Updating your CV, pay rise negotiation - and taking a pay cut; the reality
Yesterday’s Money Brunch was SUCH a vibe. What a way to start the year! Back with Money Reads, after missing last week’s edition (I had a week…). And our first edition on Substack!!
1. Tips for updating your CV
Refinery 29
Start each sentence with a verb (e.g. managed, designed, delivered)
Present your achievements in a snappy way, with evidence (e.g. grew page impressions by 45% in six months through A/B testing of SEO practices)
Make a list of keywords from your target job posting and work them into your CV
I’d add to this that I think you should update your CV at least twice a year. You never know when you might meet someone or come across an opportunity, and you don’t want to have to want to 1) panic about getting this done in time and done well or, worse 2) miss out on the opportunity altogether due to aforementioned panicking!
ACTION: Schedule some time to update your CV!
2. One in three firms plan to up salaries in 2024: Here's how to ask for a pay rise
This Is Money
Get the timing right (be aware of budget cycles etc)
Know what you’re worth (check the market rates)
Do it face-to-face
Have a strong business case - with evidence
Be diplomatic and don’t threaten to leave
I’d add to this - be detached. Think of yourself as a product. Always be looking and interviewing elsewhere. You want to avoid putting all your eggs in the pay rise basket.
ACTION: Start a list of ‘wins.’ Every time you do something impressive at work, write it down. Otherwise you’ll forget! You could always schedule 15 mins each week to do this. This was a key piece of advice I got early on in my career, from someone who was VERY good at getting promoted.
3. What it’s like to take a pay cut
The Cut
I love this sort of piece, where you really get an insight into the complexities of people’s lives and the decisions we have to make.
Some of the bits that really hit for me:
“Even though I’m very glad I quit my old job, sometimes I wish I didn’t care so much. It could’ve been so easy to just stay and drink the Kool-Aid. My whole life would probably be easier if I was a more passive person.”
“Sometimes I feel like I gave up by quitting. I have to remind myself that I can still be ambitious and get enough sleep and take care of myself. You really get indoctrinated when you’re in a high-pressure environment.”
“My successes were a huge part of how I saw myself. I was very proud of what I was able to accomplish in this very competitive field, and it became my identity because I didn’t have time for anything else.”
“Part of me is still mourning the life that I thought I was going to live.”
ACTION: Take some time to reflect on how your work, salary and benefits align with your values and how you want to live your life. This is something you’ll ideally do on an on-going basis - ‘cos growth!
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