Whilst many workplaces have clear structures defining when pay rises will be given (and how much they will be), in others it can be much less specific. Being paid appropriately for your skill level is vital for your self-worth and well-being, but how can you tell when it’s time for a pay rise? Here are five signs that you deserve a raise…
Even if you’re not considering a move from your current place of employment, it is a good idea to keep an eye on job boards regularly. This way, you can keep up to date with the market rate for your occupation. It is a particularly good idea to do this in fast-moving industries such as tech, where salaries can increase very quickly depending on demand.
It is great to be trusted with new responsibilities and additional tasks, because it shows how much the company, and your managers, believe in you and your work. However, you should be renumerated for them. If you are doing work which is above and beyond your job description, make a list of it so that you can approach your managers to ask for a raise.
If you’ve been working for the same organisation for several years and have never received a pay rise, then it may well be high time you got one. Over the years, you will have gained new skills and experience, making you more valuable to the company. With inflation, the buying power of your wage will have decreased – so it is a good idea to start a dialogue with your managers. Likewise, if pay rises have only been very small, then these may well just keep up with inflation, meaning that you aren’t actually receiving more pay to match your increased experience.
You can use salary checkers such as IT Jobs Watch to find out what the median salary is for your role (and whether this is increasing or decreasing). Over time, they can give you a good idea of how much you should be being paid – and whether you should be getting more.
While there is no requirement for a company that is succeeding to give their employees a pay rise, it is the norm for loyal staff to be rewarded. If the organisation is doing very well – in part due to your work – and you aren’t benefiting, it may be time for a rethink.
If the above signs are true for you, then it may well be time for a conversation with your managers to ask for a raise. Otherwise, you might want to consider looking elsewhere and taking your skills to a new, higher compensated role. If you are looking for opportunities in the tech industry, why not browse our jobs or send us your CV today.
