Passive income: Expert on making money when you're not working
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It means it’s one of the busiest times of the year for recruiters who say the main reason workers would like to try something new is typically because they would like a pay rise. However, some people might be better off staying put, so what’s the best way to ask for a pay rise in 2022?
When it comes to New Year’s resolutions, changing jobs or securing a pay rise often top people’s list.
Analysis by the Office of National Statistics shows people who switch jobs boost their earnings by 7.3 percent on average – more than double the three percent uplift earned by workers who stay in their existing job.
Jobsite Indeed records its busiest day of the year on either the first or second Monday after New Year’s Day, as millions of workers weigh up their options.
Mikaela Elliott, senior manager of employer insights at Indeed, said: “Salary remains the single most important consideration when it comes to a job – be that with their current employer or when they are searching for a new role.”
More people than usual could be planning on asking for a pay rise this year as the cost of living rises sharply and household energy bills are set to soar even further in 2022.
Experts say there is definitely a right way to go about it.
Ms Elliott explained: “When it comes to negotiating, either with your current employer or with a would-be boss, doing your research beforehand will set you up for a productive conversation.”
She recommends looking at Indeed’s salary tool before speaking to the boss, as it will give people insight into what similar roles are offering.
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”It is a good idea to weigh up the total package before making a final decision, as those extra days off may end up being more valuable to you than a little bit more money,” Ms Elliott adds.
“Often the best way of securing a raise is to switch jobs.
“In fact, research suggests workers can double their earnings growth by heading to pastures new.
“So do not be afraid to walk away from pay negotiations if your employer’s offer does not fairly meet your expectations.”
For those who would prefer to stay where they are but negotiate a better salary, Indeed has come up with the following tips:
- Timing can be just as important as the conversation itself. A good time to ask could be following a promotion or completion of a further qualification.
- Research the market and calculate one’s individual value before going into any negotiation. For example, if someone has been with a company for a number of years, their experience will be valuable and the employer may be willing to compensate you for it.
- Be ready to justify your case for meriting a better salary and consider rehearsing different scenarios and outcomes, such as rebuttals, questions or negotiation offers.
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4. Be flexible and willing to compromise. An employer might offer you a different salary package, with more holiday pay or more convenient working hours, if they can’t directly raise the amount of money you’re paid. Evaluate carefully whether such incentives might in fact be more beneficial than a higher basic salary.
5. Don’t be afraid to walk away, as long as all avenues have been investigated, consider pausing negotiations and coming back to the conversation at a later date, after each party has had a chance to consider everything fully.
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