Kochie’s tips for getting more money in a tough environment

COMPANIES are tightening their belts, but you are overdue for a payrise. Kochie looks at the best way to go about it.

Clinching that annual pay rise has never been harder. In fact many industries frozen salaries, cut bonuses, cancelled performance reviews and abandoned automatic rises.

So, more than ever, you need a well thought strategy to convince the boss you’re worth more.

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Time it right

If your company is doing it tough or on the brink of collapse … now is not the right time to ask for a pay rise. However, if you know your employer is doing okay, give it a go.

Approach the boss and ask for some time to talk about your performance and discuss your future. Try and do it after you’ve had some success like won a new client, increased productivity or been praised by the boss for good work.

Know your value

Research how much you’re worth. Scan career websites, look through the job advertisements, or speak to a recruiter in your industry to find out what similar positions are paying.

Delicately present that information to your boss if you find you’re being underpaid.

Prove your worth

Make a list of your achievements since your last performance review and refer to them in your meeting. You may have exceeded your sales targets, taken on extra work or outperformed your colleagues in some way. Also remind your employer of any unique skills, experience or contacts you bring to the position.

Seek extra responsibility

Discuss your future with the company and quiz your boss on what you need to do to succeed or reach a certain position.

Ask your employer for more responsibility. This shows you’re ambitious, a hard worker, and keen to progress in the company.

Kochie has been in a few career negotiations in his time.

Boost your knowledge

Learning new skills can help you move up the pay scale and off that career plateau which has been holding you back. Show initiative and ask your boss what training or further education you need to move to the next level. Find out if your company will subsidise your tuition fees.

IF THE BOSS SAYS “NO”

Don’t threaten to quit if your boss says no to a pay rise this year, get some feedback and ask what you can do to get a raise in the next few months.

There are also some alternatives to a straight pay rise which can still make a big difference to your lifestyle.

Salary packaging

Some of the most common and popular packaging arrangements include salary sacrificing into superannuation to boost retirement savings, funding a car lease or buying a laptop computer.

Check with your employer to see whether they offer salary packaging as a benefit, and what items they have selected for their employees to package.

Personal development

Ask if they’d invest in your development? They may be more willing to fund this if they believe the skills you gain will make you a more effective employee and help build their business and profits.

It’s a business expense for the boss as staff training and comes with tax advantages.

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Intangible benefits

Flexible working hours or the ability to work from home one day a week could do wonders for your lifestyle and family life plus help save on day care of after school costs.