This time of year in Australia, it is very common for businesses to align performance reviews with salary reviews, to coincide with the new Australian financial year.
One of the conversations that comes up at this time of year, that can often be tricky and doesn't come easy for either the employee or manager >> is the salary increase discussion.
What I often see is that expectations can start to form if someone has been with a business for a year, then it automatically warrants an increase, right? Hmmm, having this mindset alone, can often lead to disappointment when the year comes around and you don’t get that increase.
The misconception that salary reviews = salary increases, can often put people on the back foot to start with. Hear me out...
I would love to share my top 3 tips to support both employees and managers to prepare for these discussions.
1️⃣ Job Description Review
Cleary show what you have achieved for the year by using your job description to review your performance.
➡️ Firstly, do you have a JD? If you don't, write one up.
➡️ Is the job description up to date?
➡️ Does it show you overachieving or underachieving on the responsibilities? Be honest here
➡️ Can you share at least 3 examples of what you have achieved?
Taking this step can clearly show if you have been working in line with the job description, going above and beyond the responsibilities (and potentially needing more challenge) or it can show areas of improvement and development.
2️⃣ Gather Your Feedback
Once you have the JD reviewed, be clear on sharing your own feedback on your performance; remembering a review is a two-way discussion that involves ownership from both the employee and the manager.
Be prepared to share feedback with evidence, statistics and facts of the outcomes of what you have achieved.
It also helps to gather some feedback from other stakeholders you have worked with, to support your review, by asking these simple questions
➡️ What have I done well?
➡️ Where can I improve?
3️⃣ Share Your Aspirations
Having open and honest conversations around salary and money is so important. There is no point in hiding what you aspire to, and no one can read your mind - share away!
In preparation for sharing, it helps to manage your own expectations by thinking about these points:
➡️ The performance of the business > how likely are increases going to be this year?
➡️ Do some research; what does your role typically pay in your industry in the market? A quick search on Payscale or Seek can help
➡️ What is the CPI movement prediction for the year?
And then, do your aspirations align to all of these factors?
Once you have some basic remuneration understanding, share what increase you are wanting, and the reasons why.
If you take on these three tips, you could be well on your way to receiving a salary increase, but let's put it to the test! Try this out and I’d love to know how you go.
Nothing comes to you if you aren’t prepared on your end.
Share your feedback, I'd love to hear what you think.
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