Asking for a pay rise can often be a daunting and uncomfortable task. Building up the courage to speak with your manager about your salary is no easy feat however, it is important that you have these conversations in order to make sure you are reaching your full earning potential. This is especially important in the current economic climate in the UK, considering the Cost-of-Living crisis and talks of a recession. It’s more important than ever to make sure you are being paid appropriately for the role you are doing.
The company secretarial market has seen an increase in salaries across all sectors over recent years making now a great time to review current benchmarks at your level both for your current financial health and to be in the best position possible when negotiating your salary at a new position. Companies will often be open to negotiations around the salary for newly hired employees however, they may question a candidate who is asking for a dramatic percentage increase on their current salary.
This article will provide guidance on the most effective approach to navigating such discussions, with the aim of making the uncomfortable conversation as stress-free and successful as possible.
Do your research:
Before going into the conversations, make sure that you know how much you should be earning based on your job title, years of experience, skills and location.
Here at DMJ, we released our Company Secretarial Salary guide for 2022-2023 which provides an in-depth overview of market salaries across all industries. This may be a useful tool to check your salary against the salary bandings for your sector and position.
To gather relevant information, consider talking to others around you. Your HR department can provide you with the current salary bands for your organization, including where your role falls within those bands. You can also contact a recruiter here at DMJ. Our consultants specialise across all main sectors in the company secretarial market, and the team will always be happy to assist you with any questions you may have regarding salary bandings.
Choose the right time:
You want to ensure that you choose the right time to start the discussion. If your department is going through a particularly busy time, maybe they are producing an annual report or carrying out demanding projects, you could run the risk of your conversation being rushed.
Once you have identified the appropriate person with whom to have the discussion, make time to schedule a meeting with them. This will ensure that the conversation is not rushed and that you have sufficient time to present your case and demonstrate why a pay review is justified at this time.
Have a figure in mind when going into the discussion, based on your prior research and conversations with others in the industry. Bring your evidence to the discussion to back this up, such as salary data from comparable roles and industries, or examples of your recent achievements and contributions to the company. It is also worth considering the length of time you have been with the company.
Be confident and do not give up:
Its important to approach these conversations with confidence and to remember your worth. Remain open minded, and keep the door open for future discussions. If you walk away from the conversation with a “not right now, but sometime in the future”, be sure to follow this up with an email to get the action points from your meeting in writing.
You will be able to refer back to this at a later date. Set a reminder in your diary to revisit the conversation and be sure to stick to it.
If you are curious how your current salary compares to the current market for your position, location and sector, be sure to contact the team here at DMJ and download your free copy of the DMJ CoSec Salary guide.
The guide includes information regarding salary benchmarking, market updates, downloadable sample job descriptions, common team structures and more!