Pay-rise planning raises the chances

Clinching a pay rise has never been harder. Many industries have frozen salaries, cut bonuses, cancelled performance reviews and abandoned automatic rises.

You need a thoughtful strategy to convince the boss you’re worth more.

TIME IT RIGHT

If your company is doing it tough or on the brink of collapse … now is not the right time to ask for a pay rise. However, if you know your employer is doing OK, give it a go.

Approach the boss and ask for some time to talk about your performance and discuss your future. Try and do it after you’ve had some success or been praised for good work.

YOUR VALUE

Research how much you’re worth. Scan career websites, look through the job advertisements, or speak to a recruiter in your industry to find out what similar positions are paying.

Delicately present that information to your boss if you find you’re being underpaid.

YOUR WORTH

Make a list of achievements since your last performance review and refer to them in your meeting. You may have exceeded your sales targets, taken on extra work or outperformed your colleagues in some way. Also, remind your employer of any unique skills, experience or contacts you bring to the position.

DISPLAY AMBITION

Discuss your future with the company and quiz your boss on what you need to do to succeed or reach a certain position. Ask your employer for more responsibility.

This shows you’re ambitious, a hard worker, and keen to progress in the company.

YOUR KNOWLEDGE

Learning new skills can help you move up the pay scale and off that career plateau that has been holding you back.

Show initiative and ask your boss about training or further education needed to move to the next level.

Find out if your company will subsidise tuition fees.

SALARY PACKAGING

Some of the most common and popular packaging arrangements include salary sacrificing into superannuation to boost retirement savings, funding a car lease, or buying a laptop computer. Check with your employer.

IMPROVEMENT

Ask if the company will invest in your development? It may be more willing to fund this if it believes the skills you gain will make you a more effective employee and help build the business and profits. It’s a business expense for the boss as staff training and comes with tax advantages.