As the new financial year approaches, it’s also traditionally a time for corporate workplaces to conduct their annual reviews. You may be thinking ‘Ca-Ching’as you visualise dollar signs along with the well-earned salary increase you’re going to push for, however is that really all you’re going to negotiate?
Although there are a huge number of factors that come into play regarding your salary, take the time to think about and articulate how your value and contribution justifies an increase, or exceeds current expectations around your role. Now look at it from your employer’s point of view. For instance, you may have stepped up and taken on more responsibility, but have you been doing it long enough to produce successful results for the business?
Whether you broach the topic or not, if or when it comes to discussing a salary increase in your review, be very mindful of any additional responsibilities your employer may want to put in your court and assess these in alignment with your career development plan. As it’s important that your next step aligns with your career goals to help enrich your working life, rather than detract from it. For example, if you already feel like there’s not enough hours in the day to successfully achieve your role, then what’s the impact of taking on more? Don’t feel like you need to make any final decisions in your initial review meeting, because as attractive as a pay increase can be, it’s also important to take the time and look at the bigger picture.
Start to think further about what an enriching work life looks like for you, as you may find you come up with items that have nothing to do with your pay. For example, flexible working hours, working from home, travel opportunities, additional annual leave, education, training and networking opportunities etc. Suddenly, these items may seem much more attractive to you than a salary increase, in which you can then shape your review negotiation to include some or all these items as part of your overall remuneration package.
So, when it comes to preparing for your next review, take the time to think about what you’re truly going to negotiate, consider all options, and have the flexibility and foresight to move beyond money.
After all, if we dig deep, an enriching work life doesn’t all come down to the figure on our pay cheque, at its core is workplace wellness, which drives peak performance and success.