Wednesday, 30 August 2017

Negotiating your first (or next) promotion

Whether you’re an experienced tax professional ready to take the next step in your career or a junior accountant or lawyer who wants to make your first move up the corporate ladder, knowing how to negotiate a promotion is an essential workplace skill.

Asking your boss for more responsibility – and money – can be daunting, no matter how many times you’ve done it before.

Here are four tips for negotiating with your employer and landing the role you aspire to.

Demonstrate your value

If you simply ask your boss for a raise without demonstrating why you deserve it, you’re almost sure to fail. Set aside some time to document your achievements and milestones. And be prepared to use these as examples of your professional progress.

It’s equally important to document the ways in which you offer value. For example, you may have eliminated efficiency by rolling out a new system for reading client data or landed a profitable new account.

If you show the connection between your contributions and the success of the business, you’re more likely to receive a raise.

Ramp up your skills and knowledge

It can be difficult to negotiate a promotion if you don’t invest in yourself.

Enrolling in a postgraduate taxation course (such as The Tax Institute's Graduate Diploma of Applied Tax Law), will prove to your boss that you’re committed to keeping abreast of changes, developments and new legislation in your profession – a move that will prove you are taking your professional development into your own hands.

Do your research

Securing a pay rise shouldn’t be a vague process – it requires thought, analysis and research.

Arm yourself with statistics about the average salary garnered by your position, studies about typical pay rates in your industry and, if possible, insight from your friends who’ve worked in similar positions. With this knowledge, you’ll be able to make a much more convincing case.

Choose your time wisely

It never hurts to remember that negotiation is a two-way street. Avoid high-pressure periods and times during which your boss is likely to be fielding client requests. If you choose a time when your boss is most likely to be calm and ready to listen, you’ll get a better result.

When it comes to negotiating a promotion, it's important to balance assertiveness with respect. While it can spark anxiety, it can also help you evolve. Remember to broach the discussion in a professional manner and keep the above strategies in mind for best chance of success.

Give yourself the edge with free student membership

If you're a tertiary education student, The Tax Institute can help you progress in your career.

Find out about Student Membership.


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