Perhaps your responsibilities have changed since you took on your current job, or maybe you have a sense that you’re putting in more than your colleagues are.
You’re thinking of asking for a pay rise – but how do you you figure out how much you’re worth?
According to recruitment agency Michael Page, there are three things to keep in mind before you ask for more money.
1. Know your numbers
If you’re not doing this already, make sure you find out how much you’ve directly contributed to your company’s bottom line.
“Keep a tab on how your role has directly moved the needle. Did you implement a lean approach to doing things that saved the company a heap of money?
“Were you the lead on a new project that has proved to be highly successful? Were you the brainchild of a successful campaign that has performed better than past campaigns? You need to make this known,” the recruitment firm said.
2. Know the market
How are you being paid compared to peers in the same role and experience as you? Make good use of salary calculators or salary guides to gauge what the average pay for your job should be.
Another way to go about it is to hunt on job boards such as Seek, Indeed, Jora or LinkedIn to see what new hires in your job are being offered.
“Take a look at the responsibilities of the role and if they are similar to what you currently do. This gives you a bit of a benchmark for the average salary range you should be sitting within,” Michael Page said.
Don’t be shy about drawing on your network, either: no matter what sector you work in, you’ll likely know many others in similar roles as yourself.
3. Know what you can and can’t control
Although you may well be entitled to a pay raise, it’s likely that there are certain boundaries you’ll have to work to. For example, there may be an award classification for your role that fixes pay rates to certain classification levels. You may get moved up an award based on your responsibilities, qualification and years of experience.
“Roles can change, so make sure you look at a level above your award to see if you qualify for a pay rise.”
There may also be internal pay scales, in which case you’ll have to have a conversation with your manager or HR manager about salary policies.
You should also go back to your contract to see if there’s anything in there that stipulates pay reviews can only be held after 12 months or after the financial year, so be sure to do your research before you push for a pay rise.
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