How and when to ask for a pay rise this year…
If you’ve read any of our January posts so far, you’ll know that we’re dedicating this month to positive and supportive features to help you achieve your career plans.
You can catch up with our previous posts here:
- Our introduction to the series and why it’s so necessary
- The employee traits that could speed up your job search success
- Good news for beating the New Year blues and SAD
If achieving a pay rise is top of your new year plans, then this feature is for you!
Today’s story comes from Adzuna; as published by HR News. Adzuna has shared a four-step plan to help increase your chance of increasing your salary this year!
We’ll also share some tips from other experts on this subject.
Why January could be the best time to ask for a pay rise
The article states that the average 2019 salary actually reached its peak last January. Adzuna reports that salaries almost reached an average of £35,000 per annum during that period and for the only point that year.
For this reason, they suggest that this could be the month for you to get the process started. We’ll return to this topic in one of their steps below.
The four-step plan includes…
- Evaluating your performance
- Standing out from the crowd
- Careful timing
- Preparing for a ‘no’
Evaluating your performance:
- Take the time to evaluate your achievements against your targets and responsibilities.
- Select examples that clearly demonstrate business benefits.
- Consider how your examples show that you’ve gone beyond your current role and have truly earned the possibility of a pay increase.
Standing out from the crowd:
- Essentially, this involves finding ways to accept as many internal opportunities as you can – from training to projects – to show that you are more positive and proactive than your colleagues.
- Also ensure to highlight your current soft skills and those you’re working on. Even if you’re not actively job searching, you can refer back to our post on these essential skills.
- Don’t think you have to wait for your next appraisal to open your salary conversations. Remember, January could be a prime time for such discussions.
- However, you do want to make sure you’re ready to make a strong case. Aim to follow all of the above advice as thoroughly as you can before speaking to your manager or boss.
Preparing for a ‘no:’
- As the article suggests, it’s vital to mentally prepare for your request to be rejected. And it doesn’t mean it’s personal if it is! The company may not be in the position to make any increases at this time, may have another date in mind, or may prefer to wait until they can offer pay rises to all team members.
- Of course, there’s also the chance that your case isn’t quite strong enough right now. Seek out your manager or employer’s feedback.
- You can always ask when an increase could be more realistic and/or whether there are any alternative rewards that could be negotiated at this time.
Some extra tips…
- When considering your timing, don’t forget to review your situation so far. Are you new to the company and/or have you already received a pay rise within the past 12 months? One BBC expert recommends holding off if so.
- Sometimes the biggest pay rises come from new employers. Resolution Foundation has found that employees who remained with their employer (in 2018) could predict a pay rise of ‘0.6% a year after inflation’. Conversely, those who make a job change can expect a typical rise of 4.5% in their first year following the switch – which is seven times the amount.
- Focus on your productivity and inspire and encourage your colleagues to do the same. Resolution Foundation also found that it’s the times when Britain is performing productively that we receive the greatest pay rises!
Don’t forget to keep an eye on our jobs page so you can benchmark your salary against the latest openings. Regularly reading job descriptions can also help you better understand the skills and expertise that you’ll need to take you to that next salary level!