How to negotiate your next pay rise in four easy steps
At Accountancy Options our commitment to our candidates extends well beyond the first few months of their placement. Our recruitment consultants offer past candidates free ongoing career advice, including strategies for successfully negotiating a pay rise.
For a confidential discussion of how to further develop your career within the Australian accounting or finance market, our team welcomes your call. In the meantime here are our top tips for negotiating a pay rise with an employer.
Obtain free professional advice
Obtain professional advice on market rates so that you can benchmark yourself. Consult salary guides, although often they quote wide ranges. Speaking to recruitment consultants like us, who know your industry and the local market, is even better. We provide specific feedback based on your experience, qualifications, job responsibilities and may even be able to advise what others earn in equivalent roles.
Highlight your value-added changes
Be prepared to justify your request for an increase, based on the salary and market advice you have obtained. Consider when you last received a salary review and how your responsibilities have increased, or any training or qualifications have been completed since that time. Highlight particular achievements that you can demonstrate that have added value to the business, which justify being rewarded.
Consider non-cash benefits
Be flexible about considering cash and non-cash benefits too. In this economy, companies may not have the cash flow to increase the cash component of your salary but may be willing to consider non-cash benefits such as laptops, mobile phones, flexible hours, increased leave, and study support. Be prepared to negotiate by determining what benefits are most important to you and what you think will be most reasonable for your employer.
Schedule the discussion
Pick the right time to have the discussion. Your performance appraisal is typically the most acceptable time to have a salary negotiation discussion. However if you have completed a major project or recently been promoted or even unofficially taken on added responsibility, these would also be acceptable catalysts for requesting an increase. Book a meeting at a time when you and your manager can have a relaxed, uninterrupted and open discussion.