If you’re feeling the pinch of the rising cost of living, asking for a pay rise may be on your agenda this year. While your boss will have the final say, there are things you can do to significantly increase your chances of improving your salary.
Take a look at these five top tips from job site Indeed and financial website This is Money to help you successfully negotiate a bigger paycheck in 2022.
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5 tips to get a pay rise in 2022
If you’re planning to ask for a pay rise this year, strategy is key. Use these five tips to help you get the increase you’re looking for.
1. Know when to ask for a rise
Deciding when to ask for a pay rise can be just as important as asking for one. According to Indeed, some good times to ask for a pay rise include:
- After you have gained a promotion or furthered your qualifications
- When taking on a new leadership role
- When your experience level no longer matches your salary
You can also use online salary checkers to see if average salaries in your industry have risen. You can then use this information to negotiate a more competitive salary.
2. Do your research beforehand
It’s a good idea to research the market or sector that you are in and calculate your individual value to the company before you engage in any pay rise negotiations. You can look for job openings that are similar to the one you currently have and see if the qualifications and experience required for them are comparable to yours.
If you have been with the company for a long time, your employer will likely value your experience significantly and may be willing to compensate you in the form of a salary bump.
3. Have clear reasons why you deserve a pay rise
Make sure you’ve identified clear reasons why you should get the raise you’re looking for. It might also be a good idea to practise your pitch so that you feel as at ease as possible when you enter the conversation.
You can even take written notes with you into the meeting to make sure that you don’t forget anything important.
4. Be adaptable and willing to compromise
Remember that you might not get exactly what you want for a number of reasons beyond your control. Be prepared to work with your employer to find a solution or a compromise regarding your salary increase.
Your employer may offer a different salary package with incentives such as flexible working hours. Don’t dismiss the offer outright. Instead, sit down and consider whether it would be more beneficial than a pay increase.
5. Don’t be afraid to walk
Finally, don’t be afraid to walk away if you’re not happy with an offer and feel a better opportunity exists elsewhere. Of course, before you walk, ensure that you have tried all avenues, including asking for other benefits such as more holiday time or more flexible working hours.
According to Indeed, you can also pause the negotiation and resume it at a later date when both parties have had time to think about everything.
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Don’t panic if you’re not successful
A pay rise is not always guaranteed. After all, many companies are still trying to get back on their feet following the Covid-19 pandemic and others are still reeling from its effects.
If you are unable to secure a pay rise, don’t worry. You have options. For example, over the past two years, many people have opted to supplement their income through a side hustle. If you are able to secure an alternative incentive in lieu of a pay rise, such as more flexible working hours, you may be in a strong position to start a side hustle.
Some of the most popular side hustle ideas include freelancing, blogging, selling goods online and pet care. The key is to find the hustle that fits your interests and your needs. To get started, check out these five pro tips for starting a successful side hustle.
The post 5 top tips to help you get a pay rise in 2022 appeared first on The Motley Fool UK.
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