If you’re feeling the pinch in your pocket right now, you’re not the only one: inflation reached a 40-year high in April 2022, and rising prices are the topic on everyone’s lips. Energy and fuel bills are escalating, as is the cost of a weekly supermarket shop.
Here’s The Right Way To Ask For A Payrise
The Consumer Prices Index (CPI) rose by 9% in the 12 months to April 2022, up from 7% in March, and according to the Office for National Statistics, 88% of adults in Great Britain reported an increase in their cost of living in May this year – writes Kirstie McDermott, Senior Content Manager, Amply.
While prices are rocketing, for most people, salaries are not: a report from XpertHR said that annual pay growth stalled at 4% in May, which leaves people with a pay increase worth less than half of the 9% increase in prices.
Some companies are stepping up to help, such as Rolls-Royce, which is offering 14,000 UK workers a £2,000 one-off cash payment from August, as well as a 4% increase for 11,000 shop floor workers, backdated to March. EasyJet is planning to give new and existing cabin crew a £1,000 bonus and the publisher Bloomsbury is to give all staff a 6% bonus.
If your employer is showing no signs of splashing the cash, and you’re long due a salary bump, here’s how to move that conversation along.
Be prepared
You may well deserve a raise, but you’ll still need to have some facts to back up the case you take to your manager. Note down the date of your last raise, and from that, list all the new areas of responsibility and tasks you’ve taken on since. These should include any new direct reports, new projects or areas of responsibility you’ve taken over, processes you have improved or created, and any other achievements and benefits you’ve brought to the team and wider company. In terms of your compensation, do some market research on a site such as Glassdoor as well: what are other people in similar roles earning?
Be positive
Ask your manager for a meeting to discuss your compensation. No one enjoys these sorts of conversations, but it’s key to approach it with a smile on your face, even if you’re not feeling so sunny inside. Asking politely for what you want, with a strong case for why you deserve it, will make for a much easier conversation and you should be able to easily and confidently answer any question that’s put to you.
Be patient
Your request may well have to go up the chain of command or into HR. Be prepared to negotiate. You may not get the monetary compensation you are looking for but are there other benefits you can ask for, such as additional annual leave, a better pension contribution or a training and development budget?
If it’s still a no, then it may be time to look for another job. We’ve got three to explore below and you can discover thousands more open roles on the Payments, Cards and Mobile Job Board.
Senior Engineering Manager, BVNK
BVNK is looking for a Senior Engineering Manager to join its team to take technical ownership of its core banking and payments-api tribe. You will line manage engineers and engineering managers, scope out and define new features, breaking delivery down into incremental pieces and be the overall owner of the team’s technical decisions. To do this job, you’ll need experience in leading and managing a team of engineers and/or have experience managing managers. You will also have an in-depth, proven software engineering background that allows you to quickly establish credibility with brilliant engineers. Discover additional open roles at BVNK.
Senior Frontend Engineer, Allica Bank
As a Senior Frontend Engineer at Allica bank, you’ll specialise in web technology. You will support feature development and mentor junior developers, and you will help define how Allica Bank uses frontend applications to drive its banking products. The role involves design, development and deployment of frontend applications, as well as collaboration with product owners, backend engineers and other stakeholders to facilitate the development of new features and applications. You’ll need a knowledge of UX/UI design and you’ll be an expert in JavaScript, Typescript, React + Hooks, Redux, Node.js, HTML5 and SASS/CSS. Discover more jobs at Allica Bank too.
Senior Software Engineer – Payments, 10x Banking
As a Senior Software Engineer in the Payments team at 10x Banking, you’ll be passionate about working with cutting-edge technologies, and will bring along deep technical knowledge and proven experience with microservice systems. You’ll be adept at reading code and designing and delivering systems that can exceed exacting client demands. You’ll have good systems design experience, problem solving, ability to code and contribute to on-going development and development practices and a deep understanding of Java 11 and Spring (particularly Spring Boot). Excellent written and verbal communication skills are also required. Discover more openings at 10x Banking here.
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