How to Secure Your Pay Rise
Pay rise requests can be an intimidating affair. However, any boss would struggle to refuse a salary increase with these suggestions.
Did you know around 50% of employees have never asked their boss for a pay rise? Although this may come as some surprise, it’s also understandable. After all, that conversation with your boss – asking for more money – can be an intimidating one.
However, it’s also irrational. No-one ever got fired because they asked for more money. In fact, it can be argued that asking your employer for a higher salary means you’re more likely to stay with the firm long-term.
Let’s face it, we could all use some extra cash. If you’re struggling to get the pay rise you deserve, here are some suggestions to help secure it:
How much are you actually worth?
Let’s start by asking if your salary is actually reasonable. You can get a decent idea of how much you should be worth through a company such as Payscale. If this indicates you’re being underpaid, that gives you a good indicator of what you should be on.
After all, when asking for a pay rise, your employer will ask how much they should be paying you. It’s important you have a concrete figure.
Make your argument
Once you have that figure, the next step is to make your case for that pay rise. After asking “how much”, your employer will probably ask “why”.
Fundamentally, a request for a higher salary isn’t a favour – it’s a contract. You agree to do your job and – in return – you’re compensated for your efforts. Therefore, a pay rise only makes sense if it makes business sense.
Your argument should indicate why your current salary isn’t enough considering what you do and what a reasonable amount will be. You may want to refer to revenue you’ve brought into the business.
Pick the right time
You may deserve the pay rise – but timing is arguably everything. If your company is currently making redundancies, chances are, your request will be unsuccessful.
However, if the firm is flourishing with departments hitting their goals and – more importantly – your boss is in a good mood, your pay rise may stand a higher chance of being accepted.
Don’t give up
Despite your best efforts, your pay rise may be refused. Don’t worry though, it happens. Instead of just accepting it, ask what you’d need to do to get the amount requested. Alternatively, instead of financial compensation, you may be able to secure other benefits. For example, work from home, flexible working, or additional holidays.
Didn’t get that pay rise? Let us help
When we request pay rises, it’s not because we’re greedy – it’s usually because we need the extra funds. If you were unable to secure more money, then we could help repay your creditors through a consolidation loan.
At the very least, this loan should make your financial situation much easier to manage.Get a Consolidation Loan
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Unsecured Loan Representative 69.9% APR
Borrowing £7,500 over 36 months, repaying £502 per month, total repayable £18,083. Total cost of credit £10,583. Interest rate 69.9% (variable). The lenders on our panel offer loans for 12-60 months, with rates from 5.8% APR to 89.9% APR. The Representative Example is based on all loans paid out by lenders between 19th Apr 2022 and 23rd Dec 2022.
Secured Representative 11.7% APR
If you choose to add fees to the loan: Assumed borrowing of £25,000 over 120 months, plus a broker fee of £2,500 and a lender fee of £250 would result in monthly repayments of £345.55, the borrowing rate is 8.6% (variable), the APRC is 11.7% (variable), total charge for credit £16,466.00 and the total amount payable £41,466.00. You can opt to pay the lender and/or broker fees upfront, your adviser will discuss these options with you.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. All rates vary subject to loan amount, loan type and status. Repaying your debt over a longer period of time may increase the amount you pay.