THE JOURNAL

Five tips for maximising your potential (and your pay packet) at work.
With 2018 well underway and the beginning of a new financial year looming next month, now is the perfect time to ask for a raise. In todayās cut-and-thrust jobĀ market, employees everywhere are getting better at selling themselves, but this newfound confidence often falls flat when the subject of salary comes up. Itās a reticence that most workers, quite frankly, canāt afford: for every time you hold back, you can be sure thereās a colleague who isnāt. But how do you start calculating your value, assessing your compensation, improving your skill set and negotiating better pay? Here, we break the tricky task down into a few easy steps.
01. Know your worth

The days of a clear careerĀ ladder are long gone and, for many industries, progression is frustratingly opaque. Before you can even think about asking for a raise, you need to first make sure that youāve nailed your current role. When preparing for a salary review, the temptation is to start gathering info behind your bossā back, but a stealth attack isnāt always the best approach. A recent poll by Gallup found that only half of employees actually understand what is required of them at work, and perhaps more worryingly, the figure doesnāt much change for managers; itās a case of the blind leading the blind. So your starting point needs to be a frank discussion with your boss. Pull up your job description and review whether it still describes your role. Ask your manager for an honest appraisal of your strengthsĀ and weaknesses, and identify where youāre really adding value to the business.
Once youāve gone through official channels, you can start on more arcane strategising. Thereās a load of free salary calculators available online, from Totaljobs to Glassdoor or LinkedIn, so start benchmarking now. Compensation varies a lot between markets, so according to LinkedInās salary calculator, if youāre a marketing director in central LondonĀ the industry average is Ā£84,200, whereas in San FranciscoĀ Bay AreaĀ itās $130,000. āThereās so much information to hand now, whether thatās online tools, attending events, talking to peers, headhunters or other employers,ā explains Ms Jo Gilmour, director of Talent Atelier, whichĀ works with brands and executives across the creative industries. āDo some diggingĀ and youāll soon find out what youāre worth, and what your role looks like in other comparable businesses.ā
02. Build your value

āSomeone who has consistently developed their skill set through their career is worth so much more than someone who has stayed static,ā explains Ms Gilmour. āBe proactive: if thereās a particular route youād like to pursue then skillĀ up around this; if this is a language, take lessons; if youāre lacking in digital knowledge, do a course ā there are some incredible ones available at places such as General Assembly.ā Demonstrating a bit of chutzpah will help in your negotiations with a current employer, but it will also make you an attractive new hire for future employers.
Itās not enough just to be proactive, however: you need to be seen to be proactive. Find new projects and initiatives that can add value to the business and then take them to your boss. Discuss whether some kind of scorecard system might be worth implementing, setting specific goals and then regularly assessing them together. It will be harder for your boss to dismiss your demands if youāve got an Excel doc of figures backing you up, and it will help keep emotionsĀ out of the conversation. Begin arming yourself well in advance with clear examples of how youāve gone above and beyond for the business ā and how these activities have actually paid off.
03. Think long term

You may be looking for a few extra grand because you want to move flatĀ and take a two-week holidayĀ to Big Sur, but don't tell your boss that. Short-term motivations have no sway with the powers that pay, so you need to couch any salary demands within a long-term plan. The language should be all about progression, responsibility and adding value, so build a clear gameĀ plan that shows you mean business. āGet granular and be clear on what exactly youāre setting out to achieve,ā says Ms Gilmour. āDefine goals for each month or quarter and check in with them on a regular basis. If you struggle being honest with yourself about these goals then you could also get a career coach to support you on building a five-year plan.ā
Weād all like a bit more money, but this is a wishy-washy target unless you know where youāre headed professionally. Donāt hide your light under a bushel and be clear with your boss on your future ambitions within the business. Phrase this right and youāll come across as passionate rather than mercenary, and a decent manager will try to harness this energy.
04. Choose your moment

So youāve gauged your value, startedĀ improving your skill set and have a plan in place ā now for the tricky bit. Thereās never a good timeĀ to ask for more money, but there are plenty of bad times, so choose your moment well. Following a big client win or a personal success is always a smart idea, while immediately following redundancies or during a pay freeze ā not so much. Even when times are lean, however, there may be other benefits that you can negotiate. If your boss is desperate to keep you, then flexibleĀ working, increased paid holiday, better travel, improved training or a change of job title could all be discussed as salary substitutes, so work out what your priorities are and be ready to have an open discussion.
05. Be flexible⦠up to a point

All salary negotiations are a discussion, at the end of the day. Itās worth practising your opening argument, but once youāve made your case, be prepared to listen, discuss and develop. Having a goal is one thing, but a total lack of flexibilityĀ will do you no favours. Ask for more money than you actually want and have a walk-away figure in mind, but keep it to yourself. Donāt take rejection personally and however disappointed you are, do not burn bridges. If your boss canāt or wonāt meet your well-reasoned salary demands then it may be time to start talking to employers that will ā and who knows, you may be surprised what happens to your bossās budget if a rival offer materialises. āAlways have a walk-awayĀ point in your mind; it helps with confidence,ā says Ms Gilmour. āWhen you receive a pay rise internally, itās often far lower than moving to a new business anyway, so be confident that you have other options.ā
Dress for success
Illustrations by Mr Adam Nickel