Do you know what your next pay rise should be? ONS data reveals what you should be getting with your next pay review to keep up with UK inflation rate.
Following the worst year for wage growth in half a century during a cost-of-living crisis, workers across the UK are feeling the pinch. And career experts have now revealed their useful tips on how to get a salary increase.
Research by Furniture At Work found the average pay rise between December and February was 6.6%*. This means, when considering inflation (10.1%), most of the UK has had to accept a pay decrease over the last year.
Here is what your next pay rise should be to keep up with inflation rates
The chart is from ONS data on salary rises needed to keep up with inflation in the UK
Furniture At Work has teamed up with employment experts to provide three tips on the best way to approach your employer and ask for a pay rise.
1. Research salary trends and have a real case
Sue Andrews, a HR & business consultant, says itโs important to be realistic when asking for a pay rise.
โYou need to make an individual case as to why you are worth more to the business based on your personal contribution. Use data, such as salary surveys or adverts for comparable roles and have a figure in mind when you approach your boss. Your boss is more likely to take you seriously if you can provide supporting evidence that shows your current salary is below your market value, rather than pulling a figure from thin air or relying on the cost-of-living crisis to make your case.โ
2. Pick the right time
Janine Blacksley, Director ofโฏWalters People, says timing is integral to you getting a raise.
โThe time you choose speak to your boss can have a real influence on the outcome of the conversation. You should be looking to speak to them off the back of finishing an important project or winning a top client, when itโs easy to recognise the value you bring to the company. Avoid talking to your boss when theyโre especially stressed about upcoming deadlines or excessive meetings.โ
3. Be persistent with calendar invites
KK Harris, aโฏleading business psychologistโฏand executive coach insists you shouldnโt give up if initially it doesnโt go as planned.
โIf your boss says:โฏโI canโt do it right nowโ, donโt give up. Keepโฏasking,โฏโWhen will you beโฏable to do it? Do you haveโฏaโฏdate in mind? When can we review thisโฏagain?โ. Thereโฏare budgets, timelines, and things that businesses might need to organiseโฏandโฏadhere to – but donโt give up.โฏ Askโฏforโฏan estimated timeline. Then, immediately dropโฏaโฏcalendar invite to your manager to schedule your next review.
โFollow up your request in writing. Keep following up via email until you have your next review. Show that youโฏare serious.โฏThis is your life,โฏand your career. Be persistent.โฏAnd donโt let resentment fester.โ
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