The Amazing Raise
Think you’re worth more than your payslip suggests? You might be right. Photo: Blue Murder Studios
It can be frustrating trying to wangle extra bucks out of your boss, especially when you’ve been working the seat off your suit pants.
Why not back yourself and try a different approach?
Here, a range of experts share five tactics to gain $10,000 in one slick career move.
Being chased is one of the best ways to up your paypacket, and there are plenty of ways to let people know you’re out there, says Karalyn Brown, founder of job website InterviewIQ.
‘‘The first easy way is to put a profile on LinkedIn,’’ Brown says.
‘‘Make sure your profile is well filled out with a good summary section and a few recommendations.’’
Join relevant industry groups and discussions on the site.
If you’ve got a common name, differentiate yourself. And don’t make it obvious you’re looking for greener pastures.With 14 million new members joining LinkedIn in the past quarter, it’s likely someone will be watching how your career is unfolding.
Twitter is another way to boost your profile and connect with others in your sector. Countless professional forums have sprung up - for example HR Community Daily. Google+ is another way to network.
If a headhunter does call, go, says Brown. "You can get a sense of what you’re realistically worth in the market.’’Headhunting takes place across the board, but is particular popular in sectors experiencing skill shortages.
Ask for a payrise
Getting headhunted can also help in negotiating a payrise where you are. In job hunting circles, a $10,000 payrise in one career move is realistic, Brown says.‘‘It’s quite likely you’re being paid less in your current job than you’re currently worth.’’
In a survey of more than 40,000 workers by the Australian Council of Trade Unions released last September, more than 60 per cent of respondents regularly worked overtime. And almost half did so without being paid a cent extra.
But when it comes to fighting for your worth, Jane Lowder, founder of Max Coaching, warns against pouncing on an unsuspecting boss, especially when they’re busy. Book a meeting and outline what you want to discuss.
‘‘Do it on the back of a win ... perhaps they’ve had a great year or they’ve just won a new client,’’ Lowder says. Or you might have posted your own significant victory.‘‘It can be awkward and it can be nerve-racking, but it really is a business-like discussion that needs to be had. You’re putting forward a question, you’re not putting forward an ultimatum.’’
And there’s one factor people often overlook in the pay equation -- trying to impress by being first to arrive and last to leave isn’t necessarily as a good thing. All you're really doing is effectively decreasing your hourly pay.
Finding a new job can be a fast route to more money.Peter Noblet, senior regional director at Hays Recruitment, says you should start by researching recruiters and the areas they specialise in.
Pick two or three decent recruiters, and build a good relationship.
Don’t lie about your salary, but know what it is made up of - do you get some of your earnings in shares, a car agreement, bonuses, or commissions?
Research what you’re really worth before being convinced to take a lower offer. Online salary surveys are a good place to start, including those by Hays and mycareer.com.au (owned by Fairfax, publisher of this website). People already working will usually hold more bargaining power.
Clever Fox owner Kathleen Alexander had one client, with very specialised skills, who used two weeks’ holidays from her job to do contract work.‘‘It paid her enough to get her a deposit on a house.’’Other clients have done make-up, self-published books, started blogs or sold eBooks.
Julia Bickerstaff, owner of The Business Bakery , says many people with professional backgrounds have a skill they can sell. But get the OK from your employer first. ‘‘Say you’re an accountant and you work on big clients; if you work on little clients in your spare time that’s probably fine.’’
Web or graphic design, photography, copywriting, craft, cooking, carpentry and eBay ventures are other popular options.
Start your own business on the side
If considering giving up a day or two of paid employment to focus on making money, do the sums first.
‘‘Work out how much you really want to earn. Whatever is I’m selling, I can work out how many I need to sell to make the money,’’ says Bickerstaff.
Set an hourly target to earn, including computer, transport and other costs. Find something you’re passionate about, so the hours of inevitable overtime seem worth it, says Bickerstaff.
A semi-automated business - such as a small eBay store - may mean the cash keeps clicking over even while you’re working elsewhere, or even sleeping. But nothing really works without hard work at some stage, warns Bickerstaff.
A wise idea might be to set the business up while working full-time, and when you’re ready, start earning off the bat