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 it’s important to be realistic when asking for a pay rise.
“You 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.”
2. Pick the right time
Janine Blacksley, Director of Walters People, says timing is integral to you getting a raise.
“The 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 it’s easy to recognise the value you bring to the company. Avoid talking to your boss when they’re especially stressed about upcoming deadlines or excessive meetings.”
3. Be persistent with calendar invites
KK Harris, a leading business psychologist and executive coach insists you shouldn’t give up if initially it doesn’t go as planned.
“If your boss says: “I can’t do it right now”, don’t give up. Keep asking, “When will you be able to do it? Do you have a date in mind? When can we review this again?”. There are budgets, timelines, and things that businesses might need to organise and adhere to – but don’t give up. Ask for an estimated timeline. Then, immediately drop a calendar invite to your manager to schedule your next review.
“Follow up your request in writing. Keep following up via email until you have your next review. Show that you are serious. This is your life, and your career. Be persistent. And don’t let resentment fester.”
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