Bag a pay rise that keeps inf lation at bay

Ga doin I’m than e mor job lot tthe wha is spec As prices soar, that awkward conversation with the boss may be unavoidable. Chris Stokel-Walker explains how to make it go your way

This is what I’ve achieved over the past year

It’s one of the most difficult conversations to have – which may be why asking your boss for a pay rise is something more than half of us have never done, according to one survey.

Even if you do pluck up the courage, should you? The Governor of the Bank of England recently asked us all not to request a rise because it could send inflation even higher.

But as the cost of living continues to soar, having that awkward talk with your manager may become unavoidable. How, then, do you persuade them to pay you more?

1POLISH UP YOUR ‘ PAY RISE STORY’ “People are underpaid because performance is difficult to measure and pay is often determined by unrelated things, such as extroversion, how a person dresses and an ability to thrive at office politics,” said Grace

Lordan, an associate professor at the London School of Economics.

“To secure a pay rise, craft a simple, memorable story that represents your performance over the past year.”

Be careful about how much detail you offer, however.

“Avoid information overload when polishing your pay rise story,” said Dr Lordan. A plethora of reasons why you deserve more money can be less effective than a handful of points well made.

She recommended what she called the “peak- end” rule: punctuate your pitch for a pay rise in the middle and at the end with blockbuster moments from your working life.

“I would recommend that for the peak you capture your biggest accomplishment in the past year, and at the end of the story you highlight the added value you will bring to your manager this year,” she said.

2

LOOK AT THE BOTTOM LINE It’s also worth thinking about how you present the information. You need to put your case in a way that makes sense to the business – and that means looking at the bottom line. Quantifying any income generation you were responsible for, or savings you helped to achieve, will make a more compelling case than warm words about company culture.

That method helped 28- year- old William Nimmo – who works for a Manchester- based financial services company – achieve a 13pc pay rise a few weeks ago.

Every month, employees at his firm, which he asked not to be named, have a one-to-one review with their manager. There is also an annual review to set targets. At the end of the annual meeting Mr Nimmo made his case for a pay rise. He compiled the documentation he had collated over the course of the past year for his monthly meetings with his boss and then told his story. “I said: ‘ I think I’m doing a lot more than what the job spec is, I’m doing a lot more than you signed me up for.’ ”

Mr Nimmo laid out the targets the company had set him for the previous year and the percentages by which he had exceeded them. He highlighted changes in processes he had instigated and how much money they had saved the firm. He compared his performance with other departments in the business and then asked for more money. “I was absolutely quaking,” he admitted.

His boss said yes. The company intended to give everyone a pay rise in line with the increased cost of living, but said it would review his request for a further rise individually.

3

ARM YOURSELF WITH RESEARCH Pitching for a pay rise can involve citing numbers from outside your organisation as well as within it. “Come prepared with third- party data on the market rate for the role you’re performing,” advised Amanda Augustine of CV-writing service TopCV. Looking at salary comparison websites such as Glassdoor or PayScale can help root your request in realism.

Two thirds of those who asked for a pay rise got one, according to a survey by YouGov, so it may be worth putting yourself out there. And if you get shy talking about money, it can help to think about your request in a different way.

“It’s not personal, it’s strictly business,” said Ms Augustine. “Don’t apologise for your request; simply make your case in a calm, professional manner and see how your manager responds.”