How to negotiate a pay rise part 1
Negotiating a pay rise is not the easiest thing in the world, but sometimes moving to a new job which pays more money is tougher than it looks. After all, you would need to learn a whole new working ethic, all those names, all those little things that don’t come in the company manual. You really could do without the hassle, so what can you do?
So are you getting paid less than your fellow workers? If you have been in your job for the last 3-10 years then it wouldn’t be unreasonable to assume that there would be a number of people in the firm who are earning more than you do – those who have been there much longer. But what about those people who are doing the same job as you but are on a higher salary, or close to your salary. No wonder many companies encourage no discussions!
And yes, I have been there!
One of the problems with big firms is that they have a way of employing people that recognises the market rate for their employees. So a regional manager will get paid the going rate whether they are in one part of the country or in another. So when a new employee comes in, they just pay them the same salary! Not nice for those who have been around for a while.
What these companies fail to realise is that company experience is invaluable to a firm! Just the point I was making earlier. A few years ago I remember speaking with a young executive who was seeing his firm have a high turn over of staff, and then I realised that he was paying them about £5k under the market rate for that job. Others were getting market rate but had been around about 5 years and were thinking of leaving. I suggested he needed to examine his policy and consider the financial impact on the firm should all that knowledge walk away. Imagine, I said, the training bill to get them up to speed!
That shook him, and he realised that he needed to raise his long term employees money so that they would stay.
If you aren’t sure that you are getting what you are worth then it is going to be of advantage to you to start asking how much you could really be worth to the company. Do some checking around at other jobs on the market of similar quality, and see how much the company would miss you if you walked.
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