How to Negotiate a Higher Salary

Whilst these conversations may be daunting, they are vital in advocating your worth, securing a fair salary and ultimately feeling satisfied in your job.

Knowing how to navigate negotiations professionally is the key to justifying a pay rise and increasing your chances of success. Preparation and proof of your individual achievements are key. Present the facts along with tangible information and follow the strategies below to ensure you can come to the conversation prepared.

Research industry standards

Before approaching your employer about a pay rise, undertake your own research to identify the standards for your role and level of experience. Please have a look at Lawson Delaney’s FY23/24 Accounting Firm Salary Guide to help you determine where your current salary sits in the context of market ranges. This data goes a long way in strengthening your argument. If you have not viewed our guide, please reach out and we can send the document over to you.

Highlight your achievements

For your request to be successful, it’s essential that you prove to your manager why you deserve a pay rise. The intent is to emphasise the value you have brought to your organisation. Be prepared with specific, quantifiable evidence in the form of personal accomplishments that directly align with successful business outcomes. Have you exceeded billing targets? Provided great client outcomes? The more the better.

Outline professional growth

Reinforce your value by drawing attention to your commitment to professional growth and development. New responsibilities, professional development activities and training programs are all examples of initiatives to enhance your skills, knowledge and qualifications.

Focus on articulating the skills and expertise you have developed during these endeavours, reaffirming how they align with the organisation’s goals. Showing that you are invested in the company’s growth and long-term success can help to cement your future value and justify a pay rise.

Request a performance review

If your company has no provisions around annual reviews, requesting one could provide a forum to discuss your progress, accomplishments and improvement areas with your employer.

Requesting a performance review shows strong initiative and an appetite for constructive dialogue. It also allows you to make a compelling case for a pay rise based on your demonstrated value to the organisation.

Know the difference between pay rises and promotions

Depending on the size of the pay rise you are asking for, you need to be clear on whether it warrants a promotion (a change in job) rather than a pay rise (in the same job). Getting a promotion usually comes with a higher salary jump as a result of increased responsibility and required skills. While regular raises reward your value and performance within your current role, promotions acknowledge the additional value you bring by taking on a more complex job. Identifying whether you are aiming for a pay rise or a promotion will help you strategically position yourself for the conversation.

Negotiate benefits instead

With tight compensation budgets as a result of economic factors and business performance, sometimes, pay rises are not on the cards. If your employer is unable or unwilling to offer a financial incentive, explore different alternatives to a pay rise. Negotiating work-life balance benefits like hybrid working or flexible hours can be a quality short-term substitute.

If you would require some more information to help you with navigating a pay rise, then please get in touch with me on 0472 510 481 or email me at lee@lawsondelaney.com.au.