All around us prices are increasing.
Whether heating and lighting our homes, filling up our cars with petrol, paying the mortgage/rent or simply the price of the weekly shop, the country and our community are in the midst of a cost of living crisis.
Even Martin Lewis, who has been helping people budget and save money for more than 20 years, admits he is now “out of tools”.
On April 1, things will get worse again. With a new energy cap coming in, 54% above the old one, bills for most are expected to increase by more than £1,300.
With all these outgoings increasing, one solution may be to look at what’s coming in.
So is now the right time to ask for a pay increase? And how exactly does someone work out what they are worth?
Every situation and business is, of course, different but here are some thoughts and perspectives that may assist.
Firstly, never act on emotion. Just feeling you deserve it, or in today’s environment badly need it, doesn’t mean the request for a pay rise will be accepted.
Secondly is to understand that not every firm will offer a straight percentage increase on what you were earning before. Some may incentivise with bonuses or offer promotions/new roles that come with increased salary, but bear in mind this is likely to also come with increased responsibility, stress and workload.
As you begin to plan your approach for a salary increase, keep in mind that it should ideally be objective, informed and reasonable. Here are five tests to help:
As I said earlier, every situation is different, and it might make sense to have a conversation with an expert such as our employment advisers here at Work Avenue (free of charge of course) – but if you can pass these five tests then now might be the time to finally find out just how much more you might be worth to your employer!