We all hate to ask, but if you don’t ask ……
Is it time that your salary was reviewed? Do you feel like you are adding greater value to the business now, rather than when your current salary was first determined?
For many organisations, there is usually a timetable of performance feedback, as well as salary reviews. Salary reviews have generally been discussed amongst management prior to your meeting, taking into consideration many factors, including:
- your performance
- market comparisons
- your individual role and responsibilities
- your experience and knowledge; and
- the current demand within your speciality/area of practice
In addition, businesses will also have taken into consideration:
- the company’s financial performance; and
- the current financial market
Whether you are employed in an organisation with a formal review structure or not, when discussing your salary you must be prepared to discuss these points and provide supporting information where you have:
- added value to the business
- contributed over and above usual requirements
- demonstrated leadership
- added skills by attending seminars/training/workshops; or
- any other achievements
Know what is fair and what you are seeking for.
Research the market and speak to your recruitment consultant if you would like further clarification.
Salary survey information can be used as a guide but is often taken from a small sample of participants. This does not take into consideration many varying factors within roles or additional benefits, so can cause some inaccuracies or inconsistencies.