Credit Management Jan:Feb 2019

CAREER’S ADVICE
NEW YEAR
NEW ROLE
Karen Young talks about how to secure a
pay rise in the New Year.
Karen Young
MANY of us will be
pursuing a pay rise with
the coming of the New
Year. But asking for one
can be a nerve-racking
task, and it can be
frustrating and disheartening if the answer
is no. You may also worry about how it could
affect your relationship with your manager.
Taking the right approach means the more
likely it is that you will be able to secure a
pay rise this year.
The best way to start is by asking for
a meeting with your manager early on in
the year. Approaching the topic of a pay
increase is not something which can be done
over email, so make sure you choose an
appropriate time to meet in person.
What’s most important is constructing
a good case for a raise. Developing a clear
and informed business case will help your
boss make a sensible decision, and your case
needs to be focused on providing tangible
evidence of how much of an asset you are to
the business.
Here are some things you need to consider
before you ask the question.
DO YOUR RESEARCH
Find out the industry average for your
current role, otherwise you’ll be in the dark
about how much you can ask for if you are
keen to secure a rise. Using a tool such as the
Hays Salary Checker is a good place to start.
If you discover that the industry wage for
your role is higher than your current wage
then you are within your right to bring this
sort of external benchmarking information
with you when you have a discussion with
your manager.
Before deciding that you deserve a raise
consider how much your benefits (pension
scheme, life insurance, share scheme,
subsidised gym membership etc.) are worth
on top of your salary. Your salary may be the
industry average, but your other benefits
may more than make up for this.
Familiarising yourself with whether your
employer has a common procedure for salary
increases each year will also help ensure
you aren’t caught off guard. If not found on
your company’s internal systems, then make
a general inquiry to the HR department.
The HR department could also help you to
establish when your manager’s budget is
finalised; scheduling your meeting just after
budgets have been confirmed puts you and
your boss in a very tricky position!
BUILD YOUR CASE
Detail a robust agenda for the meeting and
take control. Not only will preparing an
actual sheet of paper with the agenda on it
help you to keep your boss from altering the
trajectory but it will also be useful in helping
your boss go away and consider the matter.
Hard facts and figures visible on a piece of
paper cannot be disputed; whilst they’ll also
help your boss articulate your case to HR,
who will likely also have to approve it.
Consider the value you bring to your
employer. If you have taken on additional
responsibilities and made crucial savings
then you already have some solid evidence
to present. Be specific and provide tangible
evidence, and don’t just say that the cost of
living has gone up, or that you think you
generally do a good job.
DEVELOP YOUR SKILLS
If you are looking for your employer to invest
further in you this year by increasing your
pay or benefits package, you should show
some willingness towards improving your
skills within the business which will not only
help your employer, but also your future
career development. The largest acquired
skills gaps for new entrants in credit control
are technical knowledge and commercial
awareness for example.
Demonstrating to your employer that you
are constantly developing your skills and
knowledge will help you stand out from the
crowd and confirm that you are committed
to your career and personal development.
Even if you are not currently in a position
to seek a pay rise, by developing your skills
to align with those most in demand, you’ll
be poised to take up new opportunities in
your current role or indeed elsewhere. Think
about where you want to be at the end of this
year, and what steps you need to take today
to set you on your way forward.
Karen Young is Director at Hays
Credit Management.
The Recognised Standard / www.cicm.com / January / February 2019 / PAGE 52