If you’re questioning whether your pay matches your contributions at work, you’re not alone. 67% of Australian professionals think they should get at least a 3% salary increase. However, asking for a salary increase isn’t just about earning more money – it’s about recognising your professional growth, contributions, and the evolving market value of your skills.
At Godfrey Group, we understand the nerves around asking for more. We’re here to guide you through requesting a salary increase with the confidence you need to ask for what you deserve.
Who Can Ask for a Salary Increase?
When you’re excelling in your role, handling additional tasks, or noticing an upward trend in industry salaries, it’s the perfect moment to discuss appropriate remuneration. Come prepared to showcase your successes and their relevance to the current market trends. Demonstrating this awareness and initiative shows you’re informed and proactive about your career growth.
Preparing for Your Salary Review
Before stepping into your salary review, it’s crucial to come prepared. Here’s what we recommend you do before you book in a meeting with your supervisor:
- Research your value in the current market by gauging the going rates for your position.
- Document your achievements, noting any additional responsibilities you’ve taken on and new skills you’ve developed that enhance your contribution to the company.
- Make an effort to understand your company’s specific review process and the typical timing for salary discussions.
How to Ask for a Pay Rise
“When you’re asking for a pay rise, it’s really important not to be emotional, and to use the evidence to support your request”, says Suzanne Young, Professor of Management (Governance and CSR) at La Trobe University. So, how do you ask for a raise to achieve your desired outcome?
- Timing Is Key: Choose an appropriate time, ideally after finishing a successful project or during your annual review.
- Be Professional: Request a meeting with your manager to discuss your salary, framing it as a conversation about your career path and contributions.
- Focus on Your Value: Highlight how your work benefits the company, using specific examples and achievements. As Professor Young said, use relevant data and evidence – not emotion – to prove your value to the company.
When to Ask for a Salary Increase
Timing your request for a salary increase strategically can significantly impact the outcome. Ideally, you should consider initiating this conversation under the following circumstances:
Performance Review
Most organisations have formal performance reviews annually or bi-annually, making these sessions an opportune time to discuss your salary. During these reviews, you have the chance to highlight your accomplishments, discuss the goals you’ve met or exceeded, and outline your future aspirations within the company. It’s a natural segue into a conversation about how your salary can reflect your growing contribution to the business.
Market Shifts
Staying informed about the standard market rate for your position in your geographic area and industry is essential. After COVID-19, salaries in many jobs have changed to match new economic conditions. If there’s been a noticeable increase in the cost of living or if the going rate for your role has risen due to demand, it may be time to address your compensation. This is especially pertinent if your salary has remained static while the market has evolved.
After a Significant Achievement
If you’ve recently taken on additional responsibilities beyond your original job description or completed a major project, it’s a prime moment to discuss a raise. These achievements demonstrate your value and contribution to the company, strengthening your case for a higher salary.
Beyond Negotiating Salary: What Else Can You Ask For?
According to Forbes, a majority of employees will get pay increases somewhere between 3 and 6%. However, when negotiating your salary, we recommend looking beyond just the paycheck. Benefits like flexible work hours, extra annual leave, and chances for professional growth are worth asking for.
Flexible working can help balance your job and personal life, offering work-from-home options or varied work hours. More annual leave means more time to unwind and recharge, showing a company cares about your well-being. Opportunities for professional development, like training or further education, help you grow your skills and advance your career. If you’ve been craving more work-life balance, you need to think beyond the numbers to ask for what you truly want.
Our Top 5 Salary Negotiation Tips For Conquering Nerves
Feeling anxious about asking for a raise is natural. Wondering how to negotiate a salary increase while battling nerves? Here’s how to ask for more money on a job offer while staying cool, calm, and collected:
- Get ready by researching and documenting your successes and contributions.
- Enter the discussion with confidence, clearly and professionally outlining your case.
- Remain open to feedback and negotiation, demonstrating a readiness to reach an agreement that benefits both parties.
- Know your value and the standard market rate to make sure your request matches industry expectations.
- Practise your pitch to clearly communicate your worth and prepare for any responses.
Unlock Your Earning Potential with Godfrey Group
At Godfrey Group, we specialise in confidential discussions around remuneration expectations, offering a service that reflects up-to-date industry knowledge. Our expertise in the financial services sector allows us to provide unparalleled guidance to both candidates and employers, ensuring your salary negotiations are informed and effective.
Remember, asking for a raise is a professional step in acknowledging your value within the company. With the right preparation and approach, you can navigate this conversation successfully.
Ready to discuss your career and remuneration expectations? Contact us today on 02 8004 9350 to see how we can support your journey in the financial services industry.
