Despite increasing salaries in the past year, many employees are dissatisfied with their pay but only 26% asked for a pay rise in the past year, and of these only 12% of these were successful. With so few successful pay rise negotiations taking place, UK workers planning to ask for a pay rise this year should do their research and brush up on their negotiation skills.
Geoff Sims, Managing Director for Hays in the East of England, says, “With an improving economy and salaries increasing, now is a good time to negotiate with your employer over the pay, benefits and career opportunities they have to offer. Our research shows that many of the region’s workers are still reluctant to ask for a pay rise, and those that do are often unsuccessful. Negotiating a pay rise can be daunting, but doing your research and preparing a strong business case will help you make a persuasive argument to your employer, and decide whether to stay where you are or seek a pay rise elsewhere.”
5 tips to secure a pay rise
1. Consider your reasons
Think carefully about your motivations. Do you want more money because you believe you deserve it, or because it will make an otherwise tiresome job slightly more bearable? In our experience, the majority of people who believe the latter end up leaving their jobs within months of their pay rise.
2. Know your worth
Before you even request a meeting you should research your market value. Look at job adverts for similar roles, and use guides such as the Hays UK Salary & Recruiting Trends 2015 to help you work out how your pay and benefits compare to others. It will help you prove your request is justified, and that you could be offered a higher salary if you were to look elsewhere.
3. Time it right
Time your approach right, no boss will appreciate being asked for a pay rise in the middle of a critical project, and you’ll only harm your chances if your request comes at the wrong time. On the other hand, requesting a meeting just after you have delivered an impressive piece of work, or when you know annual pay reviews are looming, could increase your chances.
4. Prepare your business case
Before you approach your boss, you need to be sure of what you have done to deserve a pay rise and build a business case around it. Every employer is different, so understand what it takes to get a pay rise in your organisation and be ready to tick those boxes. Keep your salary review discussion professional, stay calm and focused and don’t bring up personal matters such as rising bills or mortgage repayments. Although your employer may be sympathetic, they cannot give you a pay rise on this basis.
5. Prepare to compromise
Even if they think a salary increase is in order, your employer may have a lower number in mind than you do, so think about what you would accept if your original request is not granted. You should also decide what else you would accept instead of a salary increase, such as an increased potential bonus or flexible working instead of a pay rise.
To see how your salary compares to others in your profession and location visit http://salaryguide.hays.co.uk
Hays plc (the "Group") is a leading global professional recruiting group. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK and Asia Pacific and one of the market leaders in Continental Europe and Latin America. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 30 June 2014 the Group employed 8,237 staff operating from 237 offices in 33 countries across 20 specialisms. For the year ended 30 June 2014:
- the Group reported net fees of £724.9 million and operating profit (pre-exceptional items) of £140.3 million;
- the Group placed around 57,000 candidates into permanent jobs and around 212,000 people into temporary assignments;
- 24% of Group net fees were generated in Asia Pacific, 42% in Continental Europe & RoW (CERoW) and 34% in the United Kingdom & Ireland;
- the temporary placement business represented 59% of net fees and the permanent placement business represented 41% of net fees;
- Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Colombia, Chile, China, the Czech Republic, Denmark, France, Germany, Hong Kong, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA