5 Tips for Increasing Your Salary
Wanting to be adequately rewarded for a hard day’s work is more than fair. Even those people who adore their jobs, generally couldn’t do it for love alone, and with rising living costs you may be keen to increase your salary – especially if you’ve taken on extra responsibilities or have been on the same amount for some time. Companies are unlikely to proactively offer you extra money though, or at least not what you think you deserve, so it’s down to you to progress things in this area. We understand it can be an awkward subject and you may not know how best to go about it, so we’ve produced five tips to help you: 1) Know your market worth – Whether you’re seeking a pay-rise with your current employer or going after a new role, it’s crucial to do your research. You need to understand what people with your experience, in the same role, generally earn in your location. To achieve this you can use industry trends data (we’ve just compiled a Salary Trends Report for finance and accountancy roles within the marketing sector), job boards, salary sites, your network or through working with recruitment consultants who will have a really good feel for this, and how it’s evolving. 2) Don’t neglect small firms – If you’re looking for a new role then you’d be wise not to rule out smaller organisations. You might assume salaries are always going to be more generous with major players but small firms might be more competitive than you think. For example, our recent Salary Trends Report found that Finance Managers in SMEs can typically expect to earn £42,500 – £61,000, whereas in a larger firm the average range is £44,500 – £66,000. Many other roles also only show £1-2k differences between working for an SME versus a larger organisation. 3) Get qualified – As you’d expect, higher salaries go hand in hand with the more experience and training/qualifications you gain. For example, going from a Credit Supervisor to
a Credit Manager could see you earn up to £13k more. And working your way up the CIMA accreditations can see you go from an average salary of £22,000 to £34,000. We’d also recommend you stay alert as to how things are diversifying in your sector as there could be opportunities for you to gain experience and qualifications in these areas and bolster your earning potential. For example, we’ve seen a recent trend in the finance departments of marketing agencies who are now increasingly looking to hire commercial and analyst roles so boosting your CV in this area could see you well rewarded. 4) Know what areas are growing – Similar to the point above, keeping abreast of how the industry you work in is changing could help you choose an employer who looks likely to have continued success, meaning more chance of salary progression but also job security. For example, in the marketing industry, mobile and digital are the key areas of growth so finding yourself an employer who’s focused on these areas could bring greater rewards. Also look for an employer who has shown evidence of moving with the trends as this could mean better long-term salary growth with them. This is especially evident in the creative sector where there has been much change over the last few years, with advertising agencies creating or acquiring firms to specialise in social, search, content etc. in order to remain successful. 5) Don’t forget the value of other benefits – What you take home each month is understandably important but other benefits carry value too, even if they’re often more intangible. Things like training, company pension contributions, flexitime, subsidised gym membership, discounted travel, childcare contributions etc. can save you money, help boost your earning potential, provide you with better financial security for your future and assist with improved work-life balance, which some people would describe as priceless!