As millions of Britons add ‘get a pay rise’ to their 2022 wishlist, the world’s largest job site, Indeed, has revealed its top tips for getting one.
With the cost of living rising sharply and household energy bills set to soar in 2022, many workers may have already resolved to ask their employer for a pay rise.
However, official data suggests that moving jobs is the most effective way to secure a bigger pay increase. Analysis by the ONS shows that people who switch jobs boost their earnings by 7.3% on average – more than double the 3% uplift earned by workers who stay in their existing job1.
Anyone starting their search for a new job in January will be in good company. Indeed typically records its busiest day of the year on either the first or second Monday after New Year’s Day, as millions of workers considering their options visit the Indeed site to see what jobs are available.
Nevertheless the first port of call for many looking to land a pay rise is their current employer. For those aiming to negotiate a better salary, Indeed offers the following top tips.
Tips on how to negotiate a better salary with your current employer:
Deciding when to negotiate your salary can be just as important as the conversation itself. For instance, good times to ask include after you’ve won a promotion or gained further qualifications, when you’re taking on a leadership role or when your experience level no longer matches your salary. You could also use Indeed’s salary tool to find out if average salaries in your sector have increased; this information can help you ask for a more competitive salary.
Research the market and calculate your individual value before going into any negotiation. For example, if you have been with a company for a number of years, your experience will be valuable and your employer may be willing to compensate you for it. When researching job vacancies similar to yours, check the required qualifications and experience are genuinely comparable to your own.
Identify clear reasons why you deserve a pay rise, and rehearse your negotiation pitch beforehand so you feel as comfortable as possible going into the conversation. Be ready to justify your case for meriting a better salary and consider rehearsing different scenarios and outcomes, such as rebuttals, questions or negotiation offers from your employer.
Be flexible and willing to collaborate with your employer on a solution or compromise. An employer might offer you a different salary package, with more holiday pay or more convenient working hours, if they can’t directly raise the amount of money you’re paid. Evaluate carefully whether such incentives might in fact be more beneficial to you than a higher basic salary.
Don’t be afraid to walk away, but first ensure that you’ve tried all different avenues, such as asking for more holiday time or more flexible working hours. You may also be able to pause the negotiations and come back to the conversation at a later date, after each party has had a chance to consider everything fully.
Mikaela Elliott, senior manager of employer insights at Indeed, said: “Salary remains the single most important consideration when it comes to a job – be that with their current employer or when they are searching for a new role.
“When it comes to negotiating, either with your current employer or with a would-be boss, doing your research beforehand will set you up for a productive conversation. Indeed’s salary tool analyses hundreds of thousands of salaries to give you a good understanding of how much you should be earning, and shows you your earning potential. It also helps you manage expectations before you enter negotiations.
“Not all employers will be able to match your salary expectations, but they may be able to offer other forms of compensation, such as additional holiday days or more flexible working. It is a good idea to weigh up the total package before making a final decision, as those extra days off may end up being more valuable to you than a little bit more money.
“Often the best way of securing a raise is to switch jobs. In fact, research suggests workers can double their earnings growth by heading to pastures new. So do not be afraid to walk away from pay negotiations if your employer’s offer does not fairly meet your expectations.”