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Telegraph: The Five Ways To Win A Pay Rise

Most organisations follow a formal process when it comes to pay rises, financially rewarding staff once a year to coincide with annual performance reviews. Because many firms’ financial year mirrors the tax year, which starts in early April, many workers will be in line for a bumper pay packet this month. 

But employees who have not found something extra in their accounts should not despair: there are no hard and fast rules when it comes to asking for more money and it is reasonable to ask your boss at any point if you think it is deserved. The chronic skills shortage in Britain means there is now stiff competition for the best talent, giving workers more bargaining power when it comes to pay. The latest official figures show a 3.4pc rise in average weekly pay – the fastest acceleration for a decade. If you have resolved to ask for more money, career coaches reveal the tips and tricks that may help boost your chances of success.

 

First, you need to find out your paid compared with colleagues at a similar level, and against industry peers, so you know whether you are being treated fairly.

Jo Garside, a coach at SEVEN Career Coaching, says it’s important to show your boss that you’ve done your research and you know what someone at your level in your industry should be paid. “Don’t threaten them – this is an opportunity for you to demonstrate that you want to continue adding value and for them to recognise that.”

To increase your chances of getting a pay rise, you need to demonstrate your worth to the organisation.

Garside agrees: “Be clear in what you’ve achieved – not just in the technical parts of your job, but also how you’ve contributed to the company culture and values. Have you mentored any junior employees or helped to improve employee engagement, for example?”

“Showing how your achievements are directly related to the company’s business goals is more likely to secure a raise.” adds Radonjic.

Jelena Radonjic, also at SEVEN Career Coaching, says: “Know that it is acceptable to ask [for a raise] and that employers set aside money for salary increases with the expectation that you will ask.”

If your employer has recently made a load of redundancies, then it probably isn’t the best time to ask for a rise. But if you think there is some wiggle room in what your employer can afford, there is no harm in asking.

Oliver Holloway, executive coach at SEVEN, suggests you start talking about a desired salary increase at least three months in advance of an annual review. “You can then present your case for getting an increase when budgets are being set. This will also identify with your manager any potential blockers or goals to achieve for the desired salary increase.”

Holloway warns that if you have been in a role for more than a year you are likely to be underpaid compared to the current market rate. Therefore it is worthwhile applying for external roles if you can’t secure a pay rise at your existing employer.

He says: “When you are offered a new role, you can use its higher salary as a negotiation tool for a salary increase in your current firm, or you can move externally. I have frequently seen this lead to very large instant pay increases as the company does not want to lose high quality workers.”

Written by Read the full article on The Telegraph here

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