Should You Ask For A Pay Rise?
This is a question no doubt each and every one of you, myself included has asked themselves at some point or another or perhaps every year for some!
The question of should you ask for a pay rise typically has two schools of thought.
Perhaps, one could argue the more old school train of thought first. Yes, you should ask for a pay rise. Many people think that if you work hard you will eventually just get a pay rise.
In some cases, you may. However, the vast majority of bosses will assume you are happy with your current salary if you never challenge it. Why would they randomly offer to pay your more? Not going to happen most of the time.
A more modern approach that a lot of people tend to opt for these days is just to move to another higher paying job.
It is easier than ever to upload your C.V and have the offers role in (hopefully)
It does make sense that moving to another job, you are in a position of power as you currently already have a job – you can negotiate your salary to be much higher than it currently is.
Better still, if you have a new job offer that pays more. Then you can go back to your current boss to see if they will match or beat it!
You then have the choice to just move on, if you desire.
Determine Why You Should Be Given A Raise
What about if like many, you do not want to move job.
While it may be holding you back staying put, there may be a number of reasons keeping you tied to your current job. Convenient location, working hours, colleagues just to name a few.
The grass isn’t always greener. Better the devil you know and all.
So, what now?
Here is how to go about asking for a raise if you are adamant on staying in your current job.
Firstly, do some research online to find out how much other people in your job are being paid. You may find you are already being compensated at the going rate for your role.
Once you know what the going rate is compared to your current salary, determine if you think it reasonable to be given a raise. You must think about this and make a few notes.
Some things to consider.
- Your current experience level
- Workload
- Anything you do outside of your current role
- How productive you are including examples
How To Ask For A Raise In The UK
After gathering some ammunition and getting a figure in your mind. Using something like Glassdoor to get a market average and a feel for salaries in your field.
Next up is to email your boss or manager and ask for a quick 5-minute meeting just the two of you. You could say something like “I wish to discuss my current compensation”.
Hopefully, they agree to this.
Try and determine the best time of day to email, only you know the answer to this.
Using the notes you made earlier (hopefully memorised).
Explain to you boss or manager how and why you deserve to have your compensation reviewed. Using the key points outlined above. Also then you can go on to say what salary increase you would be looking for.
In my opinion, you should not give a range but a firm solid number. Go a little higher than the number you would be happy with.
Classic bargaining technique, hopefully, you can then settle on the number you wanted in the first place.
If you wish, you may give details on the research you have done for salaries in your industry. More than likely you will not get an answer straight away but you have at least set the ball rolling.
Sometime, you may even be met with resistance.
Often you may be offered more holiday days or maybe flexible hours etc.
Only you know if this would be satisfactory.
Many of us get comfortable in our jobs and grow fond of our colleagues, so the very idea of moving to another job is just not something we would even entertain.
Remember while many companies give a 2% raise yearly, this is not a pay rise. This is merely in line with inflation and should be mentioned to your boss if they attempt to defend their position.
How To Write A Letter Asking For A Pay Rise UK
Some of you may think it a good idea to write a letter.
Use your own judgement on this one.
Personally, a quick email asking for a meeting is the way to go.
From here, face to face. Go ahead and outline your points, including average salaries in the industry as outlined above.
Nobody like a wordy email.
Something as imortant as asking for a raise should be handled face to face.
Your boss will respect you more for it. Asking in a email for a pay rise directly is a big no no if you ask me!
What To Do If Your Boss Says No
Unfortunately, for a lot of us the answer will be no.
Bear in mind, only you know the best time to ask for a raise as well.
Company on its knees? Good luck.
Had 3 months in a row of record sales? Send the email.
If however it is still a no, or a maybe next year. What then?
You will be faced with a tough decision to make. Do you leave or stay and hope that next year you get a raise?
In my opinion its unlikely that next year would give a different result.
If you choose to look for a new job then you will always be able to get a raise more easily. The new company does not offer you more than you are now? then don’t move.
People who job hop on average earn significantly more than people who stay put. Chances are they are working harder, longer hours though.
Do Not Stress If Your Boss Says NO
Think about it like this. Is somebody really earning more money if they are doing 12 hours a day 6 days week and spending it like it’s going out of fashion!
Compared to the guy doing a normal 40 hour week with enough free time to enjoy life? Who is really winning? The 12 hours a day 6 days a week guy might have a bigger house and shiner car that’s about it.
They just won’t have the time to drive it.
Mr 40 hours a week is TIME RICH by comparison and is arguably much more important.
If we take the time to stop and think about it. Wealth is TIME, wealth is FREEDOM.
Money is not everything, being happy at work and not overworked is much more important to your mental health and well-being than an extra bit of cash in your account every month.
A side hustle or side income can always be used to bring in some extra cash on the side anyway. Better still you can build your passive and side income streams along with your current job.
If they manage to match your salary or surpass it then you can choose to hand in your notice just like that.
Just look at my Passive and Side Income report for November 2020. That’s a pretty hefty boost to anyone’s income!
As always,
Thanks,
Sean C
