A Few Key Tips for Approaching Salary Reviews
These tips will ensure you are prepared for that pay conversation!
With the end of the financial year approaching, salary reviews are a hot topic. If you have been thinking about asking for a pay rise, now is the time to do it, or if you have heard some office rumours of salary cuts, never fear, there are ways to help you get through it.
Asking for a Pay Rise:
Before asking for a pay rise, you need to ensure that you are prepared. There are a few things to consider, such as:
How much have you achieved in your role? You want to have examples of situations where you have clearly gone above and beyond in doing your job. If you believe that you have had a significant impact on the company’s revenue, know the figure. You will need to advocate for yourself, so be prepared to brag about your own accomplishments – bearing in mind you are not speaking purely of your own achievements, but rather, the ways in which this has contributed to the company’s ongoing success!
Managing a Salary Cut:
So, you’re taking a pay cut… as unfortunate/disappointing as that may be, there are ways to deal with it. Start by identifying where you are unnecessarily spending money. Do you have that weekly $50 being auto debited from your bank account for that gym membership you never use? Are you, like many other Melbournians, spending $4 a day on that take-away Latte you thought you’d treat yourself to? These are areas where you can definitely save a few dollars. Swap the gym membership for a walk in your local neighbourhood, brew your own coffee…
Think about reorganising your own priorities in life (if you can) to try and make the pay cut a little more bearable.
Management Denied You a Pay Rise:
If you didn’t get the good news you were hoping for, its often easy to immediately start looking elsewhere for work. Before jumping the gun, know that it is always easier to find a job when you already have a job, so don’t quit out of pure disappointment or anger, stay put and think before you act.
Do you love your job? If you are happy working where you are and you love the culture and fit of the firm, perhaps money shouldn’t be the deciding factor for you. After all, money doesn’t buy happiness.
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