As the Summer months gradually end and professionals return from annual vacations, it’s common to start thinking about your future.
If you’ve already spent some time with your current employer and proven yourself to be a valuable asset to your team, you might even think it’s time to pursue a promotion.
Promotion can be an excellent way to take the next step in your journey as a finance expert. It’s a chance to take on new responsibilities, make more money, and unlock new benefits.
However, even in a skills-short marketplace, convincing your employer you deserve a promotion can be easier said than done. It’s important to approach this stage carefully, or you could risk damaging your relationship with your employer. Here’s what you need to know about getting that all-important promotion.
Step 1: Do Your Research
Just as you researched your current employer before applying for your existing position, it’s worth doing some additional homework before you request a promotion. If you’re trying to move up to a role as a financial manager, what kind of skills and experience will you need? Do you already have all the training required to thrive in a new role?
Once you’ve examined the responsibilities of the role you’re pursuing, ask yourself how your company typically manages promotions. Some companies can only offer career upgrades at certain times in the year, such as after they’ve finished assessing their budget.
Even if your employer is happy to promote you at any point in the year, avoid asking for a raise too soon after an issue has negatively affected the business (such as a sudden loss of clients).
It’s also worth looking at how other employees have earned their promotions in the past. Did they meet with their manager after achieving a specific goal or complete a special development course? If you’re unsure what it takes to get promoted in your organisation, speak to your boss. Asking what you need to do to take the next step in your career will show your commitment.
Step 2: Develop a Foundation for Your Request
Typically, employers don’t decide to promote an employee on a whim. To ensure you get the high-paying role you deserve, you need to be willing to work gradually towards your goal.
Start by having an initial conversation with your manager several months before you hope to be promoted. Here, you can discuss what you’ll need to do to prove yourself worthy of a promotion. Once you’ve had this initial conversation, arrange for regular discussions with your manager where you can highlight your progress and ask for new ways to enhance your performance.
While you’re working towards the goals you set with your manager, you can also:
- Find a mentor or sponsor: Find someone in your company willing to vouch for you and help you work towards your goal. A sponsor can guide you on how to capture the attention of the executives in your team successfully. They can also put a good word in for you with your boss when it’s time to ask for your promotion.
- Document your achievements: If you want to avoid rejection when asking for a promotion, you need to give clear, measurable reasons why you deserve a raise. Keep track of everything you accomplish for the business. Highlight the times you’ve helped the business to save money with your financial skills or where you’ve contributed to crucial company targets in recent months.
- Ask for regular feedback: Collect insights from your managers, supervisors, and co-workers about your performance. Knowing your strengths and weaknesses before you go into the promotion conversation will help you to present a more powerful case. It also ensures you can work on any problems holding you back from a promotion.
Step 3: Work on Skills and Your Relationships
Employers are more likely to promote professionals with a growth mindset. In other words, your business leader is looking for a financial expert committed to constantly improving their skills and demonstrating value. With this in mind, look for ways you can present yourself as an essential member of the team.
For instance, rather than waiting for your employer to offer reskilling solutions to help you leverage new tools and strategies in the financial world, seek out development opportunities yourself. You can always present training courses and educational options to your boss if you think they’ll make you more efficient and productive in your role.
While you’re developing your skills, it’s also worth working on your relationships in the business. Sometimes, who you know matters just as much as what you know.
Showing you’re a collaborative team member and willing to help other staff members thrive will make you more valuable in the eyes of your employer. It’s also a great way to get multiple staff members on your side to help advocate for your promotion.
Step 4: Present a Persuasive Case
Finally, when you think it’s time to ask outright for your promotion, it’s crucial to ensure you’re properly prepared. Collect all the information you’ve gathered about your achievements and any feedback you’ve collected from managers and supervisors in recent months.
Arrange for a face-to-face or video interview with your boss at a time suitable for them, and discuss why you believe a promotion would benefit you and the business overall. Highlight what you’ve already accomplished and how you think you can achieve even more.
Avoid getting emotional or presenting ultimatums like “if I don’t get a promotion, I’ll leave”, as this can have the wrong impact and damage your work relationships if you decide to stay. It’s also important to stay away from comparing yourself to other people. The focus should be entirely on you and what you can offer.
If you walk away from your meeting without the offer of a promotion, or any advice on how you might be able to achieve one in the future, it might be worth reconsidering your career plan. You could work with a financial recruitment agency to find a higher position in another business.
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs, and, in doing so, we match the two perfectly. Contact one of our team today to find out more, or you can call us on 01282 930930.
