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Roles within the financial industry are becoming more diverse, and candidates entering or already working within the fund management sector will find that their duties must now go beyond the ‘norm’ to incorporate value-add opportunities and skills. Understanding what your stakeholders really value is also key – so ask them.
The sector is also undergoing a digital transformation, with companies looking to reduce costs, improve customer experience, and potentially open new revenue streams. As a result, skills such as Python, Power BI and Tableau, to name but a few, are at the forefront of this digital emergence and experience using coding, business analytics, reporting, and solution software is crucial for candidates within operational roles.
Understanding the skills you need to develop is paramount but knowing how to successfully negotiate a compensation rise at the right time can be challenging.
Whether you are open to an external move, or are looking to develop within your current role, here are five ways to help you successfully increase your compensation to keep you thriving.
Make yourself known.
How do you get your name out there?
Get involved. Candidates, managers, and leaders are all being viewed through the lens of their ability to empathise, understand, and communicate effectively, and these soft skills are becoming increasingly desirable by employers to help support the cultural wellbeing of firms.
So get to know your suppliers by going out to lunch, dinner or a members club with them. Getting to know those within your industry network is vital because if your suppliers can champion you, it will make a huge difference to how you are perceived within the industry.
Moreover, be part of the DE&I committee or the the social committee, mentor and champion new starters, or support each other’s mental health. Being part of and helping build a culture with face-to-face interaction at a team and management level is vital for those hoping to continue to develop and take the next step up through their career.
Build your worth in the role.
What makes you the right or best fit for the role than anyone else?
Roles in funds are developing, and different skill sets are becoming increasingly more desirable to employers.
It is, therefore, important to research and understand your current and potential market value by collecting salary and market trend data. You can then benchmark your skill sets and salary against other professionals in your field to help you build your worth further.
This could include evidencing your professional growth and any skills or qualifications you have acquired since your last salary review or job move, as well as asking what skills or qualifications are further required to expand your current skill sets, knowledge and experience and continually add value to the company.
Demonstrate your worth, accomplishments and contributions.
Effectively negotiating a raise means knowing how to make your case and ‘sell yourself’ as an asset.
This should involve continuously identifying and documenting your major achievements and contributions throughout your time in any role with measurable results, statistics, and evidence.
Emphasise how you have positively impacted the company’s success and objectives and reference any positive feedback you may have received.
For example, provide tangible figures of where you implemented a new strategy and reduced operating costs for your current fund or in your current role, and collect statements from colleagues who can support your claims and promote your value.
Develop a well-structured proposal.
To help your employer understand your worth and how that should influence your compensation, you will need a well-structured and clear proposal. We find that the best thing to do is to include different sources of data within your proposal that reflects how you add value to the role and therefore benefit the business.
Create an action plan.
Regardless of how compelling your proposal may be, there may be valid reasons as to why an employer cannot initially accommodate a raise. Other business variables may be at work that impact and restrict what your employer can and cannot grant you.
See things from your employer’s perspective, actively listen to their feedback and decide your next step.
If your employer simply does not have the budget to increase your compensation, they may be willing to work with you to improve your overall satisfaction in your role. Be flexible and ask whether you can access non-salary related benefits, such as flexible working, financial bonuses, or additional annual leave.
Alternatively, if the raise is not granted, be proactive and ask how to earn it. Developing a specific action plan with your employer will help you understand the areas in which you need to develop and improve. Be sure to include incremental reviews to indicate whether you are on track and give your employer confidence when evaluating your performance and salary.
How One Ten can help
Funds are getting better at succession planning and nurturing their own talent so as to not lose them to competitors. This has brought a new dynamic to the market and means that candidates within the sector are looking for more value in their roles through compensation and other non salary related benefits.
However, navigating a raise can be challenging and clearly requires effective communication to make yourself known, build and demonstrate your worth, and go through a well-structured proposal and a clear action plan with your employer to make a compelling case and achieve a successful outcome.
One Ten Associates specialises in recruiting non-investment talent at all levels in the alternative investment sector. Our team understands that changing careers can be daunting, and we are here to provide guidance and support. If you are looking to transition into a leadership role or are seeking to hire a leader, please get in touch to arrange a consultation.
References
https://www.wallstreetoasis.com/resources/careers/salary/5-ways-to-negotiate-a-pay-raise
https://paulcardrecruitment.co.uk/blog/5-steps-for-negotiating-a-pay-rise-as-an-accountant
