Introduction: Amid a surging cost of living crisis, the Bank of England predicts a potential 10% inflation by the end of 2022, exacerbating financial strain for many. Natalie Hall, MD of career coaching service Elevate Her, notes the challenges faced by individuals and small businesses due to rising energy and food costs.
Impact of Inflation on Salaries: With prices soaring to a 40-year high, salaries are failing to match the pace of inflation, leading to financial hardship for millions, reports The Telegraph. Simon Wingate, MD of Reed, emphasizes the fear that often hinders employees from negotiating pay raises, especially affecting women, as revealed by a YouGov survey.
Strategies for Confidently Requesting a Pay Rise: Experts advise researching salary comparisons within the company and industry. James Andrews from money.co.uk suggests using online tools like Indeed and LinkedIn to benchmark current roles, emphasizing the leverage gained if existing salaries fall below market standards.
Utilizing Salary Checkers: Job platforms like Indeed, Totaljobs, and Reed offer salary checkers to strengthen pay raise requests. Wingate recommends these tools to demonstrate the reasonableness of your proposal and align it with market expectations. Indeed emphasizes understanding regional and national salary bands, crucial in negotiating amidst record-high inflation.
Considering Inflation and Percentage Increase: Indeed highlights the importance of comprehending inflation’s impact on salary expectations. Knowing the percentage increase required to keep pace with inflation becomes vital in setting reasonable expectations during negotiations.
