Annual performance reviews offer a key opportunity to showcase your contributions, align your career trajectory, and advocate for fair compensation. While reviews may come with formal metrics and specific KPIs, it's important to take ownership of your narrative. For professionals in finance, where results and performance are often quantified, it’s crucial to come prepared with data, clarity, and confidence. Here’s how you can effectively advocate for yourself during your next finance performance review.
Leverage Data-Driven Accomplishments
The finance industry is driven by metrics, making it easy to quantify your successes. Whether it’s revenue growth, cost reduction, or operational efficiency, numbers will be your strongest asset in justifying a salary increase or promotion. Begin by compiling your key accomplishments over the past year.
Key Tips:
Use specific metrics: Showcase your value through clear, quantifiable results. For example, if you managed a portfolio, mention the percentage growth or return on investment. If you reduced operating costs, highlight the specific amounts or percentages saved.
Align your achievements with business goals: Demonstrate how your contributions have supported the firm’s larger objectives, such as improving client relationships, enhancing efficiency, or driving profitability.
Be thorough: In finance, it’s not just about big wins. Ensure you detail day-to-day responsibilities that support the firm’s overall success, such as maintaining compliance or optimising risk management processes.
Example: “This year, I led a financial restructuring project that reduced operating expenses by 12%, contributing directly to our division’s cost-saving goals.”
Set Career Goals Tied to the Firm’s Future
Finance professionals are often expected to drive their own career progression. Use your review to not only discuss past performance but also set clear career goals that align with the firm’s growth. If you aspire to move into a more senior role, manage a larger team, or lead a new product, now is the time to communicate those ambitions.
Key Tips:
Focus on leadership: If your goal is to move into management, emphasise how you’ve already taken on leadership responsibilities and how you plan to continue driving team success.
Be proactive: Don’t wait for your manager to suggest career growth opportunities. Bring ideas to the table, and be prepared to discuss your plan for achieving those goals within the organisation’s structure.
Seek alignment: Demonstrating that your goals match the firm’s strategic plans shows your commitment to mutual growth.
Example: “Over the next year, I’d like to move into a leadership role within the asset management team. I’m particularly interested in spearheading our expansion into ESG investments, which align with the firm’s focus on sustainable growth.”
Prepare for Constructive Feedback
In finance, constructive feedback is inevitable, especially in firms where precision is key. Acknowledging areas for improvement and showing your commitment to development can turn potential criticisms into a display of growth and adaptability.
Key Tips:
Anticipate feedback: Reflect on previous performance reviews or recent challenges you faced. Be ready to address them head-on and show progress.
Highlight self-improvement: If you’ve taken steps to address previous feedback, make sure to bring this up. Whether you completed additional training, streamlined workflows, or improved communication, showing initiative goes a long way.
Stay solution-oriented: If new areas for improvement come up, be open and focus on how you can address them moving forward.
Example: “I understand that I’ve received feedback on time management in the past. This year, I focused on improving my project timelines by adopting a more structured project management approach, which helped me meet all my deadlines.”
Be Strategic When Discussing Compensation
In the finance industry, salary structures often include a mix of base pay, bonuses, and performance-related incentives. When discussing compensation, it’s important to take a holistic approach, rather than just focusing on base salary.
Key Tips:
Research compensation benchmarks: Understand the typical salary ranges for your role, experience, and market by using resources like Glassdoor, Robert Half, or LinkedIn Salary Insights. Finance compensation can vary greatly depending on the specific area (investment banking, wealth management, corporate finance, etc.), so ensure your research is targeted.
Tie compensation to results: Frame your request for a raise or bonus increase around your contributions and the firm’s success. If you played a significant role in increasing revenue, cost savings, or securing new clients, demonstrate how these results justify a higher level of compensation.
Be open to a discussion: If your firm has limited salary flexibility due to market conditions, consider negotiating for additional benefits such as increased bonuses, stock options, or more flexible working conditions.
Example: “Based on my performance this year and market research, I believe a salary adjustment is warranted. In addition to the 15% increase in client revenue I helped secure, I also contributed to the successful implementation of the new risk management software, which has improved our operational efficiency.”
Ask for Feedback and Development Opportunities
In finance, where technical skills and market knowledge are constantly evolving, demonstrating a commitment to continuous learning is crucial. Use your performance review as a chance to ask for feedback and discuss development opportunities.
Key Tips:
Request specific feedback: Ask your manager to provide detailed feedback on your performance, particularly in areas where you can improve or take on more responsibility.
Seek training and development opportunities: Whether through additional certifications (like CFA, CPA, or FRM) or internal leadership development programs, express your interest in professional growth.
Focus on long-term growth: Show that you’re committed to growing within the firm by discussing how additional training or responsibilities can help you contribute even more.
Example: “I’d appreciate your feedback on how I can further develop my analytical skills, especially in terms of handling larger client portfolios. Additionally, I’m interested in exploring opportunities for training in data analytics and financial modelling to enhance my capabilities.”
Maintain Professionalism Throughout
Finance is an industry where reputation and professionalism are paramount. Regardless of how the conversation unfolds, it’s important to stay composed and respectful.
Key Tips:
Stay calm under pressure: If the conversation turns to difficult topics, such as unmet targets or salary limitations, maintain a calm and solution-focused attitude.
Express gratitude: Thank your manager for their feedback and the opportunity to discuss your performance. This shows professionalism and helps maintain positive working relationships.
Follow up: After the review, send a follow-up email summarising the key points discussed, particularly any agreed-upon goals or action items.
Example: “Thank you for taking the time to review my performance. I appreciate your feedback and look forward to working on the next steps we discussed.”
Conclusion
Advocating for yourself during an annual performance review in the finance industry requires preparation, confidence, and data-driven arguments. By focusing on measurable results, aligning your career goals with the firm’s objectives, and handling constructive feedback professionally, you can effectively advocate for a raise, promotion, or new opportunities. Remember, the finance industry values results, and your ability to communicate your impact is key to achieving the recognition and compensation you deserve.