According to HR Magazine, January is the most popular month for job changes with the top reason being due to low salary. If you enjoy your job but have been feeling disheartened by the lack of cash, follow our 3 tips and go into the New Year feeling ready to negotiate your salary.
Do Your Research
Research is key to successfully negotiating your salary. Before you start any discussions with your line manager. It is important to understand how the company has been performing recently and whether they have been meeting their targets as this can obviously have a huge impact on salary reviews and new hires.
It is also important to do your market research and understand what other companies are looking to pay for similar positions, taking into consideration location and industry in particular. At Lily Shippen, we are always here to offer secretarial salary guidelines to both our candidates and clients and can provide market intel for you to take into the negotiation with your employer.
Consider Bonus Potential
January / February is a very popular time of year for bonuses to be paid out, especially in the Financial Services sector. Be aware that some companies may reduce your annual bonus to compensate for the increase in salary so it is crucial to choose your timing well.
The Negotiation
Once you have done your research, book a meeting with your line manager and let them know that you want to discuss your salary beforehand. This will give them time to do their research, approach the relevant decision makers and consider whether they can afford to increase your salary. Think about what you bring to the company and how you have added value in the last 6-12 months and don’t be afraid to share this with them.
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