Lately, the office corridors have been unusually quiet, and you've noticed a few more empty desks in your department. You and your colleagues have taken on new projects within the past year, but the workload has been manageable and the assignments engaging -- definitely nothing worth making a fuss about. Team dynamics are great, and your supervisors are supportive. So, why are your co-workers leaving?
Research shows they could be moving on to greener pastures. According to the Robert Half Global Financial Salary Guide 2008, average starting salaries are increasing for many positions in the finance and accounting field. Some job candidates with in-demand skill sets are even receiving multiple offers as companies compete to secure the best talent.
With this in mind, there's a good chance you could be due for a rise. While you don't have to quit your current position to fatten your paycheque -- especially if it's one you enjoy -- you do have to speak up. Here are some steps you can take to obtain the rise you deserve:
- Build your case. Your desire to buy a new house or goal of paying off student loans is not valid reasons for a higher salary. Instead, you must demonstrate a compelling business reason for being paid more. Document all your responsibilities to date, focusing specifically on how your efforts have helped the company achieve its objectives. For example, perhaps you helped re-design a website that increased traffic and sales by 15 per cent or took on additional responsibilities to save others time. Gathering concrete data, and being able to present this information in an organised manner, is critical to positioning yourself as a valuable asset to your employer.
- Research the going rate. It's always a good idea to investigate what others in your area and with your qualifications are being paid before approaching your boss for a rise. Estimating your worth on the open market will ensure you don't under or oversell your services.
- Build your case over time. Despite his or her best intentions, your boss may not be aware of the many projects you're involved with. To prevent your achievements from being overlooked, consider providing your manager with a weekly status report that summarises the assignments you're working on and have recently completed. A record of consistent performance can bolster your case for a rise.
- Time it right. While the most logical time to discuss a rise is during your performance review, it could be advantageous to speak with your supervisor about the issue before your next evaluation rolls around. For example, you might broach the subject with your boss after you've successfully completed a major project. Just be sure to schedule the meeting at a time when you know he or she won't be overwhelmed with deadlines.
- Prepare a 'Plan B.' If a pay rise is not in your employer's budget, consider negotiating other benefits, such as more holiday time, a flexible schedule or a larger performance-based bonus. If these requests are denied, ask your boss how to best position yourself for a future rise and arrange a date for a follow-up meeting to discuss your progress toward this goal.
Like any negotiation, securing a rise requires preparation and finesse. Taking the time and effort to craft a compelling case and make your value to the company clear will help you increase your chances of getting paid what you're worth.
Robert Half is the world's first and largest specialised recruitment consultancy with a global network of more than 360 offices throughout North America, South America, Europe and the Asia-Pacific region. For more information about our Robert Half please visit http://www.roberthalf.co.uk/
