How to Ask for a Pay Rise

There are two reasons why now could be the perfect time to ask for a pay rise:

• Accounting firms are scrambling to hire and retain good talent
• Many firms didn’t hold pay reviews during Covid-19

Subsequently, it would be worthwhile to evaluate your value to your firm and know what you are worth in the market. However, before you pitch a pay rise to your boss, do your homework, know your value proposition and consider your timing.

Here are some questions to review first:

• Have your responsibilities increased or have you been recognised for any contributions?

If your job responsibilities continue increasing but your salary remains the same, now is the time to ask. Gather your list of abilities and accomplishments. This way, you have the backbone to your claims, and you’ve proven your worth.

•  How is the company doing? Has it had a good quarter or year? Has it secured new clients?

If the company is doing poorly, it’s not the time to ask for a raise. On the other hand, have you hit your targets and contributed to your company’s overall growth? If so, talk it over with your boss to show why your performance merits getting a raise.

• Have you had your performance review yet?

Before your review, talk to your boss about a potential salary increase so they can take it into consideration while performing their assessment. Professionalism is key, so make sure you go through the right avenues in terms of your reporting structure. If you have already had a performance review and salary increase a couple of months ago, then it is not the right timing. It is important to get paid your worth, but do not come across as greedy. Higher salaries usually mean higher charge out rates/expectations and this could add undue pressure.

When you have determined if it is a suitable time to ask for a raise, you next need to learn how to do so in an appropriate manner that is professional. Remember to keep all communications regarding your request positive, and be prepared for a ‘no’ or an offer that is less than you expected.

Lawson Delaney is a leading executive search and professional recruitment firm based in Melbourne. We specialise in recruiting CEOs and leadership teams, and accountants of all seniorities for Accounting firms. Contact us on 03 9946 7300 or support@lawsondelaney.com.au to learn more about how we can assist you with a vacancy or new role today.