Money in the Bank: How to Get a Pay Rise in 2024
How much do you believe you are worth? If you’re not sure, or are reluctant to put a number on it, then the bottom line is you may be missing out on a pay rise.
It doesn’t matter if you’re just setting out on your career, or are a veteran in your chosen field, you should always have one eye on where your next salary bump is coming from, and what it’s going to be.
There are multiple reasons for this. First and foremost is that if you’re part of a company that is growing, you should feel like you’re growing with it. Perks and bonuses are vital for maintaining morale, but increased revenue and profits should be recognized as an achievement of all staff members, whether it’s a tight-knit start-up team, or a vast conglomerate.
Secondly, remuneration for the hard work any individual does should reflect the rate of inflation in their region and the wider world. While inflation is currently cooling, the cost of living is not likely to go down.
Additionally, growing competition in the jobs market is requiring employers to offer equally competitive wages. That doesn’t just apply to starting salaries; top talent expects regular increases.
Employers are largely responding to one or more of these expectations. According to new research on 2024 pay trends, salary budgets for 47% of organizations were higher in 2023 than the previous year. In the U.S., actual salary increases were a respectable 4.4%, while the predicted increase for 2024 is 4%.
The money is out there and employers are willing to spend it. Your priority should be to get a commitment from yours, to secure your financial future. Here are some top tips on how to do that:
Know Your Value
The first step should be to recognize what you are worth in terms of the market value of your skills and experience. Use online tools and resources like Glassdoor to deduce what companies in your field are offering for comparable roles. This will help you to come up with a reasonable figure to ask for.
Present the Facts
The research part is easy; the actual conversation regarding a raise is often the most difficult part of the process. That said, your employer will likely be open to the conversation, so try not to feel awkward about talking yourself up.
You could also think about creating some slides to outline your success and progress in the past 12 months, including client wins or other metrics proving your value. A visual aid can add weight to your request, helping you make your case.
Share Your Strengths
Similar to highlighting your tangible contribution to the company, your value to the company in other ways will also strengthen your request. It’s not only about what you have done in the past year, but how you plan to grow in the coming year and continue to bring value to your role, and help to drive growth in your company.
Increase Your Skills
It could be an in-role training program, or a course outside the workplace, but you should always be building on your skills to increase your value and future prospects, both in your current role, and for when you want to move on.
Apply for New Jobs
Even if you don’t want to leave your current company, don’t discount the fact that, according to ADP insights, workers can receive a salary increase of around 8% when changing jobs.
If you happen to receive an offer but would rather stay in your current role, your current employer may counter-offer because the cost of replacing staff can be significantly higher than an entire annual salary.
If you feel undervalued in your current role, browse the nextpit Job Board to take the next step in your career.
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Start your job search today via the nextpit Job Board. This article was written by Doug Whelan.