After building a successful career in insurance, pay reviews offer an opportunity to negotiate your salary and potentially enhance your financial and professional standing. To ensure you’re ready, it’s essential to approach the conversation strategically and with confidence. Below, we’ll explore some key aspects to consider and how to make the most of this process.
Keep Up to Date with Trends
First thing to remember before entering any salary negotiation, it’s crucial to have a strong understanding of current market trends. This involves researching industry standards and benchmarking your role against the wider market. Equally salary guides can be invaluable for this purpose along with job boards, providing data on what people in similar positions are earning. By comparison aligning your expectations with this data, you can present a compelling argument that reflects the reality of the market.
Consider Non-Financial Benefits
While a salary increase is often the main focus of a pay review, it’s important not to overlook the value of non-financial benefits. e.g Flexible working arrangements, additional annual leave, professional development opportunities, free CBD parking, and Kiwisaver / superannuation contributions above 3% are just a few examples of perks that may hold significant value. Alternatively, If an immediate salary increase isn’t possible, generally negotiating these benefits can still enhance your overall package, making it more attractive and tailored to your needs.
Highlight Your Input and Value
When preparing for a pay review, one of the most important things you can do is demonstrate your value. During this meeting reflect on your achievements over the past year. Another key point is what have you contributed that has positively impacted the business? Moreover use specific examples, whether that’s achieving new business targets, streamlining processes, or fostering a positive team environment. Clearly articulating your worth will strengthen your negotiation for your pay review.
Frame the Conversation Positively
It’s essential to approach the pay review with a positive and constructive mindset. Rather than framing the conversation as a demand, present it as an opportunity for growth, both for yourself and the organisation. In addition express your appreciation for the support you’ve received so far and focus on how continuing to invest in your role will benefit both parties. By positioning yourself as a key asset and showing that you’re invested in the company’s success, you can help foster a collaborative and productive dialogue.
Conclusion
Successfully navigating a pay review requires preparation, insight, and confidence. It is equally important to stay informed with tools like salary guides, considering non-financial benefits, showcasing your value, and framing the conversation in a positive light, you will be better equipped to achieve a favourable outcome. Lastly, remember, a pay review isn’t just about money—it’s about your professional development and long-term career growth.
If you want a more indepth conversation regarding your professional development plan, indicative salary and benefits or opportunities in the market connect with the team Monique Flatman (09) 610 5825, mflatman@tylerwren.co.nz or Gary Bloxham (09) 974 9072, gbloxham@tylerwren.co.nz
Find out more about our General Insurance jobs Here
Here at Tyler Wren, we know good people know good people, that’s why if you refer someone to Tyler Wren, with whom we secure a new role, we offer a voucher of *$600. Click here to refer to a friend.Â
Follow us: LinkedIn  Facebook Instagram
#TylerWren #TylerWrenCareers #TylerWrenFinancialServices #TylerWrenBanking #TylerWrenInsurance #TylerWrenRiskCompliance #TylerWrenRiskManagement