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Real solutions to real problems.
How do I secure a pay rise at
work when tough economic
conditions across the globe
have seen many teams in the
financial profession shrink,
and pay conditions slide?
These days you need to develop a
personal strategy, demonstrate your
value to your employer and come up
with viable innovative ideas for the
business, among other things.
Tim Lee, national communications
manager at Lloyd Morgan, has
identified five key areas for individuals
to focus on and, unsurprisingly, it
involves more than just meeting
performance targets each month.
“ Think of it like the investment
market,” Lee says.
“A company may post a good profit
but industry analysts want to see sound
strategic growth plans before they’ll
recommend the business as a buy
“It’s the same with bosses – when it
comes to pay increase considerations
in accounting and auditing roles,
employers don’t just look at how you’re
performing now, they look at your
future value and getting a bigger share
of the pie – pay, a bonus or benefits –
You have to ask for it, but you’ve also
got to work for it, he says.
Here are five tips to get you started
and put you in a position to negotiate
the pay terms to match your true value:
1. Develop a personal strategy
To be successful, you have got to know
where you want to go and how you’re
BUSINESS OFFICE LIFE
going to get there. There’s plenty of
strategy templates online for companies
adapt one to suit your own personal
Be brave and run through this with
your manager – they’ll be impressed
with your commitment.
2. Prove your current worth
Track how the work you do adds to the
bottom line and how you execute it in
tandem with company values. Develop
it with your manager or colleagues.
KPIs should pinpoint specific tasks
that show how you support the sales,
revenue or reporting processes or
3. Demonstrate your future
value to the organisation
As part of your plan, work with your
boss on KPIs that highlight the future
value of your role and track your
success against these.
4. Sharpen skills that really
matter and will help the
For example, research suggests
that many accounting firms have
reduced the size of teams. It’s a great
opportunity to see what skills need
back-filling and tune up on them.
Boosting your own capabilities will
ensure your value to the business.
5. Surprise and please your
A good manager loves new ideas for
clients and customers so identify areas
that could do with a makeover, and
just do it, or contribute your time and
Got an issue in your office that needs
Negotiating a pay rise
ideas. Think website, presentation
documents, lead generation lists, or
industry intelligence. Organise a ten-
minute chat with your manager once a
month to outline your ideas.
Most importantly, you need to be
realistic. A pay rise may not be
possible because there simply might
not be money in the pot so try
negotiating for additional benefits
too, such as more training (right on
trend at the moment), flexible work
hours, or even ask for a mentor.
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acuity | FEBRUARY 2015
WITH THANKS TO
Tim Lee, National Communications Manager at
Lloyd Morgan. Lloyd Morgan is a professional
recruitment services provider specialising in the
accounting, banking and finance and insurance
Compiled by Leigh Sujanto, freelance writer.
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