Salaries: How much should you be earning… & how to get it!
If you are reading this you are probably at least a little curious as to whether you could, or maybe should, be earning more.
It’s 2023. The prices of just about everything are increasing and everybody, no matter what their income, is that little bit poorer. So, how much should you be earning in your job and, more importantly, how can you get it?
Let’s start with some statistics:
- Median weekly pay for full-time employees was £640 in April 2022, a 5% increase over the £610 in 2021.
- In real terms (that is, adjusted for inflation) in April 2022, the median weekly pay for full-time employees fell by 2.6% on the year.
- At the end of 2022, the average salary for full-time workers in the UK was £33,000, an increase of 5.6% on 2021 and the fastest annual earning growth since 2000.
- Growth in regular pay was 6.7% in January to March 2023.
Before we continue… if you are earning a 2020/21 salary in 2023, now is the time to approach your employer to negotiate a pay rise (although, do bear in mind that their costs have also gone up!).
This is an important place to start. If you are happy in your job and love the company you work for, attempting to negotiate with your current employer should be your starting point.
Negotiating a pay rise can be a terrifying thought for many, so here are some tips and things to consider when approaching your employer for a pay rise.
If you want to stay with your current employer it is likely you have a good enough relationship with them to approach them. Here are some things to discuss:
- Have you had a pay rise within the last 2 years? If not, refer to the statistics above. This alone is a good place to start!
- Your value to the business. Have you taken on more responsibility, picked up new skills, made your company more money than expected since you have been there? The longer you are with a company the more valuable you become, so consider how your value to the business has increased.
- Get on some job boards and research salaries in your area for jobs that you have the skills and experience for. For each one, make a note of the salary, and share your findings with your employer (get a range and an average). Like anything else, you are worth whatever someone is willing to pay you!
If you love your employer and manage to negotiate a salary you are happy with – congratulations! If not, it’s time to consider your options.
Despite the negative economic impacts, there are businesses out there that are thriving and busier than ever (you will see this for yourself when researching salaries!).
Make no mistake – this is a candidate market. What does this mean? In simple terms it means there are more jobs than active candidates. How does this benefit you? Well, it means employers are:
- Interviewing smaller pools of candidates (less job and interview competition).
- Competing with other businesses to secure the best candidates (more money).
- Offering more benefits to attract the best (who doesn’t like more benefits??).
- Dropping their expectations of experience and skillset and investing more in training (you’re now being considered for jobs you thought may be two years away).
Whatever stage you are in your career, there are many more opportunities for personal development than you may realise.
It’s been a tough few years, but the world of recruitment is changing. Technology is advancing at an exponential rate, mental health in the workplace is more openly discussed, consideration of employee welfare is at a high, and the modern, forward-thinking businesses are winning the recruitment battle and building the best culture.
If you feel undervalued and deserve more – now is the time to evaluate and explore your options.
We’re always happy to chat, so contact us for advice or register to explore your options!
References:
https://www.statista.com/topics/3850/wages-and-salaries-in-the-uk/#topicOverview
