Discover Your True Salary Potential

Nearly everyone wants to earn more. One of the quickest ways to start getting more income may be by asking for a pay rise at your current job or finding a better paid one. Deciding how much to ask for is the ultimate job question, so here are some tips on how you can figure that out before you start a negotiation process.

Find out the average salary for your role within your industry and current location

Research the job market in your industry: although there are not many New Zealand websites that can be used for salary research, you can try checking out Hays, Robert Walters, and Seek for an indication of the average salary in your industry. Some USA-based websites like Payscale and Glassdoor also offer a limited number of New Zealand salary data which is based on the information provided anonymously by working Kiwis.

Know the pay range

Once you have found out the average salary range for the industry, consider whether you actually have enough skills, knowledge and experience to be considered a specialist that deserves to be in that range: beware of pricing yourself too high when negotiating. Instead, focus on improving your essential skills and getting extra qualifications and reassess your chances when you feel you meet the criteria.

Understand your compensation structure and the value of your time

Many roles come with multiple benefits on top of the base salary – be it bonuses, flexible hours, company shares or a free car park. Think of your pay in terms of the total package including your lifestyle, not just the dollar amount you get in your bank account every pay period. If you believe you are underpaid, but your company is unable or not willing to offer a larger salary, consider asking for things like an opportunity to work from home one day a week or more flexible hours – especially if it would greatly improve your lifestyle by saving you time and money on having to commute during peak hours.

Ask yourself how valuable you are to your team and employer

Being highly regarded by your employer and colleagues is crucial. If you are a competent worker with a great attitude and excellent communication and teamwork skills, you may have greater chances of being promoted and/or getting that desired pay rise. Get a good understanding of what skills are valued within your company and do your best to enhance them. Start networking within your team. Become a valuable, highly regarded employee, and start taking steps to move up within the company – and the extra income will come, you just need to know how to ask for a pay rise. We will blog about that next week, so stay tuned.