How To Ask For A Salary Increase As An Accounting Professional
Does the thought of asking for a pay raise scare you? It’s OK; the nerves when requesting a salary increase are common, but it’s something that can be managed. After all, we all have moments where we feel the quality of our work deserves a salary increase.
If you want more money but don’t know where to start, this blog post has the information you need. Here’s what you need to know when asking for a salary raise.
Do some research
Before strolling into your manager’s office, do some research on your own. The last thing you want is to be put on the spot unprepared. You want to see what similar positions other firms offer their employees by seeing what they offer through websites like Glassdoor. Similarly, you should want to know what the job market is like. Are there other firms with open positions that would give you a pay bump?
When you do this research, see where you compare to the market. That way, once the time comes for negotiations, you can suggest a reasonable raise.
Ask at the right time
Is your annual performance review coming up? This could be a prime opportunity to ask for a raise. As you approach your performance review, gather statistics from the past year to support your case for a raise. It’s important that you use this time to show your value to the firm, especially if you’ve succeeded in bringing high-value clients to the firm.
If your employer does not have yearly evaluations, ask your manager if you may establish one; it shows you are serious about your career advancement.
Other opportunities may arise at inconvenient periods. Keep an eye on how well your firm performs and wait for an improvement. Following the success of one of your major initiatives, you will have another opportunity to make your pitch. Patience is essential because asking for a raise at the wrong moment might result in an instant no.
Prepare for a conversation
When was the last time you thoroughly reviewed your job description? If it's been a while, take another check to ensure you're meeting all of your responsibilities. Make a list of your most significant successes. If you're going above and beyond, that’s an area you must highlight. Enter the meeting prepared to discuss the projects you've worked on and how you've gone above and beyond your job description. However, be prepared to listen to any comments you receive. Many managers will consider your active interest as a positive indicator, which might lead to a future pay rise if they cannot grant one now.
Practice makes perfect
Don’t go into the meeting unprepared. Spend some time at home going over what you’ll say and how you will say it. Role-play with a friend, so you have some experience hashing out the details before the time comes. If you have data to suggest you deserve a raise, rehearse it.
Practice answering questions about the normal wage statistics you've researched, the hours and money you've saved the firm, and perhaps even how you've aided in productivity improvement. In an emergency, a buddy can provide candid feedback on your tone, body language, and eye contact. The important thing is that you make certain that your conviction is visible.
Remember, you deserve a raise
If you’ve met all the requirements for a raise, such as driving in high-value clients to your firm, spending hours making sure your work is completed at a high standard, and anything else that goes above and beyond your job description, you should be in the right position to earn a raise.
When you step into the negotiation, begin talks by highlighting your previous achievements. You work in a field that values precision and hard data, so be explicit about how your activities have made or saved your organization money while emphasizing your non-monetary accomplishments. Connect these achievements to your long-term goals and get input — you want to show that you're self-motivated while respecting your superior's advice.
How can Taxfyle help?
Getting a raise may take time, and some firm managers may not be willing to compensate you for your hard work. With Taxfyle, we can make increasing your income a little easier. By becoming a Taxfyle Pro, you can gain access to a constant stream of clients as a freelancer.
We're an on-demand platform that links customers and businesses needing assistance with tax returns and forms with tax experts like you. Working with us means interacting with thousands of people who require tax preparation assistance. Through the platform, job orders are quickly directed to you.
CPAs created Taxfyle to help others increase their earning potential at their leisure. Today, we have more than thousands of Pros picking up work from individuals and firms across the U.S. Working with us means you can still keep your full-time job and benefits while taking home more money.