Pay review time
Individual employees usually don’t receive a salary increase until July 1 or after but the paperwork is finalised in April/May. As to when employees become part of the process differs depending on the employer. Some companies tie pay reviews to performance reviews, which are usually carried out in June, while others do not.
Either way, there is no reason not to do some prep now towards a pay rise. Ask your manager how the process works or call your HR department. HR don’t have power over your pay fate but they should know the process.
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The Hidden Job Market
Your chances of succeeding in finding the right job are much higher when exploring the hidden job market, as there is hardly any competition.
Even jobs that are usually advertised can be filled before being advertised, through cold calling or networking. Employers spend a lot of time, effort and money on advertising for a new job opening.
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To follow are some tips on how to ask, negotiate or get a pay rise, raise, salary increase or job promotion
Whatever approach you choose to secure your next pay rise, you need to negotiate. If you are expecting a 10% pay rise, you should ask for an 18% rise & then negotiate with your boss/ employer. If your job role is critical, if your underpaid or if your role would be hard to fill if you left, then you be in a more powerful position to negotiate your next pay rise.
It is best to avoid writing a pay rise/ raise letter or email, unless you have to. A face to face discussion is best for these situations. While some write a pay rise or salary increase request letter, we recommend you ask for a meeting with your immediate manager & discuss this in the meeting.
On rare occasions, to justify why you deserve the pay rise to more than your immediate manager, you may be asked to write a pay rise or salary increase request letter. Even if your immediate manager is in a different location, it is better to wait until you can discuss in a meeting instead of writing a pay rise request letter.
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Within this starting salary negotiation example there are two sample scenarios
The hiring manager calls you and offers you a job at $40,000 yearly base salary plus benefits. Whether the offer is verbal or is in writing, it is best to conduct the negotiations verbally ( via phone or in person) and once you finalize, it is recommend getting an offer letter confirming all the offer details.
When a Company offers you a base salary of $40,000, they usually expect that you will ask for more and in most cases there is room to negotiate and move the salary higher. The exception to this is if a pre-determined salary has already been advertised.
Let’s say you would be happy with $45,000 plus benefits.
To best negotiate this, you would say something like “Thank you for your offer and I am certainly interested in the position and Company. Can I get back to you later this afternoon or first thing in the morning” (if it is already late afternoon). This gives you a chance to evaluate the salary offered and compare it to any other offer you may have.
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