Thinking of a pay rise?
We would all like to be paid more for the work we do. Though you may derive true meaning from your work as an Internal Audit Manager or get job satisfaction in your Credit Risk role, most of us are motivated by fiscal returns.
Know what you should be paid
Being informed is the best way to know that you are receiving what you deserve. Quietly ask around for what your colleagues are receiving. Do some research online for what auditors of your grade within a similar industry are worth. It is ideal to have a standard of what to ask for when requesting a pay rise to make sure you get what you deserve.
Sure, you do have the option of continuing your hard work in the quiet assurance that your superiors will recognise and reward you of their own volition. The benefit of the audit industry is that it is highly structured, with distinct hierarchies and associated pays established. Performance reviews are a common occurrence and auditors are often justly remunerated for taking on extra responsibility. However, this does not happen in all companies, especially when working internally for a company where the audit department is but a small fragment of an overarching corporation. This means that it becomes your responsibility to approach your boss and explicitly ask for a pay rise.
Demonstrate how you have earned it
Just as soldiers go to war with heavy arsenal, so too must you go into a meeting with your boss with a reliable cache of justification for why you deserve a pay rise. Perhaps you have been putting in more effort, working longer hours or taking on more responsibility. Perhaps you are ready to take a step up the hierarchical ladder. Maybe Bob in External Audit has been given a raise and you feel it is only fair that you share in just rewards. Or perhaps upon taking this position you were promised steady career progression. Preparing to ask for a pay rise will not only help to convince your boss that you deserve one but it will boost your confidence and confidence is key!
Consider your options should you be denied
Don’t panic if you are denied a pay rise. This may not be a reflection of your performance or your boss’s perception of you; perhaps your company is not performing well or management have planned pay increases for later in the year. However, you do have to consider if working for the same wage is satisfactory to you; do you feel duly compensated for your efforts? Do your instincts tell you that you are being taken advantage of? You have the option of staying and vying for a pay rise later on, or you can look for work elsewhere. Remember not to burn your bridges but calmly accept defeat (for now) and decide what your next move will be.
If you are given what you ask for, fantastic! Celebrate your success and focus on your next career goal. If not, consider the positives. Make sure you ask your boss exactly why it is that you have been denied; they may have some constructive feedback on how you can improve your performance or they could offer realistic hope as to when your request may be granted. On the other hand, if you are not given a valuable explanation, you may have been presented a sign that it’s finally time to look for a new audit job. Either way, taking prepared, informed action is the best approach to achieving your audit career goals.