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Asking for a pay rise

The bad news is that the cost of food, fuel, DIY materials to name a few are rising, along with taxes next April. The good news is that many business sectors are short of skilled staff. This translates into employees receiving increased salaries. To give yourself the best chance of convincing your boss of a pay rise, you must prepare. Are you going to ask for a pay rise?

pay rise

Pick the moment.

Ensure all unfinished tasks and projects are complete or up to date. The best time to talk about pay is at your performance review or 3-months before the end of the firm’s financial year. Your salary increase is included the costs of running the business, so managers must cover it within the financial decisions.

Be research savvy

If you discover that your average business sector wage is higher than your current pay, then you should consider booking a pay rise meeting. Likewise, if your being sought by a competitor to join their organisation, then mention it to your boss. They may pay extra wages to retain your services. If not, then you can leave for better pay.

Banded together

Be careful not to ask for an amount that goes outside your pay grade. Although pay bands may limit how much you can ask for, pay bands have the advantage providing a framework for negotiations using benchmarks that you can measure yourself against. Even if you fail, thank them personally at the meeting, then again in a follow-up email.

The steps to a pay rise

Be prepared to leave for higher pay with new organisation, otherwise your boss may sense weakness and hold out.

  1. Calculate your market value by comparing your job with similar roles elsewhere.
  2. Build a business case around demonstrable skills, qualifications, and workplace results.
  3. Arrange a meeting with your boss (during a stress-free time), so you have enough time and to make your argument.
  4. Present your case clearly and unemotionally, being reasonable and ready to compromise.
  5. Consider more than just money as extra benefits, perks and training may be valuable.

Remember that pay rates are dictated by the availability of suitable employees with the right skills. A shortage pushes up pay rates for those working; ask any UK lorry drivers, as most haulier jobs have seen salaries increase by 20%.

ChildMax pays your take home salary while you are on 12 months’ unpaid leave, caring for a sick child. It starts from £49.50 or for easy budgeting an initial payment of £8.25 followed by 11 monthly payments of £3.75.

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

Sources:

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

https://www.hays.co.uk/blog/insights/want-a-pay-rise-here-s-how-to-build-your-case

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

 

Date: 18 October 2021 by max robinson