Money Matters

Not only do long summer evenings and fine weather mark the start of the summer, but for many they also signal the new financial year. Tim Cook, managing director of Hays Construction, looks at money matters and provides advice for negotiating your salary: 

Following the end of the financial year, many companies have a renewed focus on recruitment and salaries are often re-negotiated. Bill Chitty, regional manager of Hays Construction, comments: “Many companies are looking to boost their staff ready for a successful start to the next financial year. Rather than being a source of stress and worry, negotiating a higher salary offers a real opportunity. A clear, confident approach will help you to achieve the salary you want.”

But how do you tackle the issue of asking for more money? Some people feel embarrassed even mentioning it; others are extremely confident that they deserve more money. So what sets these two camps apart and how do you get the results you want?

The first tip would be to do as much research as possible. You could look at adverts in magazines and on the internet. Look for similar job roles in your region and keep a note of the published salaries. Your recruitment consultant can also provide average salary figures for your role, up-to-date information about the state of the market and explain the kind of benefits that you can expect. They can advise whether you are in a strong position to start negotiations.

If you are entering salary negotiations for a new job, remember that this should be broached at the latter interview stages. Certainly, do not broach the subject in your first interview; you will lose much of your negotiating power if you disclose too many of your requirements too soon and the employer may view your focus on the salary negatively. Also, it is important to look beyond the basic salary to the benefits and perks that are offered, including annual leave and health insurance. These can contribute significantly to your overall employment package and may in fact be more important to you. For example, extra holiday may be more attractive than a small salary rise.

How you ask for more money can also have a strong influence on the outcome. If you think that you deserve more money, you need to be able to back this up with a clear case as to why. Simply saying “I’ve been here a year now and was hoping to have a pay rise” is not enough. Provide reasons as to why you thing you’re entitled to more money, for example, stating that your responsibilities have significantly increased or indicating the proactive tasks that you have taken on.

Also, steer clear of mentioning any other offers you’ve had. Don’t hold people to ransom because this tactic could a) backfire or b) damage your future with the company. 

One final piece of advice – especially for first-time jobseekers – is that you should never sound too desperate, and don’t accept just any job offer. Discussing money with your employer needn’t always be the cringe-inducing experience many people expect it to be. The right knowledge and a bit of confidence can go a long way.

For further information about current opportunities contact Bill Chitty, regional manager of Hays Construction on 020 7259 8780 or visit www.hays.com/construction