Britons are the second most optimistic nation in Europe when it comes to their 2021 pay prospects according to research conducted by the global job site, Indeed.
Despite, swathes of job losses this year and the highest unemployment rate seen in over 4 years, Britons are twice as optimistic as the French and Italians about securing a pay rise in 2021.
As much as 23.2 per cent of UK workers feel optimistic about their chances of a higher salary, compared to 12.7 per cent in both France and Italy.
Make sure you take into account your recent performance as well as the company’s performance before knocking on your manager’s door.
As the number of unemployed Britons looking for work hit 1.69 million, nearly 60 per cent of those in work are opting to stay put rather than look for a new job in 2021.
‘The pandemic has hit the UK’s labour market hard, but despite the twin impacts of Covid and Brexit, Britons are surprisingly upbeat compared to their European counterparts, said Bill Richards, managing director at Indeed.
‘The rollout of the UK’s vaccination programme is likely to have given workers a shot of confidence, but whether the optimism continues into 2021 will hinge on Britain’s slowing economy and the ability of Government support schemes like furlough to protect the most at-risk jobs.’
Although Covid-19 restrictions have been disruptive for many businesses, most UK employees feel positive about the role they played in helping their employer get through 2020.
Three-fifths of employees believe they helped their company to weather the coronavirus storm this year.
However, few should expect a pay rise for their efforts with 43 per cent of employers pessimistic about the likelihood of increasing pay for their workforce next year.
Four steps to bagging a pandemic pay rise
‘The pandemic means people’s work-life priorities have changed but salary remains one of the most important considerations for people seeking work or a promotion,’ said Deepa Somasundari, director of strategic projects at Indeed.
‘Discussing money can be difficult but there are steps you can take to securing the best salary for you.’
The first step according to Somasundari is to do your research.
‘Indeed’s salary tool analyses millions of salaries to give you an understanding of how much you should be earning, as well as your earning potential,’ said Somasundari.
‘Knowing regional and national salary bands will help set the bar at the right level and manage expectations.’
The next step is timing.
‘Make sure you take into account your recent performance as well as the company’s performance before knocking on your manager’s door or arranging a virtual meeting,’ explained Somasundari.
‘The best time to ask for a pay rise is when you can prove you’ve met personal goals and when your employer is in a healthy position.’
The third step is to consider other potential benefits and not just salary.
‘Not all employers will be able to match your salary expectations but they may be able to offer other forms of compensation,’ said Somasundari.
‘One good idea is to weigh up the total package of benefits coupled with your salary.’
The final step is to be prepared to walk away.
‘Average pay growth in the UK remains low and often the best way of securing a raise is by switching jobs,’ said Somasundari.
‘So remember, do not be afraid to walk away if the offer does not fairly meet your expectations.’
What other tips and tricks are there?
Choose your words carefully says Natalie Reynolds, of negotiation experts advantageSpring.
‘Don’t say you are looking for around £50,000,’ said Reynolds.
‘This suggests you don’t think you will get it and that you will accept lower than £50,000.’
‘Instead say my proposal is £50,000 and here are the reasons why.’
Some rules of salary negotiation
Recruitment site Glassdoor also lists a couple of top tips if you’re thinking about asking for a raise:
1. Avoid accepting the first offer – give yourself up to 48 hours to think it over
2. Keep your emotions in check
3. Pay attention to other perks – not just the salary
4. Know what you’re worth and what the employer can offer
Do you have any tips? Let us know in the comment section below…
Keeping in mind outside factors and context is important according to Charles Cotton, of HR industry body the CIPD.
‘It’s probably not a good idea to ask for a pay rise after job losses or cuts have been announced,’ said Cotton.
‘If the firm’s profits have just risen by 10 per cent then it makes more sense.’
Be tactical about the day.
According to a survey of 1,500 bosses by recruitment Office Angels, managers are more likely to say yes to a pay rise on a Wednesday than on any other day.
Four in five said they were most receptive to being asked about money matters in the middle of the week, but Monday is apparently the best day to ask for a holiday.
Don’t get emotional and fall out with your boss said Corinne Mills of Personal Career Management.
‘If your boss rebuffs you it’s ok to challenge them if you don’t think it’s fair, but it’s important to keep your emotions in check and not let it get heated,’ said Mills.
Finally, be prepared to play the long game adds Natalie.
‘Follow the meeting with an email thanking them for the discussion, outlining the main points raised and the date when you will review it again and put it in the diary,’ said Reynolds.
‘You may not get your pay rise the first time you ask so you will need to be persistent but keeping a visible audit trail will help make sure it doesn’t get forgotten.’
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