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Dream of a pay rise

This year will soon be over and we're moving into pay rise territory. If you feel under-paid, then you should seek a pay increase. However, it means negotiating with your manager. There are wrong ways and better ways to ask for a pay increase. Are you nervous asking for a pay rise?

wonan at work

The big picture

It’s a boom-time for workers, as 76.1% employment rate is the highest since 1971. In contrast the unemployment rate is below 4% for the first time since 1975. Average weekly earnings, excluding bonuses are outpacing inflation. The upshot means that it’s harder to find a worker to replace you, so your bargaining position is positive.

What you mustn’t do?

To reduce failure and anguish, avoid the following when asking for a pay rise.

  • Don’t randomly demand more money, as pay is as a commercial contract which should be negotiated seriously.
  • Avoid asking for a pay rise too quickly, if your last salary increase was within the last year or you are new to the job.
  • Check your pay rise is within your pay grade, as it provides a framework for negotiations.
  • Don’t be vague about the size of the pay rise, as even a small increase costs your employer.
  • Don’t give up, as companies want to pay well to attract talented staff.

What you should do?

  • Locate the evidence through research or talk to a recruitment agency to find out the pay for your job.
  • Pick a good time, so it’s not after the firm has finalised the salary budget for 2020.
  • Make sure you are in the right pay grade.
  • Be confident and ask for an exact sum.
  • Talk about the future as work is more than pay.

Many people feel undervalued at work. If your job area is facing a skills shortage, then it will push-up pay rates. If you have transferable skills, you may be able to earn more in another industry for the same role. If you are the go-to person given your experience and knowledge, then anyone of these make the case for a higher salary.

ChildMax pays your take home salary while you’re on 12 months’ unpaid leave looking after a sick child. Renews annually, so you are not tied in for many years, and each year you can adjust your monthly take home salary amount to take account of a pay rise. Premiums start from £49.50 or pay monthly for easy budgeting Get a quote with 5 questions which takes one minute.

Visit at www.insurewithmax.com or call the UK call centre 0333 323 0098 for more information.

Sources:

https://www.bbc.co.uk/news/business-49016474

https://www.monster.co.uk/career-advice/article/how-can-i-secure-a-pay-rise-uk

https://www.bbc.co.uk/news/business-47622415 

Date: 09 September 2019 by Max Robinson