As an accounting and finance professional, you know about money. But are you getting enough of it? Your year-end review offers the perfect time to ask for that much-deserved raise — if you know how to make the request in the most effective way possible.
About two-thirds of employees received raises after 2019. The pandemic complicated things in the next year. Earlier in 2021, only about half (51%) of employees expected to receive a pay increase.
Of course, things have changed significantly as the year has worn on. With inflation rising and with the labor market tight, many workers will feel emboldened to ask for increased compensation.
Should you be one of them? And, if so, how can you get the biggest pay increase possible?
Here are six tips for accounting and finance professionals asking for a raise:
Determine Your Position in the Company
To maximize your chances of reaching your ideal salary, you should figure out where you stand ahead of your year-end review. Be honest and don’t wait until the last minute. Ideally, you should be preparing for this all year. Here are a few specifics to keep in mind:
- Do your job well: Don’t ask for a large raise if you haven’t had a stellar year. Know how your supervisors perceive your value.
- Understand the competition: Your performance is only part of the equation. Remember that you’re also competing with your coworkers for limited resources.
- Consider your department: Some parts of a company receive more attention than others. Are you in the ideal department for nabbing the biggest raises?
- Think about politics: Office dynamics influence raise decisions. Leverage your networking skills to help your cause.
Understand Your Company’s Situation
Is your company in a position to give raises?
Your bosses might completely recognize your value. As a result, they might love to give you additional pay. However, if they don’t have room in the budget, there’s not much they can do.
As you determine how aggressive to pursue a raise, think about your company’s cash situation. You should have additional insight into this topic, given your accounting and finance background. This will let you know the possibilities as you head into your year-end review.
Build a Case
Going into your year-end review, prepare a case for why you deserve a raise. The more detailed your presentation, the more likely you’ll be taken seriously. Be ready to make your pitch and answer potential hesitations presented by your supervisors.
In addition, find specific data to add to your argument. Know what KPIs carry the most weight within your organization. Use these numbers to show your value.
Lay the Groundwork
Don’t turn your year-end review into a surprise raise request. Your supervisors should know what’s coming. That way, you’ve built a foundation for a successful argument.
As your year-end review comes into view, hint around about raise possibilities. Gather information, talk to people, and signal your ambitions. That way, you’ll have a sense of what’s possible and the idea will be planted ahead of time.
Find Allies (Especially Your Boss)
You have to consider office politics as you ask for your raise. Ultimately, people will be making the decisions. With that in mind, do you have the right people on your side?
The process starts with your direct supervisor. They will have a heavy influence on the raise decision. Make sure they have your back as you head into your year-end review.
Work the System
Every organization will have an established process for determining raises. Get familiar with this system. Consider questions like:
- Who makes the decision?
- What steps go into the procedure?
- What skills are most valued?
The answers to these questions will allow you to better target your efforts. You’ll know the key players, any potential deadlines, and the right path for achieving your goals.
Need Help Finding A Better Paying Job?
If you aren’t getting the pay you deserve, it might be time for a change. Your accounting and finance skills will be appreciated at another organization. A top recruiter, like Elby Professional Recruitment, can get you the compensation you’ve earned.
Contact Elby today to find the perfect job for you.