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Is it Time for a Salary Review?

With the New Year has come lots of questions from my Broking network, 'Am I being paid fairly?' This got me thinking and I put together a salary review based on 100 Broking candidates in my Sydney/Melbourne network.

The figures below are based on annual salaries and are averages:

·       Broking Assistant (Non Tier 1 qualified): $45,000 - $50,000 + Superannuation

·       Assistant Account Executive (Tier 1): $50,000 - $60,000 + Superannuation

·       Account Executive: $65,000 - $75,000 + Superannuation

·       Senior Account Executive: $80,000 - $95,000 + Superannuation

·       Account Manager: $100,000 + Superannuation

·       Senior Account Manager: $150,000 - $170,000 + Superannuation

Salary negotiation and asking for a pay rise can be difficult and if approached in the wrong way can cause tension and frustration. When is the last time you received a salary review?

Before approaching the subject, make sure you do your homework and research on various channels such as websites, newsletters and industry forums. Having up to date information on your market and not just your own situation will be beneficial for both you and your employer and can deter the conversation focusing on emotions or opinions.

If you are in the same job and feel like it is time to ask for a pay rise, the best way to approach it is to ask for extra responsibility and duties and then link this to a pay rise, if not immediately then in the future.

The best approach is to ask for a face to face meeting with your manager instead of putting your case together on a letter. The main things to discuss are:

·       Your responsibilities and current remuneration

·       What are the opportunities or responsibilities you can take on in order to increase your remuneration?

·       Ask what extra you can put in to be given in return

Keep the conversation positive and constructive and remember to do your research before meeting - this is key! 

Rachel Cronin – Senior Associate – Kennedy Reid

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