By Aisling O'Toole
In the US, the
On the surface, the finance sector is most likely to financially reward staff, yet the highest earners and those enjoying the largest bonuses are in the minority when compared to the average finance worker––meaning there's still work to be done in terms of negotiating a pay raise.
Use these four tips to boost your paycheck.
1. Benchmark yourself
Benchmarking yourself against your peers is important when asking for a salary increase. Researching job boards such as the
Where does your employer position itself in terms of salary? Is it known as a high or low payer? Financial institutions often benchmark themselves against their competitors and are in constant contact with headhunters to ensure they remain competitive.
Having this knowledge, as well as comparison with your colleagues, will help you bolster your case for an increase.
2. Treat it like a deal
You've done the market research and benchmarked yourself, but approaching the conversation about a salary increase is similar to pitching for big business. It's all about timing.
Asking for an increase in salary is best done at the start of the financial year or on the back of a successful project. Even with the right timings, it's imperative that you show your value to the company.
How much money did you bring in over the past 12 months? Highlight your value to the company in terms of revenue, and just how much it might cost them to replace you.
3. Think beyond money
If you've made your case and there's no room for a financial increase, think beyond money and look at non-financial benefits that might improve your work-life balance, or impact your bottom line on a personal level.
Flexible working hours can impact childcare costs, while fully remote working opportunities can impact rental expenditure. There may also be an opportunity for subsidized training that can improve your career prospects, pension contributions, increased healthcare support or stock options. Boosting your remuneration doesn't always have to be purely financial.
4. Move roles
Even if your negotiation is successful and your employer agrees to increase your salary, you may gain more by moving roles. Research shows that switching companies can result in a
The
Mortgage Product Development Specialist, United Wholesale Mortgage, Ponitac
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Senior Financial Analyst, Paylocity, Schaumburg
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Financial Policy Writer, Office of The Chief Financial Officer, Washington
The Government of the District of Columbia is in search of a
