PAY HEED TO YOUR SALARY
TRY THESE TIPS TO RECEIVE MORE MONEY FOR YOUR WORK, WRITES LAUREN AHWAN
LOYAL workers are being urged not to miss out on salary hikes awarded to colleagues who switch jobs.
With counter offers to lure workers to another company reaching up to 75 per cent, there are fears those looking to stay with their current employer will be penalised for their devotion.
But industry experts say there has never been a more ideal time to negotiate for a higher salary, with rising staff turnover forcing businesses to better remunerate their existing workforce.
HOW MUCH SHOULD I ASK FOR?
Exclusive research from recruiter Robert Half reveals existing employees across the tech and finance sectors can expect an average salary increase of 11.4 per cent – if their duties remain unchanged.
Where more responsibilities are added to their role, workers can expect an even greater pay hike, says Robert Half Asia Pacific senior managing director David Jones.
“The reality is that we are in a market that is very much in favour of the employee rather than the employer,” he says.
“So workers should expect an eight, nine (or) 10 per cent pay rise.
“If they have a certain skill that’s in high demand and relatively low supply then they could get more than that – some people could be getting (a) 20 (per cent salary increase).”
KNOW YOUR WORTH
While there have been instances of workers receiving counteroffers of up to 75 per cent more than the original salary offer, Talent NSW managing director Matthew Munson says this is rare and workers should research salary guides to formulate more realistic pay requests.
“Be prepared. Know what the market is paying for your role and go into a conversation with your boss armed with that information,” he says.
Ensure the request for more pay is respectful and don’t make empty threats to leave, Munson says.
“It’s a much better strategy to go to your manager and say, ‘The market is paying this, I like it here and don’t want to leave so what can we agree to’,” he says.
Hirevue head of assessments Tom Cornell says workers should feel confident heading into salary negotiations, with salary freezes at the height of the pandemic now being lifted.
“In saying that, the individual still needs to be able to demonstrate and justify their stance,” he says.
“They can’t just say, ‘Everyone else is being paid more – so should I’.”
GATHER EVIDENCE
Career coach Leah Lambart, from
Relaunch Me, says employees who have been working outside the scope of their job title, have been required to put in extra hours or have added value to the business in the past year are well placed to negotiate for more pay.
She warns quitting is not always the best option if the salary request is rejected.
Instead, workers should ask for specific targets to meet to improve their chances of a pay rise at their next review.
“Sometimes, leaving a job just for an increase in pay won’t necessarily make you happy if your other values are not being met,” she says.
HOW TO RAISE YOUR CONFIDENCE
Preparation is key to successfully negotiating for more pay, believes transport worker Arshed Syd.
Syd, who works as a transport allocator at refrigerated logistics company Chill, had his salary increased during a recent performance review.
He says regularly seeking feedback from his employer and coworkers allowed him to constantly improve on his work duties, and showcasing these achievements gave him the confidence to ask for more pay.
“For me, I really analysed my performance and made sure I measured it against the expectations of my employer,’’ Syd says.
“(During the review) I also focused on my achievements during challenging times, particularly over the past 12 months of the pandemic.
“I self-evaluated my performance and focused on highlighting things I’d learnt and the steps I’d taken to overcome any difficulties.’’
Syd says setting goals for the next three to six months, and outlining the benefit to Chill once these goals were achieved, also helped during salary negotiations.
“I’ve always seen performance reviews as an opportunity to show my contributions to the business,’’ he says.
“It’s really a two-way communication where you and your employer can discuss your work and any shortcomings so you can improve.’’