Salary negotiation is a skill in itself. And, can often be seen as scary and intimidating for employees. Whether you’re starting a new job, or have been at your company for years, it’s crucial to know your worth!
Let’s face it, nothing is cheap in 2023. Interest rates keep going up, inflation has gone through the roof, and the Consumer Price Index (CPI) for Q3 2024 was 5.4%.
Negotiating your salary can be incredibly nerve-wracking if you are underprepared, nervous and have not done your research! Sometimes, a lack of confidence can also cause many of us to feel “greedy” for asking for more money, which is ridiculous! If you are adding cultural value to the team, achieving your assigned KPI’s and can show your manager tangible evidence of positive results (eg; great client feedback) since your last review, then you are on track to a pay rise!
According to multiple global studies, women are less likely to ask for more money during pay review periods. In a recent survey conducted by US company Resume Builder, 49% of men surveyed negotiated their compensation within the past two years while only 32% of women did.
Here’s three steps to achieve a pay rise:
Know Your Worth
Not sure what you are worth? Research!
- How many years of experience do you have?
- What do competitors pay?
- Location? Can you be paid more if you work closer/further away from the CBD?
- What about WFH? What are the incentives?
- Have you checked industry websites/pay scales or salary guides? Seek, Glass Door, & Payscale all have comprehensive salary guides. Iceberg also has various guides listed!
- What KPI’s do you need to meet to achieve a pay rise?
List Your Accomplishments
Achieving major milestones, big or small can ensure a pay rise! And, ensuring that you gather tangible evidence of this is critical.
Did you help secure a new business win? Or increase social presence that results in 10k more followers in a month? BOOM! Whatever you’ve achieved in the workplace, note it down and ensure you bring it to the negotiable table during your yearly review.
Negotiate
It’s critical to have a contingency plan if you don’t get what you want. If you go in asking for a 10% raise and your Boss says no, are you prepared to quit? Or will you simply accept the answer and stay in your job?
Negotiation will be your next best move. And, it’s important not to be impulsive. Do you have a number in mind that you feel is fair? What will you say yes/no to?
If your Boss says no to a 10% increase (for XYZ purposes), however, agrees to an initial 5% increase and then another 5% in six months, pending that you achieve specific KPI’s, will you agree to this? It’s all about reasonable & calm negotiation.
If you need advice or help negotiating your salary, please get in touch with us for a confidential chat HERE.
Iceberg, Melbourne’s go-to recruitment company! Specialising exclusively in recruiting for digital, marketing, PR, digital, experiential & advertising jobs. Permanent, freelance and contract roles available!. Sign up to our weekly newsletter HERE.
