review or at the start of a new project, say New Zealand's top chief financial officers.

Recruitment company Robert Half today released the findings of a survey by a independent firm which asks 100 chief financial officers and finance executives about job trends.

More than one in three respondents (37 per cent) said the best time to broach the subject is during a performance review, while one in four (27 per cent) said the best time is at the beginning of a new project.

Fourteen per cent of respondents said employees should ask at anytime of the year.

Robert Half general manager Megan Alexander said:

"Kiwi workers hoping to start 2017 off with a salary increase should carefully consider their approach to broaching the subject with their boss."

"The start of the New Year typically brings with it fresh opportunities for employees to strengthen their career prospects, so now is as good a time as any for Kiwi employees to raise the issue with their boss."

More than half (64 per cent) of the chief financial officers questioned said salary increases are dependent on their organisation's performance, while one in three cited the overall economy climate as being the primary factor.

"Successfully asking for a pay rise is not just about good timing. Taking a proactive and well-thought out approach can have a significant impact on the outcome of salary discussions. Employees need to be prepared to make a strong case to show how their performance has benefited the company and what value they continue to bring," Alexander said.

Five tips for asking for a pay rise.

1. Do your research to understand how the market is performing
2. Understand the value you bring to your organisation
3. Look at the salary surveys for your industry
4. Don't "ambush" your employer
5. Be honest and realistic with your personal assessment
Source: Robert Half