Hays has released its FY23-24 Salary Guide, and it outlines how marketers should go about asking for a pay rise.
With the cost of living continuing to rise, recruitment and workforce solution specialists Hays have found that a significant majority of employers view individual performance as the most important factor when it comes to pay rise evaluations.
Key elements to go through when looking for a pay rise
The primary factors that employers are looking at when reviewing pay rise requests in marketing include:
- The key responsibilities of the role.
- External median salaries for the same or similar roles.
- The organisation’s performance.
- The employee’s skills and expertise.
- The organisation’s internal set pay structure.
“We know that 95 percent of employers will increase salaries in their next review. But, with salary increase budgets under pressure, employees must make the best possible case to maximise the value of their pay rise this year,” says Matthew Dickason, CEO Asia Pacific at Hays.
“To boost your chances of a stronger pay rise, you must prepare a persuasive case,” he finishes.
Tips to maximise your value
When it comes to negotiation, these are some of the preparation tips as provided by Hays:
- Prepare your evidence: demonstrate why you deserve a raise, with a focus on your individual performance and the importance of your responsibilities.
- Research typical salaries for similar roles: review the recent salaries in the market as back up for your request.
- Set a meeting: ask your manager for a meeting for a salary review and maintain a professional manner.
- Be willing to negotiate: prepare to discuss the salary you feel your results are worth, but with some willingness to compromise.
- Have a contingency plan: if the agreement is not reached in this meeting, put a date in place for another review, or bridge the gap with improvements to work-life balance.