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Asking for a Raise

You work hard at your job and go the extra mile for the company, yet you are still making the same amount of money you did when you joined your company three years ago. In short, you feel like you deserve a raise.

The truth is if you want a raise, you’ll likely have to ask for it. Very few employers just approach current employees and offer them more money. Asking for a raise is not easy, but it is an important skill to master. Here are three actions to guide you through the process:

  1. Request a Meeting. Asking for a raise is not a casual action. Therefore, you should not try to slip it in at the end of an already scheduled meeting or discussion. Ask for a special meeting with your supervisor. If they ask what you’d like to discuss, be direct and tell them you want to review your performance and compensation.
  2. Prepare your Case. Because you requested the meeting, it is up to you to manage the conversation. This means you must have a clear agenda, documentation, and discussion points prepared in advance. Do not compare your performance or rate of pay to others in your organization. Instead develop a list of accomplishments that include measureable outcomes. Make the case that you contributions and accomplishments warrant a raise. And, state the amount of raise that you are seeking. It is important to be both direct and specific.
  3. Be Flexible. In the current economy, a raise does not always translate into additional dollars. If your boss agrees you deserve a raise, but the organization does not have the resources, have a list of other items you will consider. Benefits such as additional paid vacation days, tuition reimbursement, or paid training do have monetary value. If you do accept a benefit in lieu of cash, be certain to pick a specific date on which you and your boss can re-visit the possibility of a monetary raise.

Good employees deserve to be paid based on their value. So, give it a try and ask for a raise. If you are interested in checking comparable salaries in the accounting, finance, IT, and office support fields visit our SNI Companies website at www.snicompanies.com and click on our Salary Guide icon. Or, review our SNI Companies Salary Guide here. It’s always advisable to be armed with the knowledge of market-rate salaries in your industry and area.

Asking for a Raise

New Accounting Education Standards

Earlier this year the International Accounting Education Standards Board, IAESB, published three new International Education Standards. The IAESB — formerly the IFAC Education Committee — develops guidance to improve the standards of accountancy education around the world and focuses on two key areas:

  • Essential elements of accreditation: education, practical experience, and tests of professional competence
  • Nature and extent of continuing professional education needed by accountants

Each of the new standards specifies competence areas and learning outcomes relating to the professional competence required of aspiring accountants. The new standards take effect July 1, 2015 and include:

IES 2 prescribes the learning outcomes for technical competence aspiring accountants are required to demonstrate by the end of their initial professional development, including the ability to apply professional knowledge to perform a role to a defined standard.

IES 3 describes the learning outcomes for professional skills aspiring accountants are required to demonstrate by the end of their initial professional development. The professional skills include intellectual, interpersonal, personal and organizational skills that an accountant integrates with technical competence and professional values, ethics and attitudes to demonstrate their professional competence.

IES 4 covers the learning outcomes for professional values, ethics, and attitudes aspiring accountants are required to demonstrate by the end of their initial professional development. Professional values, ethics, and attitudes are defined as the behavior and characteristics that identify accountants as members of a profession. They include the ethical principles generally associated with, and considered essential in defining, the distinctive characteristics of professional behavior.

These, and other IAESB standards, greatly influence accounting education and training worldwide. The goal of these important standards is to ensure the competence of professional accountants regardless of the country where the accountants received their education and training. For employers operating globally, these standards are vital tools in identifying future accounting staff.

If you are an aspiring accountant or an accounting hiring manager, learn more about the IAESB and their standards of accountancy education at http://www.ifac.org/Education/

New Accounting Education Standards