Since joining The Treasury Recruitment Company, the questions I get asked more than any other relate to compensation / salary:
- What should my salary be?
- Gabe, do you think my package is competitive?
- How should I get a pay rise Gabe?
In this article I offer my advice about how to successfully achieve your next pay rise!
Timing – pick the best time to ask for a pay rise
Candidates often tell me they work long, unsociable hours and feel the time they give should be rewarded with a better salary. I agree! But whether I agree or not, I’m not the one you need to convince, so how can you convince your boss?
Often at your annual review it is a good time to sit down with your line manager. You can discuss your current responsibilities and where you have achieved the goals set out 12 months before. Be prepared to give real examples of where you have made a contribution to the business (and when I say contribution I really mean it).
Tell us where you have saved the company money through:
- streamlining processes – saving cash
- consolidating the banks group structure – saving cash or,
- simply by doing your treasury role you have saved the company money
Please remember it is your obligation as an employee of the company to at least save your annual salary, it is how many times more than your annual salary that you may wish to be measured upon. For instance, if you have saved 10x your salary, rather than just 5x, would you have a case for an even higher pay rise? Your boss needs examples of this. Practical examples, what have you achieved? The more evidence you can give / provide the more likely you are to achieve a positive result.
As always if you don’t achieve the result you want we are only a phone call away! 🙂
As well as saving cash or helping increase the profits you may wish to include clear examples of where you have shown initiative, highlighting any instances where you may have improved the business, taken on additional projects or supporting the wider team!
If you think you are justified in asking your boss for a higher salary, then don’t waste the opportunity, after all if you were moving to a new company, surely you would be seeking a higher salary, wouldn’t you?
If you are staying at your current company, you are demonstrating your loyalty but you should be rewarded too.
When I speak with European clients a key concern of theirs is whether we can source candidates who have a Finance MBA or who are qualified CFA’s or CPA’s.
Qualification’s such as these are in such high demand, if your company offers to sponsor you through any of these or related qualifications, then why wouldn’t you go for it?
This demonstrates a high level of interest in your chosen field of treasury and that you are willing to put the hours in to improve yourself. It also shows you have the qualifications to support the practical experience you are developing by working in your treasury department. If you are studying in your own time this shows your employer that you have the drive to succeed. I often speak with clients who are very impressed when a candidate studies and achieves further qualifications in their own time.
Know your worth – before you ask for a pay rise… do your research!
How much are you worth in today’s market?
Have you taken on extra responsibilities?
Does your salary reflect the level of contribution you have been making to your employer?
Before you enter any discussion regarding pay, you need to determine your worth. What’s the current salary range typically being paid by employers for someone with your background, skills and experience.
Benchmark yourself against other opportunities and what other employers are prepared to pay someone of your skillset. Seek out independent advice by looking at salary surveys, there are many on the market, but we are thrilled to announce that we are relaunching our tremendously successful Global Treasury Salary Survey at the beginning of 2018. We hope you will take part.
Who knows it might help you achieve that pay rise you so richly deserve.
Be open to new opportunities
Money isn’t the be all and end all of working but it certainly helps! If the other tips don’t help, then why not be open to new opportunities?
I don’t mean you have to change your job every year if you don’t receive successive pay rises, but if you are taking on more responsibility and you don’t receive the rewards you deserve, maybe it’s a good time to look elsewhere.
As a Treasury professional, its often seen as a good thing to move positions every 3 years or so.
Why do we say 3 years? Our general rule of thumb at The Treasury Recruitment Company is:
- a year to learn a role
- a year to perform a role
- a year to tire of a role
If you want to know more about our 3-year rule we are happy to explain more.
In the current European markets, we are seeing an average increase of year on year between 10% to 15% on base salary with obvious differences between certain counties and regions. As always, we are happy to discuss further and offer our advice on how to achieve your next pay rise.
We look forward to speaking to you in 2018.