Yes, you should ask for a pay rise (and here’s how to do it)

Should you ask for a pay rise? The age-old question is particularly relevant in the current cost of living crisis, with Bank of England governor Andrew Bailey coming under fire recently for suggesting that workers refrain from asking for pay rises to try to control spiralling inflation.

A recent YouGov survey revealed that women are less likely to ask for a pay rise than men - and less likely to get one if they do pluck up the courage to ask.

Out of all British adults who have worked, 46% of men have asked for a pay rise, compared to just 33% of women. Three in 10 men (31%) who have asked for a pay rise have been successful, compared to just 21% of women.

Research by KIS Finance has revealed that as a direct result of the rising cost of living, 57% of Brits are either already struggling financially, or expect to do so in the very near future. However, with further prices rises on the way, with everything from fuel to food costs increasing on an almost daily basis, the situation looks set to get even worse.

While inflation is normally linked to wage increases and a growing economy, the research by KIS found that only 30% of people reported a rise in pay since before the pandemic, whilst 70% have seen their wages either stagnate or fall.

Even with the rise in the National Minimum Wage to £9.50 (an increase of 6.6% from current rates) many will still struggle to get by, as inflation wipes out any increase in their salary in real terms. For those already paid above the NMW, even where employers are offering salary increases, for most it won’t be anywhere near enough to counter the rising cost of living.

So, yes. You absolutely should ask for a payrise.

Want to know how to do it right? Here’s some tips from Yetunde Hofmann, a Board level coach and founder of SOLARIS – a pioneering new leadership development programme for black women.

Do your research

Ensure you have a solid case for your request by doing your research into what people with jobs like you are paid in other companies and across your own company.

Find out what, if any, additional bonuses, and percentages are awarded to individuals with high performance ratings.

Review your track record to date and write down all your achievements and accomplishments, including the times when you’ve had to step in for others, taken on extra work with grace and exceeded targets and expectations.

Test your research and your case with a trusted friend in HR, perhaps in another company and/or with your mentor, who will be willing to hold up the mirror to you and ‘stress test’ your case to see how well you are able to stand up to any counter challenges you are likely to face.

A request for a pay rise that is backed up with thorough research internally and externally to your business will be hard to decline.

Pick your moment

Contrary to what your instinct may tell you, my advice is to avoid the annual performance and pay review period in your company.

This is because many of your colleagues and peers across the organisation are likely to be making their cases at this time - and you want to stand out and be heard.

Therefore, approaching your line manager with your well thought through and laid out case at least three to six months in advance of your company’s pay review period is more likely to get attention and more airtime as an agenda item in a one-to-one with his/her/their own line manager.

It also provides ample time to plan ahead and budget the increase that you will be awarded.

Another good time to ask for a pay rise is when your boss and line manager give you praise and thanks for a job or project well done and executed. It may seem opportunistic but there is no better time to strike than when you know your key stakeholders are feeling good about your performance.

Align your stakeholders

No one is an island. There will be allies and advocates in your company who also are key influencers of your boss and line manager or the decision-maker when it comes to your pay.

Be sure to identify them and ask for their help. Be bold in asking them to support your request and share with them your research and case for why you deserve the increase.

Ask for their perspective, how they would challenge you and how in turn they would respond to those same challenges.

When you have secured your pay rise and with their help, be sure to thank them for their contribution and support.

Get your internal ‘chat’ right

Finally, one of the most deterring factors in asking for a pay rise is the internal self-talk that we have as human beings.

It is one that must be stopped and quietened.

It is the talk that says, “I’m not good enough or “I don’t deserve it” or “they’re going to say no” and so on.

Therefore, ensuring that you do some work on your internal chatter will help build your confidence and self-assurance. This article by Fast Company shares ways in which you can identify your negative self-talk and how you can deal effectively with it. It contains one of my favourite ways – the use of positive affirmations.

In summary, the thought of asking for a pay rise can be daunting; you may step back and procrastinate to the point that you avoid it entirely.

Trying some of the ideas above will support you in mustering the courage to follow through and get a result that will not only boost your confidence but contribute to addressing the pay gap that women and particularly black women have in comparison to their peers.

You’ll be doing this for you and for all the women who are and will be looking up to you to do so.