Top 10 tips for salary negotiations for 2018

Feb 19, 2018

We have arrived at the time of year where individual performance goals are evaluated and salary negotiations may come into play for some employees. Not all businesses will be in a position to offer an increase in salary every year but when the time arrives for you to have that conversation with your employer on salary, here are some tips to remember:

  1. Research the market: 

    Know the salary range on offer with competitors for the same role in their organisation. Compare like with like.

  2. Approach the meeting in a positive frame of mind:

    Have a list of the reasons why you feel that your salary should be higher. Focus on what you bring to the role as well as knowing how much you can obtain out in the market. Bring your metrics with you to support your case.

  3. Be industry specific:

    Salaries will vary between industries: practice, retail, aircraft leasing, manufacturing and banking will all have salaries at different levels for accountants with a similar number of year’s post qualified experience.

  4. Know your audience:

    How did your review go in the previous year? Were your goals reached and are you performing in your role? Was there a previous promise of an increase in salary?

  5. What if you don’t get the increase you expect?

    Know how much you value your current role. Job satisfaction doesn’t always come down to money. For example flexible hours may be very important to you. Consider your position carefully before making any big decisions.

  6. Are there important non- monetary rewards?  

    If you have a strong benefits package which includes health insurance, strong employer pension contributions and good bonus potential etc., do take these into account before you negotiate. Not every job has a comprehensive benefits package.

  7. Speak to your peers:

    Many of us have trained and qualified as accountants with our friends in audit practices. We have all gone on to different roles. Use your network to find out about current accounting salaries in the market. Choose your confidants wisely.

  8. When was the last salary increase in your company?

    If the business you are working for is underperforming it may be hard for them to justify salary increases. However, there are a number of organisations that are doing well post-recession but still have salary freezes in place. Be mindful of the market you are in.

  9. Time Frame:

    Sometimes there is a promise of a salary increase for the following year but not in the current year. Make sure this is put in writing. An email from HR and your manager will suffice.

  10. Speak to your membership body careers team:

We can provide details of current salaries within various industries, at different seniority levels and in various locations. By going into the meeting informed you will be in a better position to state your case for a potential increase in salary.

John Fagan ACA, Recruitment Consultant Chartered Accountants Ireland.

My career to date:

“After studying an MA Economics in UCD, I decided to go down the accountancy route by undertaking the Professional Diploma in Accountancy in DCU which lead to four years with PwC. After eighteen months traveling, I spent two and a half years in a financial reporting role in a financial services company. For the last four years I have been working in a financial recruitment and career advisory role for accountants at all levels. I have enjoyed each of my accounting roles but I now know looking back that I should have added variety to my experience regardless of the direction my future career was heading.”

Contact us:

For career advice and job opportunities at the recently qualified level please contact Ciara.Tallon@charteredaccountants.ie and for more senior level opportunities please contact John.Fagan@charteredaccountants.ie