Whilst employers are continuing to increase the number of benefits they offer in a bid to retain staff, there is no denying that salary is one of the key reasons that many of us go to work every day.
However, money isn’t just about being able to pay your bills; it can also be an indication of how valuable you are to the business. When you work hard, perform well, and add value to the business, it’s only natural to want to be paid accordingly.
But that’s not always the case.
In a recent study conducted by CV-Library, a shocking 74.9% of respondents haven’t had a formal pay review in the past 12 months, with only 13.6% of the people surveyed receiving a pay rise, despite not having a formal meeting.
Furthermore, 52.2% of respondents felt like their employer avoided the topic of pay altogether, while almost three quarters (74.9%) believe that they are currently underpaid.
Speaking about the outcome of the study, Lee Biggins, CEO for CV-Library, said: “Feeling like you’re underpaid and aren’t properly financially rewarded for your efforts at work can be demoralising. Pay is a huge motivator for professionals at work, so it is alarming to see so few Brits have been offered a formal pay review meeting in the past year.
“In order to keep on track with inflation, all workers are entitled to a pay rise if they have met their targets and are performing well in the role. If you believe your efforts aren’t being recognised and you deserve an increase in your wage, it’s time to broach the subject with your employer.”
We know that asking for a raise can seem daunting, so here are some top tips to help you prepare to negotiate a pay rise: