Top tips on how you can pocket pay rise this year
As millions of Britons add “get a pay rise” to their 2022 wish list, the world’s largest job site Indeed has revealed top tips to increase your salary. With the cost of living rising sharply and household energy bills set to soar, many workers may have already resolved to ask their employer for a pay rise.
However, official data suggests that moving jobs is the most effective way to secure a bigger pay increase. Analysis by the ONS shows that people who switch jobs boost their earnings by 7.3 percent on average – more than double the three percent uplift earned by workers who stay in their existing job.
Tips on how to negotiate a better salary with your current employer:
1 Deciding when to negotiate your salary can be just as important as the conversation itself. Good times to ask include after you’ve won a promotion or gained further qualifications, when you’re taking on a leadership role or when your experience level no longer matches your salary. You could also use Indeed’s salary tool to find out if average salaries in your sector have increased; this information can help you ask for a more competitive salary.
2 Research the market and calculate your individual value before going into any negotiation. If you have been with a company for a number of years, your experience will be valuable and your employer may be willing to compensate you for it. When researching job vacancies similar to yours, check the required qualifications and experience are genuinely comparable to your own.
3 Identify clear reasons why you deserve a pay rise, and rehearse your negotiation pitch beforehand so you feel as comfortable as possible going into the conversation.
4 Be flexible and willing to collaborate with your employer on a solution or compromise. An employer might offer you a different salary package, with more holiday pay or more convenient working hours, if they can’t directly raise the amount of money you’re paid.
5 Don’t be afraid to walk away, but first ensure that you’ve tried all different avenues, such as asking for more holiday time or more flexible working hours. You may also be able to pause the negotiations and come back to the conversation at a later date.