Accountants and Salary Growth
Discussion
Hi All,
I was wondering how fellow accountants have managed pay rises? I will have an annual pay rise of 2.5% however that is not enough.
Whenever I wanted a bigger pay packet I always moved jobs, this time I want to get a pay rise within my company and see how my salary will increase.
Any general advice on offer? Sorry for the random question.
I was wondering how fellow accountants have managed pay rises? I will have an annual pay rise of 2.5% however that is not enough.
Whenever I wanted a bigger pay packet I always moved jobs, this time I want to get a pay rise within my company and see how my salary will increase.
Any general advice on offer? Sorry for the random question.
When going into this think like your boss.
X has been doing the job we agreed he/she would do for the wage we agreed when they signed the contract.
X wants more, why.... Has the market value for that role changed? Have they become more qualified? Are they doing more? Will it be a problem if they left?
If the answer to all of these is 'No' and you ask for a pay rise then you are stuffed, boss will think you want out and start to plan for your replacement. If, on the other hand, you are 100% sure that any of these questions can be answered with a yes. Then you need to justify it.
Put a sensible argument across, be prepared to negotiate a little and you should have no problem.
X has been doing the job we agreed he/she would do for the wage we agreed when they signed the contract.
X wants more, why.... Has the market value for that role changed? Have they become more qualified? Are they doing more? Will it be a problem if they left?
If the answer to all of these is 'No' and you ask for a pay rise then you are stuffed, boss will think you want out and start to plan for your replacement. If, on the other hand, you are 100% sure that any of these questions can be answered with a yes. Then you need to justify it.
Put a sensible argument across, be prepared to negotiate a little and you should have no problem.
All good points/advice.
I have been at my company for 9 months, I am not ready to ask for a pay rise however I needed to know what to do over the next few years to get into a position where I can say I want to be on a higher salary rather than just a 2.5% increase.
Good responses... many thanks folks.
I have been at my company for 9 months, I am not ready to ask for a pay rise however I needed to know what to do over the next few years to get into a position where I can say I want to be on a higher salary rather than just a 2.5% increase.
Good responses... many thanks folks.
Edited by Lostprophet on Monday 10th December 17:47
Lostprophet said:
spot on! Its tough times for sure!
I'm not an accountant, but you've been within an organisation for 9 months, unless you're massively under-paid already, or have been going signifcantly over & above & contributing a hell of a lot of extra business to the company i'd take the 2.5% & be happy with it?(That's not meant to sound s
tty either)!I understand your point.
I currently exceeded my job scope and outperformed...
I am going to push for the company to cover costs for an MBA... I do not think there will be much salary growth here. I suppose if they cover the MBA or contribute towards it I think that will be excellent... fingers crossed. They also get to tie me in for 3 years. 'Lucky them' lol!
That's the angle I am going to take! I want to stay here for a few years so I can not imagine playing the I can get a higher salary elsewhere game because if they call my bluff I'll fold! lol.
I currently exceeded my job scope and outperformed...
I am going to push for the company to cover costs for an MBA... I do not think there will be much salary growth here. I suppose if they cover the MBA or contribute towards it I think that will be excellent... fingers crossed. They also get to tie me in for 3 years. 'Lucky them' lol!
That's the angle I am going to take! I want to stay here for a few years so I can not imagine playing the I can get a higher salary elsewhere game because if they call my bluff I'll fold! lol.
Im quite lucky as the company i work for uses annual ratings for pay rises, so we set goals, review frequently, after 12 months agree a rating based on a scale.
So doing your job say gets you 3%, going above that gets you 5%, the top rating maybe 7 or 8% (the top ratings are very difficult to get, probably 1 in 300 employees)
If you want more than the basic, especially after just 9 months, id be presenting your boss with the list of things you have done.
So doing your job say gets you 3%, going above that gets you 5%, the top rating maybe 7 or 8% (the top ratings are very difficult to get, probably 1 in 300 employees)
If you want more than the basic, especially after just 9 months, id be presenting your boss with the list of things you have done.
Hi Andys, your company sounds like they have a rewarding plan in place! That's an excellent incentive!
My company across the board gives a 2.5% increase regardless of input. I did more than expected however get a pay rise same as that of someone not highly rated in the business.
I am Cima qualified, ACMA. I have a BA (Hons)... Who doesn't nowadays... Currently doing a MSc. Next the plan is MBA...
Anyway as noted above, it's a tough life now so I am happy with what I am getting with the 2.5%. I am gona push harder in 2014! That's the plan!
My company across the board gives a 2.5% increase regardless of input. I did more than expected however get a pay rise same as that of someone not highly rated in the business.
I am Cima qualified, ACMA. I have a BA (Hons)... Who doesn't nowadays... Currently doing a MSc. Next the plan is MBA...
Anyway as noted above, it's a tough life now so I am happy with what I am getting with the 2.5%. I am gona push harder in 2014! That's the plan!
Lostprophet said:
Hi Andys, your company sounds like they have a rewarding plan in place! That's an excellent incentive!
My company across the board gives a 2.5% increase regardless of input. I did more than expected however get a pay rise same as that of someone not highly rated in the business.
I am Cima qualified, ACMA. I have a BA (Hons)... Who doesn't nowadays... Currently doing a MSc. Next the plan is MBA...
Anyway as noted above, it's a tough life now so I am happy with what I am getting with the 2.5%. I am gona push harder in 2014! That's the plan!
I forgot to add if i got the highest rating my annual bonus would double, second highest would be up 50%. they are tricky to get but incentivised very well. In theory if everything was perfect my annual bonus could be 72% of my basic salary.My company across the board gives a 2.5% increase regardless of input. I did more than expected however get a pay rise same as that of someone not highly rated in the business.
I am Cima qualified, ACMA. I have a BA (Hons)... Who doesn't nowadays... Currently doing a MSc. Next the plan is MBA...
Anyway as noted above, it's a tough life now so I am happy with what I am getting with the 2.5%. I am gona push harder in 2014! That's the plan!
Id try it with your boss, come up with a set of goals, some being a real stretch adding what they offer the company, then talk about if you achieve them getting above the standard rise (or a bonus if they dont offer that), if nothing else it shows initiative and drive.
I'm an ACMA too as it happens, working in manufacturing.
Lostprophet said:
All good points/advice.
I have been at my company for 9 months, I am not ready to ask for a pay rise however I needed to know what to do over the next few years to get into a position where I can say I want to be on a higher salary rather than just a 2.5% increase.
Good responses... many thanks folks.
Kiss backside. Worked for a lot of people I used to work with I have been at my company for 9 months, I am not ready to ask for a pay rise however I needed to know what to do over the next few years to get into a position where I can say I want to be on a higher salary rather than just a 2.5% increase.
Good responses... many thanks folks.
Edited by Lostprophet on Monday 10th December 17:47
We learned some time ago that as an employer you can't routinely give pay rises above inflation (or at least above the going rate) because you end up with a very expensive workforce. You also can't routinely pay people different amounts to do the same job or give people different pay rises because you can end up facing a discrimination claim in a tribunal.
So we have pay scales and each job fits into one of them. You can be paid less than the rate for the job if you are learning but once you are on the full rate you are unlikely to get more unless you can convince us that the job needs regrading. People earn more through promotion rather than being paid more to do the same role.
So we have pay scales and each job fits into one of them. You can be paid less than the rate for the job if you are learning but once you are on the full rate you are unlikely to get more unless you can convince us that the job needs regrading. People earn more through promotion rather than being paid more to do the same role.
northandy said:
I forgot to add if i got the highest rating my annual bonus would double, second highest would be up 50%. they are tricky to get but incentivised very well. In theory if everything was perfect my annual bonus could be 72% of my basic salary.
Id try it with your boss, come up with a set of goals, some being a real stretch adding what they offer the company, then talk about if you achieve them getting above the standard rise (or a bonus if they dont offer that), if nothing else it shows initiative and drive.
I'm an ACMA too as it happens, working in manufacturing.
Your bonus structure sounds excellent! ACMA and manufacturing, best fit right?Id try it with your boss, come up with a set of goals, some being a real stretch adding what they offer the company, then talk about if you achieve them getting above the standard rise (or a bonus if they dont offer that), if nothing else it shows initiative and drive.
I'm an ACMA too as it happens, working in manufacturing.
I am thinking of my goals already! The max we could get is 15%. Most people got 8.5%. I got 9% which is s
te! WhereamI said:
We learned some time ago that as an employer you can't routinely give pay rises above inflation (or at least above the going rate) because you end up with a very expensive workforce. You also can't routinely pay people different amounts to do the same job or give people different pay rises because you can end up facing a discrimination claim in a tribunal.
So we have pay scales and each job fits into one of them. You can be paid less than the rate for the job if you are learning but once you are on the full rate you are unlikely to get more unless you can convince us that the job needs regrading. People earn more through promotion rather than being paid more to do the same role.
Indeed, promotion or through getting another job! So we have pay scales and each job fits into one of them. You can be paid less than the rate for the job if you are learning but once you are on the full rate you are unlikely to get more unless you can convince us that the job needs regrading. People earn more through promotion rather than being paid more to do the same role.
I was called about a job today paying £10k more, I said no as my CV will start looking very scattered. The recession hit and my CV become diluted with 2 contract roles. I am 32 and the longest I have stayed at a company has been 3 years, then 2 years and then for 18 months (5 perm jobs and 2 contracts)! I started work when I was 21 and I have worked for 7 companies (including my current job) now . I need a long stint now in my current role.. maybe another 3-5 years. depending on how the present company reward me/promote me and how the MBA plan works out.
The FD and director of operations know what I want to do, and I think their long term plan is to hire a FD for the company or train me into the role. I think the MBA will help me step up to the FD position... maybe.
I need to at least hit the 10% bonus next year, will achieve this by setting decent goals as pointed out above. I will also sneak in the MBA point later next year to show my intention. I hope they sponsor me. I am happy to sod the bonus if they can sort out part funding. Truth be told bonuses are naff... say if you got £6k... how much are you actually going to receive as net? If the company pay the MBA course then I will get a better deal!
Lostprophet said:
Your bonus structure sounds excellent! ACMA and manufacturing, best fit right?
I am thinking of my goals already! The max we could get is 15%. Most people got 8.5%. I got 9% which is ste!
All my career has been manufacturing of some sort, im currently on my second stint with my employer, with 12 years service in total now, having had stints in petro chems and fmcg in between. I will probably see out my career here now, although we have huge opportunity to move, sucession planning already started for my next move in 3 years.I am thinking of my goals already! The max we could get is 15%. Most people got 8.5%. I got 9% which is s
te! Mba is a good option, my partner has one and it has definately helped her.
acma and manufacturing go hand in glove, some of our senior execs are acma (or US equivalent)
northandy said:
All my career has been manufacturing of some sort, im currently on my second stint with my employer, with 12 years service in total now, having had stints in petro chems and fmcg in between. I will probably see out my career here now, although we have huge opportunity to move, sucession planning already started for my next move in 3 years.
Mba is a good option, my partner has one and it has definately helped her.
acma and manufacturing go hand in glove, some of our senior execs are acma (or US equivalent)
It sounds like you work for an excellent company. Looks like you have had an excellent career at the company. Mba is a good option, my partner has one and it has definately helped her.
acma and manufacturing go hand in glove, some of our senior execs are acma (or US equivalent)
What type of opportunity do you have to move? Departments or location?
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