Show me the money!

For some reason or other people find talking about money one of the most difficult things to do in an interview. It seems to make everyone uncomfortable, even though for the most people, money is one of the main motivating factors to work. This discomfort can also apply when it comes around to asking for a raise. Over the last few years the prospect of higher remuneration has been a distant one for vast swathes of the workforce. From agriculture to banking to construction wages have stagnated in the face of slack demand and a low inflation environment. However a report from the CSO last week suggests a turnaround in fortunes.

The report shows that in the last 3 months of 2014 wages rose 2.3% annually (average weekly earnings were at €704.34) with the insurance, financial and real estate sectors seeing salary increases of up to 9%. Even allowing that part of the reason for rising pay was an increase in hours worked as people moved from short hour weeks, it is clear, that people are getting raises. The question is, what is the best way to broach the subject with your employer and become part of next years’ positive statistics!?

Firstly it’s important is to know your worth to a company. In some jobs, that can be recorded in pounds and pence based on sales figures or trading stats. However most employees aren’t so easily able to quantify their contribution. In these situations its vital that you put together a case for an increase in salary based on your work performance. Use instances where you went above and beyond your duties, increased efficiency in the company or won new clients to bolster your request for a raise.

Timing is always important. Some companies have annual reviews, which are an obvious opportunity to make your case, but for those that don’t, employees should time their negotiations to optimise the chances of success. For instance, you shouldn’t ask to meet the boss after quarterly figures show a drop in profit. Rather book some time with the boss after you clinch that big deal which brings a major new client on board.

Most companies see staff retention as important and will seek to engage and strike a deal with anyone looking for a raise (finances permitting). However, if all else fails, sometimes the only way to get the increase in salary is to leave the company. If the structure of your company is such that opportunities for advancement are limited, it might be time to look further afield. At the moment there is ample opportunity to get that bump.

The predictions for 2015 are for further modest rises in average earnings. While it can be an awkward conversation to have, you don’t have to be Gerry Maguire to be “shown the money”. Make your case in a calm and composed way and based on merit and you might find your employer willing to engage.

This article appeared in the Mar 18th edition of the Dublin People Newspapers.

If you are looking for a new salary in 2015 speak to Link Personnel on 01 845 6312

www.linkpersonnel.ie