Salary Survey reveals stats on performance reviews
1 August 2023 at 6:22 am
The 2023 Salary Survey offers a sneak peek into how often workers across the sector have their salaries reviewed. The vast majority of respondents – just over 83 per cent – have their salary reviewed yearly by a board member, CEO or manager. But many others don’t have their salary reviewed on a regular basis. The question then becomes: when should you ask for a salary review?
How can I approach a salary review?
Asking for a pay increase can be nerve wracking, so it’s worth going into the conversation with a bit of preparation under your belt.
First, do your research to determine what you can reasonably ask for. For example, how much do other professionals in similar roles across your industry get paid on average? This is where Pro Bono Australia’s Salary Survey can come into play. This year’s edition features the highest ever number of responses that delivers a comprehensive look at salaries in the for-purpose sector.
Second, think about your value to the organisation. What have you achieved in your time there, and what evidence can you point to of your worth? This may help convince your manager to agree to an increase.
Third, pick the right time. Does your company have rules about when staff can seek a pay rise? Do you have a formal review coming up at which you can broach the subject, or will you schedule a separate meeting? Has the business recently fallen on harder times? All of these could impact your timing.
And lastly, be prepared for the worst. It’s entirely possible your boss will say no to your request – so be ready to negotiate. Perhaps they can’t give you a raise now, but you can negotiate a series of KPIs to achieve that will result in an increase later on. Be ready to work for that money.
