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Tips to Tackle a Rate/Salary Review

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Working on a busy and dynamic engineering recruitment desk, you often field calls from personnel seeking advice on how and when to undertake a rate or salary review. Here are some ideas on how to best tackle this question:

1) Timing Since Your Last Rate/Salary Review

It's important to consider the length of time since your last review. Companies typically conduct rate reviews annually, although some may do so biannually. However, there are instances where reviews might fall outside these cycles. If you haven't had a review in 6 to 9 months, it's reasonable to request one, especially if your role has expanded or your duties have increased.

2) How to Approach a Rate/Salary Review

To effectively approach a rate or salary review, it’s beneficial to integrate this discussion into a performance review or peer review meeting. These settings provide an opportunity to highlight your performance and key achievements, making the case for a remuneration review more compelling and justifiable.

3) Factors Considered in Rate/Salary Reviews

  • When conducting a rate or salary review, companies typically consider several factors:

  • Time Since Last Review: The interval since your last rate or salary adjustment.

  • Performance: Your performance and contributions to the company since your last review.

  • Project Budget: The budget of the project you are working on, which may impact financial decisions.

  • Market Conditions: Current market trends and industry standards for similar roles.

  • Company Performance: The overall financial health and performance of the company.

Tips for a Successful Review Request

Gather Evidence: Back up your request with concrete evidence of your achievements. Document your contributions, highlighting how you have added value to the company. This could include successful projects, innovative solutions, or efficiency improvements.

Prepare a Professional Proposal: Present your case in a professional manner. Draft a formal proposal that outlines your key points and justifications for a rate or salary increase. Ensure your tone is respectful and your arguments are clear and concise.

Understand the Company's Position: Be aware of the company’s financial health and market position. If the company is facing economic challenges, it might not be the best time to ask for an increase. Conversely, if the company is performing well, it strengthens your case.

Be Flexible and Open to Discussion: Approach the conversation with an open mind. Be prepared to negotiate and consider alternatives, such as additional benefits or opportunities for professional development if a direct salary increase is not feasible.

Follow Up Professionally: After your initial discussion, follow up with a thank-you note reiterating your key points and expressing your willingness to discuss further. This shows professionalism and keeps the conversation active.

By preparing thoroughly and approaching the discussion professionally, you can increase the likelihood of a positive outcome in your rate or salary review.

If you are ready for a new role or need further guidance on navigating your career path, don't hesitate to contact Matthew Saffioti. He can help you find the opportunities that align with your goals and support your professional growth. Reach out today and take the next step in your career!

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