How to get a pay rise. Our guide to getting a pay rise is essential in boom years - but admittedly somewhat less useful in a downturn. Some industries, however, have been moderately recession-proof. So if you work in one of those sectors, there's still a way to to get a wage increase above the average... (and if you're not, then print out and keep this guide for when/if the good times return)
If you are an employee, here's betting you wouldn't mind a pay rise. And if you are an employer - our bottom dollar remains safe if we say you hate having to discuss pay. Research shows only six in ten people actually bother to ask for a pay rise.
With more 'downsizing' and short-term contracts, there is an increasing climate of job insecurity in which people fear that asking for a pay rise will count against them - and could even cost them their job.
But if you're happy in your position, asking for a rise might be the best option. If you enjoy your work and like your colleagues, why make life harder by job-hopping to increase your pay packet?
This is Money asked some senior executives for their opinions on how best to approach this knotty problem. We then sought proper advice from a group of recruitment experts and human resources directors on do's and don'ts of pay-rise etiquette.
TIPS FROM THE BOSSES...
>> Karl, a publishing director, faces the problem regularly. He says: 'I appreciate it if my staff arrange a performance review meeting with me, and tell me how much they are feeling fulfilled in their present role, but how they would relish a challenge.
'What I hate is staff saying: 'I work hard and I'm broke. Can I have more money?' The answer is invariably 'no'. What's even worse is the blackmail of 'so-and-so has offered me more money than you're paying. If you don't match it I'm off.' I show them the door.
'The best approach is to convince me that your services are worth more than I'm paying you, and that your future services will be making me more money than your financial package will cost me.'
Other bosses take a light-hearted view of the problem, citing a culture in which good people are obvious and generally rewarded to prevent them moving on.
>> John, a creative director with an advertising agency, says: 'I've never been much good at this, pretty much the only strategy I know is
- appeal to reason and decency,
- try threats,
- withdraw sulkily.'
It is fair to point out that some now senior people, have employed what could be described as one-upmanship in their own pursuit of financial advancement. It could also be described as downright sneaky.
>> Padraig, a chief executive officer in the financial sector, says: 'The most effective way I have ever seen is to hire someone to do a comparably ranked job from a very expensive firm and then 'notice' that you are badly underpaid by comparison. Then bring it to your manager's attention as a fair-minded person eager to ensure everyone is treated justly and properly incentivised.'
>> There is another way, it seems. Even management can have a sense of humour, and appealing to the director's funny-bone might prove effective.
Keith, a managing director in the City of London, says: 'This is a hotly debated issue. The consensus seems to be to hit the issue head on by having a frank face to face chat with your immediate superior.
'If this fails, we recommend resorting to tears (particuarly effective from men) or threats along the lines of 'you don't realise what I do for you, you'd never get somebody else to replace me at this price, I have a photograph of you in 1981 with a fringe'.'
But the collected advice from our interviews with the real experts in the game is more measured. Here, then, is This is Money's comprehensive guide to organising a pay-rise...( thisismoney.co.uk )
No comments:
Post a Comment