With inflation still reasonably low, sluggish economic growth in NSW and Victoria combined with the new industrial relations laws, healthy pay rises are hard to get.

Now is the time to start preparing for the traditional end of year review with your boss to give yourself a better chance of getting an increase.

Today, pay rises are tied to merit and that means it is all up to the individual. The days of going to the boss and saying 'I've got a few more bills to pay can I have a pay rise' are well and truly gone. Your future worth is now in your hands.

Unlike a few years ago, when a company might review staff and decide everyone gets 5 per cent, now you find any rises are performance related. Some people might get 10 per cent and some might get nothing.

Today big chunks of wages and salary increases are tied to employee performance. It is not just senior management which is rewarded this way. Nearly 60 percent of people earning over $60,000 a year are rewarded based on performance and 21 percent earning under $30,000 have some sort of performance bonus built into salary. 20 years ago performance based salaries were unheard of.

If you want a pay rise you should sit down with the boss and decide upon some measurable criteria with which to identify performance improvements.

For example, one bank has its accounts clerks receiving up to 25 percent of their salary in bonuses based on how quickly they can get debtors to pay. If the clerks reduce the number of debts outstanding for periods of over 90 days, they receive a bonus.

A major department store chain has established hourly dollar targets for their sales assistants on the cosmetics counter, while supervisors have weekly targets on which sales performance bonuses are paid.

You have to be a smart worker. Do the job well and look for ways to add value. Demonstrate how your better performance can be measured but, then remember, you have to deliver.

The bottom line is that it takes more talent and drive to get ahead today than it has for many years. By learning new skills and seeking added responsibilities, you can move up the pay scale and off that career plateau which has been holding you back.

There is no such thing as a job for life anymore. Most companies treat their staff as their most valuable asset but are ruthless in getting rid of those who don't pull their weight or lack potential.

The key is getting noticed and showing that you are an invaluable asset to the company and that the bosses need to reward you well to keep you on the team.

There are several tactics you can adopt to fatten the pay packet.

Boost your knowledge.

Take courses at TAFE or university to learn a new skill such as computer literacy or public speaking. Approach the boss with the suggestion because it highlights initiative and the company may subsidise the fees. You are never too old to keep learning.

Get involved in community or business projects.

This is the best way to become noticed, not only by your employer but also the rest of the industry… your potential employers. Run for office of your professional group or industry association, contribute articles to your industry's trade journal and attend conferences.

Look for new responsibilities to add to your job description.

The tricky bit here is to shine without overpowering your immediate boss or colleague and create animosity. Handle it badly and you could be branded a trouble maker. But by adding extra responsibilities to your work load, it becomes clear to senior management that you are willing to develop further and keen to progress.

Move within the company.

It could pay for you to offer to move from headquarters to some other division or distant branch office where opportunities could be better. It may mean big personal changes and pressure on the family, but a mobile worker is one that shows initiative.

Assess the future of your job category.

The economy and technology has dramatically changed the working landscape. Tens of thousands of positions have been made redundant and some jobs have disappeared altogether. It is worthwhile assessing the future potential of your job and, if it is under threat, looking for a change. You may be wise to talk to your boss about transferring to a different type of work in which you’d gain new skills. For example, an engineer may switch to an accounting or administrative function to broaden skills and management experience.

The first step is to look for the right department and job. Ignore the gossip on the grapevine and check with the personnel department to see which divisions are hiring. Usually internal transfers receive preference.

Ask department heads about their long-range plans and scan trade magazines to learn which parts of your industry are expanding.

For example, while the manufacturing sector is doing it tough in Victoria and NSW, the resources sector in Queensland and WA are booming where a skills shortage is pushing up wage rates to incredibly levels. Look for industries which show strong growth.

Value your worth.

Every employee should do research to determine their market worth. Look through the recruitment sections of the weekend papers to see what is available and what salaries are being offered.

Comments  

 

0 #1 2010-07-07 13:36

Great site Kochie! Thanks for the tips

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