Approaching the subject of money can be difficult in any situation, but not least when you feel you are due a pay rise from your boss. Some companies will automatically carry out a regular pay review, but this isn't always the case.
Figures from the Australian Bureau of Statistics show that in the June quarter, private sector wages grew 0.5 per cent from the previous three-month period. They have also increased 2.2 per cent over the past 12 months.
Simply asking for a pay rise isn't likely to work in your favour, which is why you'll need to state your case.
If you feel it's time that your salary was addressed, then it's essential that you carry out your request in a measured manner. Here are some of the considerations to make before approaching your manager for a pay rise in your executive role.
1. How much should you be earning?
The first step is to be realistic. If you're hoping to secure a pay rise that's above and beyond what others in your department - or even your industry - are earning, then it's unlikely that you are going to be successful.
There are various ways to check what others are earning in your particular role. Look at recent job advertisements to see what salaries are on offer, or use online tools to assist your search. For example, payscale.com estimates the average operations manager salary to stand at $79,700 per year, or $101,000 for a financial controller.
2. Gather evidence
Simply asking for a pay rise isn't likely to work in your favour, which is why you'll need to state your case. Providing evidence of your achievements is more likely to encourage your boss to see the situation from your perspective.
Have you contributed to the acquisition of a new client? Do you have particularly strong relations with one of your customers? All this can be to your benefit, so make sure you have clear and concise reasons for why you should be eligible for a raise.
3. Portray the right image
Image is everything for anyone in an executive position, which is why it's essential that you consider how you present yourself when requesting a pay rise. Corinne Mills, managing director at Personal Career Management, told the Daily Telegraph earlier this year that your appearance may play more of a part in your manager's final decision than you first think.
"There's no point dressing up on this occasion and looking shabby the rest of the time," she commented.
"The image you portray is an important part of doing your job well and you should always look appropriate."
You will also need to come across as calm and confident. This will help your boss see you in a positive light and therefore make them more likely to give the green light to your pay increase.