We know that people hate talking about money but what’s the best way to go about negotiating a pay rise? People often feel uncomfortable talking about and asking for money but you mustn’t be deterred. In this blog post, we break it down so you can feel comfortable and confident when negotiating the pay you deserve.
Unfortunately, the gender pay gap is still at large and we’re doing our best to close it. You should absolutely look for a pay rise if you feel you are being paid less than your colleagues - The right to equal pay is grounded in law and anti-discrimination legislation. It’s a right, not just nice to have. Transparency between employees and employers is important for trust. For larger companies it became law to disclose their gender pay gap on 4 April 2018. Everybody should be paid fairly and earn a proper wage for the work they do.
We know that living in London is expensive so we’ve put together our top tips for making sure you reach your earning potential.
1. DO YOUR RESEARCH
The first thing you need to do is your research. Work out what value you bring in terms of your experience and proven performance. Then find out what other people at a similar level are earning. Check job sites for comparable roles, ask trusted friends and mentors or speak to your recruitment consultant. If you don’t want to ask someone outright, take a look at our annual salary survey. You then need to arm yourself with information about your employer. Is your company doing well? Have other people asked for pay rises and been successful? What is the company policy on pay?
KNOW YOUR WORTH
2. If you feel you are not being paid a fair salary and want to stay in your existing company then find out when you are due an appraisal or a formal meeting. Find out your companies policy on pay rises. Is it something that is usually considered once a year? The best way to initiate it is to set up or wait for the right time to broach it either at an appraisal or meeting with your manager. At Major Players, we believe that the salary you ask for shouldn’t be determined by your previous salary. We no longer ask our candidates for their current salary and refuse to divulge a candidate’s pay level when putting them forward for jobs. If you are asked for your previous salary, discuss only what you are looking for.
3. Most bosses understand the world in figures. Start by gathering all the brilliant things you have worked on, look at the results of your work and gather the evidence either with ROI, testimonials or tangible success. Look at where you have overstepped your existing job title and are exceeding your current role and expectations. Be positive and bring ideas of what you would like to do in the future and why you may deserve that promotion.
4. Don’t limit your ambitions to financial ones. It’s true that lots of us care about far more than money. So although money may be “king”, reflect on the other issues that are important to you and which you might want to ask about. This could include salary, bonus and incentives (still monetary but performance based), training opportunities and the team you work with. Our happiness is not solely defined by money — maybe you will be satisfied and productive working for the same pay but with other benefits and perks.
LOOK TO THE FUTURE
5. Along with listing your accomplishments, you should tell your employer what you’re aiming for in the future. Why you deserve a pay rise isn’t just about what you’ve achieved in your time at the company, it’s about what you plan to deliver over the coming months. Bosses like ambition and will also want value for money. They will expect something in return for offering you a pay rise, this is your chance to demonstrate that you’re willing to put in the work.