After years of gloomy economic tidings, thankfully we’ve finally got some positive news when it comes to our wage packets.
In May, the ‘real pay’ (adjusted for inflation) for workers in the UK was rising at its fastest rate in more than two years, and last month wage growth was so strong that it could delay a cut in interest rates.
But that’s of little comfort if you suspect that you’re not being paid what you’re worth. If you’re unhappy with your current salary, here are some questions to consider – and the expert advice on how to maximise your chances of getting a raise…
One in five women who ask for a pay rise receive one, compared with almost a third of men
HAVE YOU DONE YOUR HOMEWORK?
You can research average wages on websites such as Glassdoor and Monster, which has a calculator to tell you what your salary should be based on your job title, location and years of experience.
The Office for National Statistics has a calculator that tells you what your pay rise would need to be to keep up with both inflation and average pay growth.
It’s also worth contacting other people who work in similar sectors to you informally to ask them to share data, says Sir Cary Cooper, professor of organisational psychology and health at the Alliance Manchester Business School, University of Manchester.
‘This provides you with hard evidence and makes you appear very professional rather than someone who is just chancing their arm. You also may want to find out if internally there is someone doing a similar job who is getting paid more.’
The Office for National Statistics has a calculator that tells you what your pay rise would need to be to keep up with inflation and average pay growth
ARE WOMEN HARD DONE BY?
The gender pay gap is still alive and kicking. Any company with 250 or more employees must report its gender pay gap data, and the figures for 2022/23 found that 79 per cent of employers had a higher median hourly pay for men than women.
If you suspect you’re getting less than your male colleagues, you can search the database at gov.uk/find-gender-pay-gap-data.
And if you’re unhappy with your pay, you must act; research last year found that 68 per cent of women would not seek a pay rise, compared with 54 per cent of men.
It can feel like the odds are stacked against you – one in five women who ask for a pay rise receive one, according to a 2022 YouGov survey, compared with almost a third of men – but it’s important to stand your ground.
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‘Seeking a wage increase is far more problematic for women than men,’ says Sir Cary. ‘Women tend to think that their boss – usually a male – would reward them for good performance but they don’t. If you don’t ask, you won’t get! Men, on the other hand, have no illusions and are much more robust and assertive in seeking increased salary or promotion.’
WHEN SHOULD YOU APPROACH YOUR BOSS?
The early bird catches the worm, and for the best chance of success you should find out from your HR department when annual budgets are planned so you can get in before other pay rises are granted – and the money runs out.
When the time comes to make your request, it may be best to ask in the morning, as research shows bosses suffer from ‘decision fatigue’ later in the day.
Sir Cary says you should also choose a time when your boss ‘is not harassed or anxious or overwrought’ – so avoid grabbing them on their way to a meeting.
But a pay rise doesn’t have to be awarded at year-end. Cheney Hamilton, CEO of flexible working network Find Your Flex, says: ‘There’s no harm in asking regularly, especially if you are consistently delivering more than what is required. Just as businesses aim to maximise their profits, employees should also ensure they are fairly compensated for their contributions.’
She adds: ‘Always aim to make your request in person, as it is more difficult for someone to decline face to face. Start by scheduling a meeting via email or phone, but raise the question during the meeting. If your request is denied, you have the right to ask for written reasons and guidance on what more you need to do to justify a pay increase.’
WHAT ARGUMENTS SHOULD YOU MAKE?
When it comes to phrasing, Ms Hamilton says you should start ‘by setting a positive tone’, saying how much you enjoy working at the company and with your team. Then, be direct: ‘As per my email, I’d like to discuss my current pay and start a formal salary review.’
Rather than just saying you feel you deserve more, make a specific case for what you have been adding to the organisation.
Chief executive Cheney Hamilton recommends making your request in person, as it is more difficult for your boss to decline face to face (file image)
‘If you have been consistently going above and beyond your job description, or taking on managerial duties without appropriate compensation, document these contributions,’ says Ms Hamilton. ‘Present how your efforts support the business and explain why it is fair to recognise this through a higher salary.’
She also suggests that if the request is due to an increase in the cost of living, you could consider getting support from colleagues to collectively request a pay review to boost your chances.
Finally, says Sir Cary, indicate to your boss ‘that you value his or her support for your career development and look forward to the challenge of more responsibility’.
