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4 really important times to ask for a pay rise ⌚

important times to ask for a pay rise

4 really important times to ask for a pay rise –

Introduction πŸ‘‹

In an ideal world, your employer would pay you the right amount of money all the time.

But sadly, this doesn’t happen! ☹️

These days, you need to ask for the pay you want, otherwise you might not get it!

Today we’re going to explain the 4 most important times you need to remember, to consider trying to increase your pay!

How to ask for a pay rise πŸ’Έ

Disclaimer: This website provides information for guidance and educational purposes only. The Grown-Up School does not provide regulated financial advice. You can seek independent financial advice from a suitably qualified and regulated professional advisor. Check out our disclaimer policy for more information.

1. Starting a new job πŸ™‹β€β™€οΈ

Starting a new job is probably the easiest and most important time to increase your pay.

This is because:

1. You have power when starting a job πŸ’ͺ

Employers usually:

  • are keen to get you hired quickly ⌚
  • already have money set aside for hiring you πŸ’Έ

which can sometimes give you a bit more power to ask for pay, rather than when you’re settled into a job (where there is no time limit for agreeing your pay, and no money already set aside!).

Also when you’re starting a job ⬇️

2. They expect you to negotiate πŸ€·β€β™€οΈ

Negotiating your pay is also a really common thing to happen when starting a new job, so employers are probably already waiting for you to start the conversation! βŒšπŸ’¬

Also when you’re starting a job ⬇️

3. You can show your new employer what you expect πŸ“

Negotiating your pay when you first start a job sets the expectation with your employer that you want to be paid fairly, and will take sensible steps to ensure that you are paid your worth. πŸ’Έ

It could make pay conversations easier for you later on because your employer already knows that you are someone who will start conversations with them about pay. πŸ€·β€β™€οΈ

Also when you’re starting a job ⬇️

4. They’ll already have money on their mind 🧠

Whenever an employer puts up a job advert, they have to check their budget and work out how much money they can spend on hiring.πŸ•΅οΈβ€β™€οΈ

This means they’ll already have a pool of money set aside for hiring you!πŸ’°

Why not see if their budget will stretch a bit, since money is already on their mind? πŸ’Έ

2. Performance reviews 🧐

Usually at least once a year, employers will review:

  • How well the organisation is performing πŸ”
  • How well you are performing πŸ•΅οΈβ€β™€οΈ

During this time they’ll tend to check things like:

  • Finances πŸ’Έ
  • Team targets 🎯
  • Achievements πŸ…
  • What could be improved 🩹

In particular, as part of these reviews you’ll usually have a meeting with your manager to discuss how well you’ve worked over the past year. πŸ’Ό

This is an ideal time to talk to your employer about a pay rise!

This is because:

  • You’ll already be talking about your achievements and how much value you bring, to convince them that you deserve a pay rise ✨
  • It’s sooo common for pay to become part of performance review conversations – they’ll be expecting you to talk about it! πŸ‘

3. When you discover you’re being underpaid πŸ•΅οΈβ€β™€οΈ

Researching πŸ”

It’s always a good idea to keep an eye on how much people are getting paid for doing the same job as you, to make sure that you’re getting paid fairly. πŸ‘€

You can use things like:

to get a really good understanding of what other people are getting paid for doing the same job as you.

Remember to consider:

  • What people in your local area are getting paid (sometimes people living far away will get paid more or less than you) πŸ—ΊοΈ
  • Your skills and how much you could get paid for them πŸ› οΈ
  • Your job title and how much people get paid for it πŸ‘©β€πŸ’Ό

If you discover that you’re getting underpaid from research, it’s a good time to consider asking for a pay rise, to make sure that you’re receiving pay that is fair and competitive.

Finding out someone is getting paid more than you 🀫

It can be really upsetting to find out that one of your colleagues is getting paid more than you. ☹️

But – the good news is that it’s an opportunity for you to address a problem, and potentially get a pay rise at the same time! πŸ’Έ

Just because an employer might’ve made a mistake about pay it doesn’t mean that you have to argue with them – it’s just a problem that you can work together to solve. 🀝

In a lot of countries, it is a legal requirement for you to receive equal pay for the same work as someone else – especially when it comes to people of different genders.

Be careful about telling your employer how you found out about the pay gap between you and your colleagues however. 😬

You wouldn’t want to get your colleagues into trouble – some employers (wrongfully!) encourage employees to keep their pay a secret from everyone else. 🀫

If you handle the conversation carefully and professionally, you could bag yourself a pay rise without damaging your relationship with your employer. πŸ‘

4. When inflation rises 🎈

What is inflation? (easy explanation)🎈

If inflation is high, it means that the value of your money goes down. ⬇️

This means if you’re not getting a pay rise at work, you’re technically getting a pay cut (because of inflation!) βœ‚οΈ

If inflation for the year rises by 5% and you DON’T get a pay rise – this means you’re technically getting a 5% pay cut.

Ideally, you want your pay rise to either:

  • match inflation so you’re not losing money πŸ’Έ e.g. if inflation was 5%, get a 5% pay rise
  • beat inflation so that you’re earning more money πŸ€‘ e.g. if inflation was 5%, get a 7% pay rise

If inflation is high for your country right now, it’s really important to consider how much money you’re “losing”, by not getting a pay rise.

Conclusion πŸ‘

So that’s it!

You should consider trying to negotiate your pay when you:

  1. Start a new job πŸ™‹β€β™€οΈ
  2. Have a performance review 🧐
  3. Discover that you’re being underpaid πŸ•΅οΈβ€β™€οΈ
  4. When inflation rises 🎈

If you know any friends or family members who might benefit from learning about when you should consider negotiating your pay, share this post with them!

Finally, don’t forget to check out our similar articles below!

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